Funding arb · Price arb /

MINIMAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0399%/8h= −43.7% APRpaid last 24h −0.068%

Price spread now: SunX against Bybit+0.246%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$251as in the Funding arb table

Net, price: spread back to 7d avg − costs−$226as in the Price arb table

costs, in and out, $10k−$2442.437% of the position

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.246%, 7d avg +0.066%

Together, before fees−0.158%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.180% dearer against Bybit than usual: you sell high and buy low (spread +0.246% now, against its 7-day average of +0.066%): +$18 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 7 days (−0.075% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.075% in total (about -3.9% 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	Bybit MINIMAXUSDT	36.530	0.0399	pay 0.0399% / 8h	51m 56s	$917K	$1.1M	25x
Short	SunX MINIMAX-USDT	36.620	0	get 0.0000% / 4h	51m 56s	$15	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bybit. 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 BybitbpFee SunXbpOrdersPrice spread, now +0.246%Rate

Funding earned: −$83.87
Price spread: +0.246% → +0.066%: $18.03
Slippage, 4 orders: −$224.7
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$309.54
Costs to cover: 2.437%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; SunX: live order book, 4 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 Bybit live order book, 4 min ago	2.71 bp	41.3 bp −$41	191.4 bp −$1,914	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	31.23 bp	87.7 bp −$88	doesn't fit	doesn't fit	doesn't fit

MINIMAX on 17 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
SunX MINIMAX-USDTshort	0.0000%	4h	36.620	+0.246%	$15	$1.7M	10x
HTX MINIMAX-USDT	0.0000%	4h	36.543	+0.036%	$49K	$232K	20x	as long as short
Lighter MINIMAX	+0.0040%	1h	36.536	+0.016%	$41K	$23K	10x	as long as short
tradeXYZ xyz:MINIMAX	+0.0050%	1h	36.511	−0.052%	$4.7M	$3.2M	10x	as long as short
SoDEX MINIMAX-USD	+0.0050%	1h	36.521	−0.025%	$92K	$3K	10x	as long as short
Ondo Perps MINIMAX-USD.P	+0.0050%	1h	36.710	+0.493%	$23K	$51K	5x	as long as short
Aevo MINIMAX-PERP	+0.0104%	1h	36.500	−0.082%	—	—	10x	as long as short
Gate MINIMAX_USDT	+0.0328%	8h	36.610	+0.219%	$1.3M	$2.8M	50x	as long as short
Bybit MINIMAXUSDTlong	+0.0399%	8h	36.530	long leg	$917K	$1.1M	25x
Aster MINIMAXUSDT	+0.0578%	8h	36.618	+0.241%	$33K	$46K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MINIMAXUSDTM	+0.0704%	4h	36.520	−0.027%	$96K	$36K	20x	as long as short
Bitget MINIMAXUSDT	+0.0708%	8h	36.520	−0.027%	$1.2M	$2.8M	20x	as long as short
GRVT MINIMAX_USDT_Perp	+0.0820%	4h	36.829	+0.819%	$271	$126K	10x	as long as short
Binance MINIMAXUSDT	+0.0836%	4h	36.568	+0.105%	$6.3M	$32.1M	25x	as long as short
Extended MINIMAX-USD	+0.0840%	1h	36.566	+0.099%	$3K	—	10x	as long as short
edgeX MINIMAXUSDC	+0.1359%	4h	36.861	+0.906%	$28K	$183K	10x	as long as short
OKX MINIMAX-USDT-SWAP	+0.1395%	8h	36.630	+0.274%	$2.8M	$8.5M	20x	as long as short