Funding arb · Price arb /

SUI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0331%/8h= +36.2% APRpaid last 24h +0.049%

Price spread now: Phoenix against KuCoin−0.028%63s7-day average +0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as 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−$540.541% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 4 days (all we have)+0.165%+$16 · spread now −0.028%, 7d avg +0.093%

Together, before fees+0.212%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.121% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of +0.093%). If the spread goes back, that is −$12 on $10k: about 29 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.047% in total) that is about 18 days. The two prices were read 63 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 0.047% in total (about 2.5% 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	KuCoin SUIUSDTM	1.0117	0.0100	pay 0.0100% / 8h	1h 32m	$49.4M	$52.8M	75x
Short	Phoenix SUI	1.0114	0.0431	get 0.0054% / 1h	32m 25s	$200K	$413K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.028%Rate

Funding earned: $69.42
Price spread: −0.028% → +0.093%: −$12.07
Slippage, 4 orders: −$35.12
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.23
Costs to cover: 0.541%
Break-even: 6.7 days

Slippage from KuCoin: live order book, 7 min ago; Phoenix: live order book, 10 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 KuCoin live order book, 7 min ago	1.48 bp	17.5 bp −$18	38.2 bp −$382	doesn't fit	doesn't fit
Sell Phoenix live order book, 10 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	−0.3536%	1h	1.0009	−1.068%	$41K	$113K	12x	as long as short
Reya SUIRUSDPERP	−0.0380%	1h	1.0111	−0.064%	$4K	$3K	20x	as long as short
Hibachi SUI/USDT-P	−0.0192%	1h	1.0093	−0.233%	$5K	$21K	7x	as long as short
Bluefin SUI-PERP	−0.0061%	1h	1.0101	−0.158%	$579K	$425K	25x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0117	+0.003%	$95K	$294K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0116	−0.011%	$373K	$4.9M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0116	−0.010%	$195K	$563K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0003%	1h	1.0115	−0.024%	$114K	—	150x	as long as short
Lighter SUI	+0.0096%	1h	1.0121	+0.037%	$785K	$5.3M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0118	+0.012%	$296K	$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	1.0116	−0.010%	$37K	$522K	50x	as long as short
Orderly PERP_SUI_USDC	+0.0100%	8h	1.0114	−0.030%	$46K	$212K	20x	as long as short
Paradex SUI-USD-PERP	+0.0100%	8h	1.0111	−0.057%	$26K	$8K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0114	−0.030%	$534K	$2.1M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0115	−0.019%	$893K	$4.3M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0118	+0.006%	$216K	$261K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0117	0.000%	$144.8M	$1.02B	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0114	−0.030%	$98.4M	$315.7M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0116	−0.010%	$40.8M	$376.9M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0120	+0.030%	$43K	$329K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0119	+0.021%	$238K	$2K	10x	as long as short
Gate SUI_USDT	+0.0100%	8h	1.0115	−0.020%	$165.4M	$83.2M	50x	as long as short
MEXC SUI_USDT	+0.0100%	8h	1.0116	−0.010%	$151.0M	$291.7M	300x	as long as short
KuCoin SUIUSDTMlong	+0.0100%	8h	1.0117	long leg	$49.4M	$52.8M	75x
Bitget SUIUSDT	+0.0100%	8h	1.0112	−0.049%	$66.6M	$173.0M	75x	as long as short
BingX SUI-USDT	+0.0100%	8h	1.0115	−0.020%	—	$87.3M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0115	−0.020%	$666K	$1.3M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0089	−0.279%	$2.4M	$3.4M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0114	−0.032%	$164K	$4.6M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0093	−0.237%	$437K	$7.4M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0117	0.000%	$222K	$394K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0122	+0.049%	$125K	$677K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0131	+0.138%	$2K	$1.6M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0116	−0.010%	$6K	$1.8M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0116	−0.010%	$615K	$18.6M	75x	as long as short
Phemex SUIUSDT	+0.0100%	8h	1.0116	−0.010%	$11.7M	$28.1M	50x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0109	−0.078%	$1.4M	$4.1M	50x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0115	−0.015%	$38K	$11K	3x	as long as short
01 Exchange SUIUSD	+0.0192%	1h	1.0122	+0.049%	$9K	$2K	10x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0115	−0.020%	$7.6M	$24.4M	100x	as long as short
Coinbase International SUI-PERP-INTX	+0.0280%	1h	1.0093	−0.237%	$1.0M	$14.7M	50x	as long as short
Kraken Futures PF_SUIUSD	+0.0367%	1h	1.0119	+0.021%	$6.8M	$22.6M	50x	as long as short
Phoenix SUIshort	+0.0431%	1h	1.0114	−0.028%	$200K	$413K	10x
Hyperliquid SUI	+0.0463%	1h	1.0124	+0.069%	$72.8M	$81.7M	10x	as long as short
GMX SUI/USD [ETH-USDC]	L +0.0599% / S −0.0263%	1h	1.0114	−0.026%	$930K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.1399%	1h	1.0126	+0.088%	$82K	$410K	10x	as long as short