Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h −0.032%

Price spread now: Injective against SunX+0.005%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$720.716% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now +0.005%, 7d avg +0.084%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 0.079% cheaper against SunX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.084%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.111%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.111% in total (about 5.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ETH-USDT	2,740	0.0100	pay 0.0100% / 8h	4h 54m	$961K	$11.4M	100x
Short	Injective ETH/USDC PERP	2,740.1	−0.0141	pay 0.0018% / 1h	54m 36s	$118K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.005%Rate

Funding earned: −$50.71
Price spread: +0.005% → +0.084%: −$7.87
Slippage, 4 orders: −$63.55
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$130.14
Costs to cover: 0.716%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; Injective: live order book, 5 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, 5 min ago	0.62 bp	6.5 bp −$7	6.6 bp −$66	9.9 bp −$986	doesn't fit
Sell Injective live order book, 5 min ago	14.57 bp	45.7 bp −$46	47.2 bp −$472	47.4 bp −$4,736	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	2,739.8	−0.007%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERPshort	−0.0141%	1h	2,740.1	+0.005%	$118K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,740.4	+0.016%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	+0.027%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741	+0.040%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,740	+0.002%	$182K	$834K	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,740.8	+0.030%	$25.4M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,739	−0.035%	$832K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,739.4	−0.021%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0067%	1h	2,740	+0.003%	$181K	$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
OKX ETH-USDT-SWAP	+0.0069%	8h	2,739.7	−0.008%	$1.69B	$10.60B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,740.5	+0.019%	$380.9M	$573.8M	100x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,740.2	+0.009%	$54.6M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,740.4	+0.017%	$253.5M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,737.9	−0.077%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,740	0.000%	$1.56B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,739.7	−0.009%	$6.36B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,741.2	+0.047%	$112.7M	$430.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.4	+0.091%	$24.6M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741	+0.039%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,740.3	+0.013%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.2	+0.155%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.4	−0.020%	$500K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.6	−0.014%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.8	+0.104%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.8	+0.032%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739.5	−0.016%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.1	−0.031%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.4	+0.016%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.030%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.3	+0.012%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.1	+0.005%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.8	+0.031%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.037%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.9	−0.184%	$181.8M	$664.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.095%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.183%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.7	+0.027%	$21.2M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.8	+0.030%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.3	+0.049%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.2	+0.080%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,740	long leg	$961K	$11.4M	100x
HTX ETH-USDT	+0.0100%	8h	2,740.3	+0.014%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.8	+0.029%	$266.3M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.3	−0.022%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,742.2	+0.082%	$52.7M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,740.4	+0.016%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,741.3	+0.049%	$7.7M	$672.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,742.9	+0.109%	$32.3M	$11.5M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0195%	1h	2,741.9	+0.072%	$260.0M	$194.8M	50x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,740.1	+0.005%	$285.8M	$175.4M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.3	+0.048%	$86.0M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,739.1	−0.032%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.7	+0.101%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.3103%	1h	2,740.9	+0.034%	$21K	$20K	25x	as long as short