Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.008%

Price spread now: SunX against Aevo−0.011%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Aevo Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.011%, 7d avg +0.006%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo BTC-PERP	85,447.3	0.0096	pay 0.0012% / 1h	22m 03s	$2.7M	$2.0M	20x
Short	SunX BTC-USDT	85,437.5	0.0100	get 0.0100% / 8h	3h 22m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Aevo. 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 AevobpFee SunXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0.84
Price spread: −0.011% → +0.006%: −$1.7
Slippage, 4 orders: −$5.89
Fee Aevo: 8 bp × 2 orders: −$16
Fee SunX: 4 bp × 2 orders: −$8
Net: −$30.75
Costs to cover: 0.299%
Break-even: 263.3 days

Slippage from Aevo: live order book, 2 min ago; SunX: live order book, 7 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 Aevo live order book, 2 min ago	1.49 bp	9.6 bp −$10	9.7 bp −$97	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	0.91 bp	4.9 bp −$5	5.4 bp −$54	7.0 bp −$704	10.4 bp −$5,191

BTC on 56 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
Phoenix BTC	−0.0140%	1h	85,490	+0.050%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,444	−0.004%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,449.7	+0.003%	$918.4M	$757.6M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,438.7	−0.010%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,441.7	−0.007%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,448.4	+0.001%	$514.6M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,467.1	+0.023%	$504K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,433.8	−0.016%	$24.5M	$223.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,475.8	+0.033%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0035%	1h	85,485.8	+0.045%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,514	+0.078%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0056%	1h	85,457	+0.011%	$59.9M	$336.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0062%	1h	85,498.6	+0.060%	$884.7M	$1.59B	50x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,454.7	+0.009%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,461	+0.016%	$148.4M	$495.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,459.9	+0.015%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,456.4	+0.011%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,454.8	+0.009%	$9.43B	$24.43B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,471.9	+0.029%	$172.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,467.4	+0.024%	$23.9M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,426	−0.025%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERPlong	+0.0096%	1h	85,447.3	long leg	$2.7M	$2.0M	20x
Katana Perps BTC-USD	+0.0100%	8h	85,419	−0.033%	$226K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,491.2	+0.051%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,536	+0.104%	$3.78B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,473.2	+0.030%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,448.7	+0.002%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,462.5	+0.018%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,432	−0.018%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,437.4	−0.012%	$4.7M	$99.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,455.9	+0.010%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452.7	+0.006%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	+0.007%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	+0.039%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.009%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.060%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468.5	+0.025%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,502.6	+0.065%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	+0.015%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,456.5	+0.011%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,453.5	+0.007%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,507.1	+0.070%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,446.7	−0.001%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,437.5	−0.011%	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,449.9	+0.003%	$2.26B	$949.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	0.000%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0101%	1h	85,457.3	+0.012%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,431	−0.019%	$45.3M	$233.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,457.6	+0.012%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,490	+0.050%	$117.3M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,474.5	+0.032%	$187.7M	$956.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,476	+0.034%	$11.5M	$754.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,460.5	+0.016%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,472.6	+0.030%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,483.6	+0.043%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0255%	1h	85,496.5	+0.058%	$78K	$222K	20x	as long as short