Funding arb · Price arb /

SUI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0293%/8h= +32.1% APRpaid last 24h +0.060%

Price spread now: Phoenix against Binance+0.319%95s7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$360.362% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 4 days (all we have)+0.728%+$73 · spread now +0.319%, 7d avg +0.111%

Together, before fees+0.795%+$79 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.208% dearer against Binance than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.111%. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.067% in total (about 3.5% 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	Binance SUIUSDT	1.0135	0.0100	pay 0.0100% / 8h	1m 49s	$145.8M	$986.9M	75x
Short	Phoenix SUI	1.0168	0.0393	get 0.0049% / 1h	1m 49s	$202K	$400K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.319%Rate

Funding earned: $61.49
Price spread: +0.319% → +0.111%: $20.79
Slippage, 4 orders: −$19.17
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $46.11
Costs to cover: 0.362%
Break-even: 1.8 days

Slippage from Binance: live order book, 12 min ago; Phoenix: live order book, 35 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 Binance live order book, 12 min ago	0.49 bp	5.9 bp −$6	9.6 bp −$96	25.1 bp −$2,511	94.7 bp −$47.3K
Sell Phoenix live order book, 35 min ago	0.99 bp	12.4 bp −$12	43.0 bp −$430	doesn't fit	doesn't fit

SUI on 46 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
Injective SUI/USDC PERP	−0.2780%	1h	1.0055	−0.792%	$41K	$113K	12x	as long as short
Reya SUIRUSDPERP	−0.0382%	1h	1.0135	−0.006%	$4K	$3K	20x	as long as short
Hibachi SUI/USDT-P	−0.0264%	1h	1.0129	−0.067%	$5K	$19K	7x	as long as short
Bluefin SUI-PERP	−0.0078%	1h	1.0125	−0.102%	$580K	$453K	25x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0146	+0.101%	$95K	$257K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0136	+0.011%	$377K	$4.2M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0138	+0.027%	$195K	$554K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0003%	1h	1.0135	−0.004%	$114K	—	150x	as long as short
Lighter SUI	+0.0096%	1h	1.0140	+0.045%	$750K	$5.1M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0141	+0.053%	$297K	$2.2M	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex SUIUSDT	+0.0096%	1h	1.0142	+0.066%	$43K	$528K	50x	as long as short
Orderly PERP_SUI_USDC	+0.0100%	8h	1.0137	+0.017%	$47K	$331K	20x	as long as short
Paradex SUI-USD-PERP	+0.0100%	8h	1.0144	+0.083%	$27K	$8K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0145	+0.096%	$675K	$2.2M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0136	+0.003%	$899K	$4.2M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0147	+0.113%	$216K	$252K	10x	as long as short
Binance SUIUSDTlong	+0.0100%	8h	1.0135	long leg	$145.8M	$986.9M	75x
Bybit SUIUSDT	+0.0100%	8h	1.0134	−0.013%	$97.7M	$307.8M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0135	−0.003%	$40.9M	$365.8M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0150	+0.145%	$43K	$321K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0161	+0.253%	$233K	$7K	10x	as long as short
Gate SUI_USDT	+0.0100%	8h	1.0131	−0.042%	$167.5M	$82.6M	50x	as long as short
MEXC SUI_USDT	+0.0100%	8h	1.0131	−0.042%	$104.2M	$292.8M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0132	−0.033%	$50.9M	$51.8M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0131	−0.042%	$67.1M	$167.4M	75x	as long as short
BingX SUI-USDT	+0.0100%	8h	1.0134	−0.013%	—	$88.2M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0135	−0.003%	$667K	$1.3M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0138	+0.028%	$2.4M	$3.4M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0154	+0.186%	$163K	$4.2M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0154	+0.184%	$435K	$7.0M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0157	+0.214%	$205K	$371K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0149	+0.135%	$122K	$533K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0157	+0.214%	$2K	$1.6M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0138	+0.027%	$6K	$1.7M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0139	+0.036%	$639K	$18.2M	75x	as long as short
Phemex SUIUSDT	+0.0100%	8h	1.0138	+0.027%	$11.7M	$28.2M	50x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0129	−0.062%	$1.4M	$4.1M	50x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0138	+0.032%	$38K	$11K	3x	as long as short
Kraken Futures PF_SUIUSD	+0.0119%	1h	1.0140	+0.046%	$6.8M	$21.5M	50x	as long as short
Hyperliquid SUI	+0.0126%	1h	1.0144	+0.086%	$73.1M	$77.6M	10x	as long as short
01 Exchange SUIUSD	+0.0136%	1h	1.0146	+0.106%	$8K	$3K	10x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0148	+0.125%	$7.6M	$24.4M	100x	as long as short
Coinbase International SUI-PERP-INTX	+0.0328%	1h	1.0145	+0.096%	$1.0M	$14.3M	50x	as long as short
Phoenix SUIshort	+0.0393%	1h	1.0168	+0.319%	$202K	$400K	10x
GMX SUI/USD [ETH-USDC]	L +0.0601% / S −0.0263%	1h	1.0135	−0.006%	$932K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.1266%	1h	1.0145	+0.094%	$82K	$409K	10x	as long as short