Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1269%/8h= +139.0% APRpaid last 24h +0.134%

Price spread now: SunX against Deribit−0.213%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$218as in the Price arb table

costs, in and out, $10k−$2012.012% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.418%+$42 on $10k

Price spread, last 3 days (all we have)+0.284%+$28 · spread now −0.213%, 7d avg −0.047%

Together, before fees+0.702%+$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.166% cheaper against Deribit than usual: you would sell low and buy high (spread −0.213% now, against its 7-day average of −0.047%). If the spread goes back, that is −$17 on $10k: about 10 hours of funding at the current rate (+$38 a day). At the pace of the last 7 days (+0.418% in total) that is about 2.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.418% in total (about 21.8% 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	Deribit FIL_USDC-PERPETUAL	0.9851	−0.1169	get 0.0146% / 1h	27m 45s	$169K	$23K	25x
Short	SunX FIL-USDT	0.9830	0.0100	get 0.0100% / 8h	2h 27m	$3K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now −0.213%Rate

Funding earned: $266.49
Price spread: −0.213% → −0.047%: −$16.63
Slippage, 4 orders: −$186.18
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $48.68
Costs to cover: 2.012%
Break-even: 5.7 days

Slippage from Deribit: live order book, 60 min ago; SunX: 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 Deribit live order book, 60 min ago	8.69 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	20.41 bp	110.5 bp −$110	396.4 bp −$3,964	doesn't fit	doesn't fit

FIL on 29 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
Deribit FIL_USDC-PERPETUALlong	−0.1169%	1h	0.9851	long leg	$169K	$23K	25x
Kraken Futures PF_FILUSD	−0.0622%	1h	0.9849	−0.018%	$1.4M	$2.3M	50x	as long as short
Lighter FIL	−0.0392%	1h	0.9838	−0.137%	$157K	$337K	5x	as long as short
Coinbase International FIL-PERP-INTX	−0.0328%	1h	0.9843	−0.081%	$315K	$1.9M	50x	as long as short
Bybit FILUSDT	−0.0058%	8h	0.9841	−0.102%	$15.5M	$17.9M	25x	as long as short
Bitget FILUSDT	−0.0035%	8h	0.9843	−0.081%	$10.8M	$21.9M	75x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9846	−0.056%	$24K	—	150x	as long as short
Variational Omni FIL	−0.0002%	8h	0.9833	−0.187%	$435K	$276K	—	as long as short
dYdX FIL-USD	0.0000%	1h	0.9846	−0.051%	$57K	$2K	10x	as long as short
Hyperliquid FIL	+0.0006%	1h	0.9841	−0.096%	$8.6M	$9.5M	5x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0012%	8h	0.9837	−0.142%	$18.1M	$96.5M	50x	as long as short
KuCoin FILUSDTM	+0.0031%	8h	0.9840	−0.112%	$7.3M	$7.1M	50x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9751	−1.015%	$2K	$148K	12x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9847	−0.037%	$487K	$514K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9838	−0.131%	$56.4M	$176.0M	75x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9847	−0.041%	$7.8M	$16.3M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9841	−0.102%	$250K	$105K	50x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9842	−0.091%	—	$11.8M	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9825	−0.269%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9829	−0.220%	$288K	$813K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9840	−0.112%	$42K	$193K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9851	−0.003%	$5K	—	10x	as long as short
SunX FIL-USDTshort	+0.0100%	8h	0.9830	−0.213%	$3K	$1.1M	20x
SoDEX FIL-USD	+0.0100%	1h	0.9848	−0.030%	$475	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9860	+0.091%	$624K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9850	−0.010%	$1.1M	$2.2M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9843	−0.081%	$685K	$2.3M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9824	−0.274%	$2.6M	$635K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0615% / S −0.0742%	1h	0.9846	−0.047%	$213K	—	100x	as long as short