Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: SunX against Bybit+0.054%46s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.223% of the position

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 4 days (all we have)−0.242%−$24 · spread now +0.054%, 7d avg −0.019%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.073% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.019%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,736.3	0.0100	pay 0.0100% / 8h	4h 52m	$2.43B	$4.18B	150x
Short	SunX ETH-USDT	2,737.8	0.0100	get 0.0100% / 8h	4h 52m	$961K	$11.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bybit. 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 BybitbpFee SunXbpOrdersPrice spread, now +0.054%Rate

Funding earned: $0
Price spread: +0.054% → −0.019%: $7.3
Slippage, 4 orders: −$3.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$15.04
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; SunX: live order book, 7 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 Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.9 bp −$688	9.6 bp −$4,789
Sell SunX live order book, 7 min ago	0.62 bp	4.8 bp −$5	5.1 bp −$51	7.6 bp −$756	doesn't fit

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,738.4	+0.077%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.3	+0.145%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.6	−0.026%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739	+0.097%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.7	+0.051%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736	−0.012%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.178%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.2	+0.105%	$25.4M	—	200x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,735.1	−0.044%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0059%	1h	2,738.3	+0.073%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0062%	1h	2,738.5	+0.080%	$54.5M	$187.6M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,736.4	+0.002%	$1.68B	$10.61B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,736.2	−0.005%	$380.3M	$573.4M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,737.9	+0.060%	$253.2M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,736.3	−0.001%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,735.2	−0.041%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,736	−0.013%	$6.35B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.5	+0.005%	$112.5M	$431.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.8	+0.052%	$24.5M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.3	+0.107%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.9	−0.017%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.8	+0.126%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.8	−0.056%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.6	−0.026%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740	+0.133%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737	+0.025%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,736.3	long leg	$2.43B	$4.18B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.5	−0.067%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.5	−0.030%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.162%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.1	+0.065%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.4	+0.002%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.5	+0.078%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.169%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.9	+0.129%	$182.1M	$665.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	+0.038%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.050%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.3	+0.109%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.6	+0.047%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.3	+0.036%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,740.5	+0.153%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,737.8	+0.054%	$961K	$11.4M	100x
HTX ETH-USDT	+0.0100%	8h	2,738.4	+0.076%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.4	+0.077%	$266.1M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.1	−0.080%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,740.3	+0.147%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,740.1	+0.139%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,739.2	+0.105%	$7.7M	$672.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,741	+0.172%	$32.2M	$11.5M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0195%	1h	2,740.3	+0.146%	$260.0M	$194.8M	50x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.4	+0.076%	$285.5M	$172.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,739.4	+0.113%	$86.0M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,735.8	−0.021%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,740.3	+0.147%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1989%	1h	2,739.3	+0.110%	$21K	$20K	25x	as long as short