Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h −0.006%

Price spread now: Nado against SunX+0.037%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$160.158% of the position

Long on SunX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.037%, 7d avg +0.005%

Together, before fees+0.019%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.033% dearer against SunX than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of +0.005%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 4 days (−0.008% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,938.3	0.0100	pay 0.0100% / 8h	6h 21m	$3.2M	$7.1M	100x
Short	Nado BTC-PERP	85,970.5	0.0075	get 0.0009% / 1h	21m 22s	$22.0M	$204.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee NadobpOrdersPrice spread, now +0.037%Rate

Funding earned: −$5.32
Price spread: +0.037% → +0.005%: $3.25
Slippage, 4 orders: −$0.78
Fee SunX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$17.85
Costs to cover: 0.158%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Nado: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 11 min ago	0.33 bp	4.3 bp −$4	4.8 bp −$48	6.9 bp −$689	9.5 bp −$4,766
Sell Nado live order book, 1 min ago	0.06 bp	3.6 bp −$4	3.7 bp −$37	5.0 bp −$498	10.2 bp −$5,118

BTC on 55 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	−0.0099%	1h	85,916	−0.026%	$137.3M	$297.5M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,895	−0.050%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0072%	1h	85,966.6	+0.033%	$357K	$2.0M	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	85,986	+0.056%	$300K	$28.5M	52x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,900	−0.045%	$422.8M	$586.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,011.6	+0.085%	$16.9M	$15.1M	50x	as long as short
Perpl BTC	0.0000%	43m	85,978.3	+0.047%	$481K	$14.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,010.7	+0.084%	$36.8M	—	200x	as long as short
SoDEX BTC-USD	+0.0011%	1h	85,930	−0.010%	$65.4M	$207.5M	40x	as long as short
BingX BTC-USDT	+0.0019%	8h	85,930.1	−0.010%	—	$1.40B	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BTCUSDT	+0.0025%	8h	85,930.6	−0.009%	$5.09B	$8.57B	150x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,943.9	+0.007%	$511.8M	$921.4M	200x	as long as short
KuCoin XBTUSDTM	+0.0039%	8h	85,973.4	+0.041%	$928.3M	$654.6M	125x	as long as short
Phoenix BTC	+0.0053%	1h	85,868	−0.082%	$2.0M	$8.5M	40x	as long as short
Gate BTC_USDT	+0.0070%	8h	85,939.5	+0.001%	$5.50B	$9.26B	200x	as long as short
Nado BTC-PERPshort	+0.0075%	1h	85,970.5	+0.037%	$22.0M	$204.2M	50x
Lighter BTC	+0.0096%	1h	85,992.7	+0.063%	$172.8M	$887.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,997.6	+0.069%	$23.1M	$124.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,969	+0.036%	$8.8M	$48.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,928.3	−0.012%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0099%	8h	85,928.8	−0.011%	$2.97B	$4.15B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,947	+0.010%	$209K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,002.5	+0.075%	$6.0M	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,067	+0.150%	$3.93B	$4.46B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,013.9	+0.088%	$40.3M	$581.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,931.3	−0.008%	$9.44B	$21.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,935.8	−0.003%	$2.61B	$9.90B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,958	+0.023%	$4.0M	$15.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,001	+0.073%	$4.2M	$92.6M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,964.3	+0.030%	$5.14B	$5.38B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,976.6	+0.045%	$37.2M	$192.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,862.6	−0.088%	$156.0M	$500.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,857.1	−0.094%	$289.1M	$848.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,890.1	−0.056%	$215.7M	$139.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,993.5	+0.064%	$30.2M	$221.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,039	+0.117%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,976	+0.044%	$11.0M	$12.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,935	−0.004%	$202K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,927.4	−0.013%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,969.1	+0.036%	$195K	$570K	40x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,938.3	long leg	$3.2M	$7.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,975	+0.043%	$2.27B	$866.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,924.9	−0.016%	$169.2M	$484.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,914.7	−0.027%	$712.8M	$159.6M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	85,952.5	+0.017%	$189.7M	$808.8M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,904.4	−0.039%	$46.9M	$211.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,992.2	+0.063%	—	$83.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,980	+0.049%	$112.0M	$5.05B	50x	as long as short
Reya BTCRUSDPERP	+0.0160%	1h	85,988.9	+0.059%	$6.6M	$131.5M	40x	as long as short
Kalshi KXBTCPERP	+0.0165%	8h	85,995	+0.066%	$11.1M	$732.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0183%	1h	85,943.4	+0.006%	$13.2M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	85,998.4	+0.070%	$9.0M	$38.7M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0280%	1h	85,992	+0.062%	$827.8M	$1.55B	50x	as long as short
Hibachi BTC/USDT-P	+0.0304%	1h	86,051.1	+0.131%	$709K	$7.1M	30x	as long as short
Aftermath Perps BTCUSD	+0.0421%	1h	85,958.1	+0.023%	$79K	$247K	20x	as long as short