Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Popdex against SunX+0.006%7-day average +0.014% · 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−$19as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on SunX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now +0.006%, 7d avg +0.014%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,490	0.0100	pay 0.0100% / 8h	5m 10s	$3.4M	$5.3M	100x
Short	Popdex BTCUSDT	86,495	0.0096	get 0.0012% / 1h	5m 10s	$8.5M	$52.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$0.84
Price spread: +0.006% → +0.014%: −$0.78
Slippage, 4 orders: −$3.37
Fee SunX: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$19.39
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Popdex: live order book, 4 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, 3 min ago	0.76 bp	5.7 bp −$6	6.3 bp −$63	8.4 bp −$845	doesn't fit
Sell Popdex live order book, 4 min ago	0.06 bp	3.5 bp −$4	3.7 bp −$37	3.9 bp −$389	5.2 bp −$2,582

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
Phoenix BTC	−0.0118%	1h	86,444	−0.053%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,486	−0.005%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.168%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,507.4	+0.020%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,506.8	+0.019%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,504.2	+0.016%	$412K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,510.6	+0.024%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,518.7	+0.033%	$501.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	86,503.6	+0.016%	$834.3M	$728.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0037%	1h	86,496.4	+0.007%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0044%	8h	86,476.3	−0.016%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0056%	8h	86,489.6	0.000%	$151.6M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0056%	8h	86,487.6	−0.003%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,506.6	+0.019%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,488	−0.002%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0074%	8h	86,490	0.000%	$5.15B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,529.4	+0.046%	$9.45B	$24.54B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,483.3	−0.008%	$5.84B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,499.4	+0.011%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,500.6	+0.012%	$23.8M	$153.2M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	86,495	+0.006%	$8.5M	$52.3M	100x
Bybit BTCUSDT	+0.0099%	8h	86,488.5	−0.002%	$5.26B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,478	−0.014%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,529.5	+0.046%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,512.9	+0.026%	$21.7M	$233.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,566	+0.088%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,525.9	+0.042%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,498.8	+0.010%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,502	+0.014%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,524.8	+0.040%	$7.2M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,483.4	−0.008%	$38.0M	$155.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.019%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,494.6	+0.005%	$279.4M	$947.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,461.1	−0.033%	$217.1M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,505.5	+0.018%	$141.8M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,504	+0.016%	$30.7M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,544	+0.062%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,493	+0.003%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,495.3	+0.006%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,490.1	0.000%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,530.9	+0.047%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,525.8	+0.041%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,490	long leg	$3.4M	$5.3M	100x
SoDEX BTC-USD	+0.0100%	1h	86,491	+0.001%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,485	−0.006%	$2.30B	$968.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.043%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,479.5	−0.012%	$45.8M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,525.5	+0.041%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,516.9	+0.031%	$193.0M	$952.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,528.9	+0.045%	$132.1M	$5.63B	50x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	86,510.1	+0.023%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,528.1	+0.044%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,487.6	−0.003%	$415.0M	$659.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0224%	1h	86,505.9	+0.018%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,532	+0.049%	$10.2M	$754.0M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0247%	1h	86,541	+0.059%	$912.9M	$1.49B	50x	as long as short