Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.043%

Price spread now: Perpl against SunX+0.027%7-day average +0.022% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.318%+$32 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now +0.027%, 7d avg +0.022%

Together, before fees+0.374%+ Points / potential airdropPerpl: Active · farm board+$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.022%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.318%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,488.8	0.0100	pay 0.0100% / 8h	1h 23m	$3.4M	$5.4M	100x
Short	Perpl BTC	86,512	0	get 0.0000% / 43m	36m 08s	$425K	$23.8M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$21
Price spread: +0.027% → +0.022%: $0.48
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$42.32
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; Perpl: no order-book sample. Net counts fees only.

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, 5 min ago	1.02 bp	5.0 bp −$5	6.2 bp −$62	9.2 bp −$918	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

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
Bluefin BTC-PERP	−0.1014%	1h	86,511.4	+0.026%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,405	−0.097%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,489	0.000%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0027%	1h	86,508.9	+0.023%	$82K	$217K	20x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,499.9	+0.013%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,500.2	+0.013%	$359K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,512	+0.027%	$425K	$23.8M	6.7x
KuCoin XBTUSDTM	+0.0001%	8h	86,490.3	+0.002%	$851.7M	$711.3M	125x	as long as short
dYdX BTC-USD	+0.0002%	1h	86,488.5	0.000%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,516.7	+0.032%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,498.2	+0.011%	$8.5M	$43.0M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0017%	1h	86,526.7	+0.044%	$921.3M	$1.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,489.6	+0.001%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.081%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,501	+0.014%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,494.4	+0.006%	$149.7M	$476.4M	150x	as long as short
Bitget BTCUSDT	+0.0044%	8h	86,503.8	+0.017%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,494	+0.006%	$5.13B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0063%	8h	86,494.1	+0.006%	$9.43B	$24.40B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,499.6	+0.012%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,494.8	+0.007%	$5.85B	$10.72B	200x	as long as short
Hibachi BTC/USDT-P	+0.0080%	1h	86,529.3	+0.047%	$717K	$8.2M	30x	as long as short
Bybit BTCUSDT	+0.0091%	8h	86,492.2	+0.004%	$5.26B	$9.76B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,499.5	+0.012%	$170.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,512	+0.027%	$24.1M	$152.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,493	+0.005%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,467	−0.025%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,499.4	+0.012%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,461	−0.032%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,568	+0.092%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,496.2	+0.009%	$40.8M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,489.2	0.000%	$2.54B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,506	+0.020%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,554.8	+0.076%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.168%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,494	+0.006%	$37.9M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,374.3	−0.132%	$155.6M	$566.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,398.5	−0.104%	$279.2M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.6	−0.005%	$217.1M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.3	−0.028%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,487.5	−0.002%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,541.8	+0.061%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,502	+0.015%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,503	+0.016%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,497.8	+0.010%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,486	−0.003%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,488.8	long leg	$3.4M	$5.4M	100x
SoDEX BTC-USD	+0.0100%	1h	86,493	+0.005%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,488.2	−0.001%	$2.30B	$968.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,477.1	−0.014%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,469.7	−0.022%	—	$98.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,528.1	+0.045%	$132.1M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,515.7	+0.031%	$191.5M	$943.6M	100x	as long as short
BloFin BTC-USDT	+0.0183%	8h	86,489.1	0.000%	$415.7M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0184% / S −0.0210%	1h	86,508.7	+0.023%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	86,513	+0.028%	$9.6M	$732.8M	6.4x	as long as short