Funding you earn now, next payment 00:00 UTC−0.0199%/8h= −21.8% APRnext payment −$0.25 per $10,000 · paid last 24h −0.030%
Price spread now: Backpack against Phoenix−0.271%7-day average −0.094% · you buy dearer than you sell
Net, funding: paid 7d − costs−$35as in the Funding arb table
Net, price: spread back to 7d avg − costs−$53as in the Price arb table
costs, in and out, $10k−$360.356% of the position
Funding, last 7 days+0.010%+$1 on $10k
+Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.271%, 7d avg −0.094%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Backpack is 0.177% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.094%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.010% in total (about 0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.25 per $10,000. 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 | Phoenix SUI | 1.0394 | 0.0299 | pay 0.0037% / 1h | 43m 12s | $206K | $590K | 10x |
| Short | Backpack SUI_USDC_PERP | 1.0366 | 0.0100 | get 0.0013% / 1h | 43m 12s | $673K | $1.1M | 20x |
Phoenix SUI
Backpack SUI_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$41.76
- Price spread: −0.271% → −0.094%
- −$17.73
- Slippage, 4 orders
- −$18.56
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$95.05
- Costs to cover
- 0.356%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 30 min ago; Backpack: live order book, 1 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 Phoenix live order book, 30 min ago | 0.96 bp | 12.3 bp −$12 | 50.6 bp −$506 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 1 min ago | 0.48 bp | 5.5 bp −$5 | 8.4 bp −$84 | 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 | −0.3416% | 1h | 1.0273 | −1.166% | $42K | $123K | 12x | as long as short |
| Hibachi SUI/USDT-P | −0.0392% | 1h | 1.0376 | −0.172% | $6K | $19K | 7x | as long as short |
| Reya SUIRUSDPERP | −0.0370% | 1h | 1.0448 | +0.513% | $4K | $3K | 20x | as long as short |
| Phemex SUIUSDT | −0.0344% | 8h | 1.0447 | +0.508% | $11.7M | $25.1M | 50x | as long as short |
| Bluefin SUI-PERP | −0.0259% | 1h | 1.0443 | +0.469% | $599K | $418K | 25x | as long as short |
| dYdX SUI-USD | 0.0000% | 1h | 1.0433 | +0.376% | $96K | $170K | 10x | as long as short |
| Kalshi KXSUIPERP | 0.0000% | 8h | 1.0454 | +0.572% | $479K | $5.1M | 2.5x | as long as short |
| Deribit SUI_USDC-PERPETUAL | 0.0000% | 1h | 1.0458 | +0.614% | $203K | $584K | 25x | as long as short |
| gTrade (Gains Network) SUI/USD | L +0.0003% / S −0.0002% | 1h | 1.0457 | +0.604% | $121K | — | 150x | as long as short |
| Kraken Futures PF_SUIUSD | +0.0038% | 1h | 1.0452 | +0.559% | $7.3M | $24.3M | 50x | as long as short |
Injective SUI/USDC PERP
Hibachi SUI/USDT-P
Reya SUIRUSDPERP
Phemex SUIUSDT
Bluefin SUI-PERP
dYdX SUI-USD
Kalshi KXSUIPERP
Deribit SUI_USDC-PERPETUAL
gTrade (Gains Network) SUI/USD
Kraken Futures PF_SUIUSDShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange SUIUSD | +0.0080% | 1h | 1.0448 | +0.518% | $9K | $9K | 10x | as long as short |
| Lighter SUI | +0.0096% | 1h | 1.0450 | +0.536% | $804K | $5.8M | 10x | as long as short |
| Lighter RH SUI | +0.0096% | 1h | 1.0453 | +0.569% | $268K | $2.0M | 10x | as long as short |
| Popdex SUIUSDT | +0.0096% | 1h | 1.0445 | +0.489% | $33K | $491K | 50x | as long as short |
| Orderly PERP_SUI_USDC | +0.0100% | 8h | 1.0453 | +0.566% | $47K | $322K | 20x | as long as short |
| Paradex SUI-USD-PERP | +0.0100% | 8h | 1.0432 | +0.361% | $27K | $9K | 30x | as long as short |
| Nado SUI-PERP | +0.0100% | 1h | 1.0446 | +0.498% | $659K | $1.4M | 10x | as long as short |
| Aster SUIUSDT | +0.0100% | 8h | 1.0457 | +0.604% | $1.0M | $4.8M | 75x | as long as short |
| Pacifica SUI | +0.0100% | 1h | 1.0434 | +0.382% | $227K | $258K | 10x | as long as short |
| Binance SUIUSDT | +0.0100% | 8h | 1.0456 | +0.595% | $155.6M | $1.03B | 75x | as long as short |
| Bybit SUIUSDT | +0.0100% | 8h | 1.0456 | +0.595% | $104.8M | $307.6M | 50x | as long as short |
| OKX SUI-USDT-SWAP | +0.0100% | 8h | 1.0449 | +0.527% | $41.7M | $389.7M | 50x | as long as short |
| Arcus SUI-USD | +0.0100% | 1h | 1.0450 | +0.537% | $46K | $387K | 10x | as long as short |
| Bulk SUI-USD | +0.0100% | 1h | 1.0367 | −0.266% | $244K | $1K | 10x | as long as short |
| Gate SUI_USDT | +0.0100% | 8h | 1.0453 | +0.566% | $168.5M | $80.3M | 50x | as long as short |
| MEXC SUI_USDT | +0.0100% | 8h | 1.0455 | +0.585% | $153.0M | $291.4M | 300x | as long as short |
| KuCoin SUIUSDTM | +0.0100% | 8h | 1.0449 | +0.527% | $51.0M | $53.2M | 75x | as long as short |
| Bitget SUIUSDT | +0.0100% | 8h | 1.0447 | +0.508% | $68.8M | $167.2M | 75x | as long as short |
| BingX SUI-USDC | +0.0100% | 8h | 1.0452 | +0.556% | — | $6.5M | — | as long as short |
| Backpack SUI_USDC_PERPshort | +0.0100% | 1h | 1.0366 | −0.271% | $673K | $1.1M | 20x | |
| Variational Omni SUI | +0.0100% | 8h | 1.0378 | −0.157% | $2.3M | $2.9M | — | as long as short |
| edgeX SUIUSDC | +0.0100% | 4h | 1.0385 | −0.093% | $169K | $4.5M | 20x | as long as short |
| GRVT SUI_USDT_Perp | +0.0100% | 8h | 1.0389 | −0.051% | $455K | $7.2M | 10x | as long as short |
| ApeX Omni SUIUSDT | +0.0100% | 1h | 1.0386 | −0.079% | $238K | $450K | 50x | as long as short |
| Polymarket Perps SUI-USD | +0.0100% | 1h | 1.0457 | +0.604% | $119K | $757K | 10x | as long as short |
| SunX SUI-USDT | +0.0100% | 8h | 1.0456 | +0.595% | $2K | $1.9M | 30x | as long as short |
| SoDEX SUI-USD | +0.0100% | 1h | 1.0449 | +0.527% | $6K | $2.3M | 10x | as long as short |
| HTX SUI-USDT | +0.0100% | 8h | 1.0450 | +0.537% | $655K | $18.6M | 75x | as long as short |
| Extended SUI-USD | +0.0104% | 1h | 1.0446 | +0.501% | $1.5M | $3.8M | 50x | as long as short |
| Aevo SUI-PERP | +0.0104% | 1h | 1.0456 | +0.595% | $40K | $16K | 3x | as long as short |
| Coinbase International SUI-PERP-INTX | +0.0200% | 1h | 1.0454 | +0.575% | $985K | $14.3M | 50x | as long as short |
| BloFin SUI-USDT | +0.0220% | 8h | 1.0445 | +0.489% | $8.1M | $24.5M | 100x | as long as short |
| Phoenix SUIlong | +0.0299% | 1h | 1.0394 | long leg | $206K | $590K | 10x | |
| Hyperliquid SUI | +0.0420% | 1h | 1.0462 | +0.652% | $76.2M | $80.6M | 10x | as long as short |
| GMX SUI/USD [ETH-USDC] | L +0.0639% / S −0.0322% | 1h | 1.0455 | +0.587% | $904K | — | 100x | as long as short |
| Aftermath Perps SUIUSD | +0.0935% | 1h | 1.0402 | +0.079% | $92K | $367K | 10x | as long as short |
01 Exchange SUIUSD
Lighter SUI
Lighter RH SUI
Popdex SUIUSDT
Orderly PERP_SUI_USDC
Paradex SUI-USD-PERP
Nado SUI-PERP
Aster SUIUSDT
Pacifica SUI
Binance SUIUSDT
Bybit SUIUSDT
OKX SUI-USDT-SWAP
Arcus SUI-USD
Bulk SUI-USD
Gate SUI_USDT
MEXC SUI_USDT
KuCoin SUIUSDTM
Bitget SUIUSDT
BingX SUI-USDC
Variational Omni SUI
edgeX SUIUSDC
GRVT SUI_USDT_Perp
ApeX Omni SUIUSDT
Polymarket Perps SUI-USD
SunX SUI-USDT
SoDEX SUI-USD
HTX SUI-USDT
Extended SUI-USD
Aevo SUI-PERP
Coinbase International SUI-PERP-INTX
BloFin SUI-USDT
Hyperliquid SUI
GMX SUI/USD [ETH-USDC]
Aftermath Perps SUIUSD