Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: SunX against Arcus−0.124%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on Arcus Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.124%, 7d avg −0.028%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.096% cheaper against Arcus than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,543.6	0.0100	pay 0.0013% / 1h	21m 39s	$4.7M	$99.9M	40x
Short	SunX BTC-USDT	85,437.5	0.0100	get 0.0100% / 8h	3h 21m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Arcus. 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 ArcusbpFee SunXbpOrdersPrice spread, now −0.124%Rate

Funding earned: $0
Price spread: −0.124% → −0.028%: −$9.62
Slippage, 4 orders: −$3.82
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee SunX: 4 bp × 2 orders: −$8
Net: −$25.94
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from Arcus: live order book, 3 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 Arcus live order book, 3 min ago	0.01 bp	2.3 bp −$2	2.4 bp −$24	3.4 bp −$340	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	−0.063%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,444	−0.116%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,518.9	−0.029%	$919.2M	$757.5M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,438.7	−0.123%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,441.7	−0.119%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,532.6	−0.013%	$515.1M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,467.1	−0.089%	$504K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,433.8	−0.128%	$24.5M	$223.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,475.8	−0.079%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0034%	1h	85,537	−0.008%	$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	−0.035%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0056%	1h	85,457	−0.101%	$59.9M	$336.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0062%	1h	85,498.6	−0.053%	$884.7M	$1.59B	50x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,529.9	−0.016%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,461	−0.097%	$148.4M	$495.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,546.9	+0.004%	$2.95B	$5.12B	150x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,540.3	−0.004%	$9.44B	$24.43B	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,540.3	−0.004%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,541.9	−0.002%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,538	−0.007%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,426	−0.137%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,447.3	−0.113%	$2.7M	$2.0M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,529	−0.017%	$231K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,593.6	+0.058%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,604	+0.071%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,577.7	+0.040%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,535.5	−0.009%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,547.6	+0.005%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,539	−0.005%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,543.6	long leg	$4.7M	$99.9M	40x
Gate BTC_USDT	+0.0100%	8h	85,545.2	+0.002%	$5.53B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452.7	−0.106%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	−0.106%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	−0.074%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.122%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	−0.053%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468.5	−0.088%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,502.6	−0.048%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	−0.098%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,456.5	−0.102%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,453.5	−0.105%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,507.1	−0.043%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,446.7	−0.113%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,437.5	−0.124%	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,449.9	−0.110%	$2.26B	$949.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.113%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0101%	1h	85,457.3	−0.101%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,517.4	−0.031%	$45.6M	$234.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,457.6	−0.101%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,490	−0.063%	$117.3M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,474.5	−0.081%	$187.7M	$956.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,476	−0.079%	$11.5M	$754.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,581.2	+0.044%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,472.6	−0.083%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,483.6	−0.070%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0255%	1h	85,496.5	−0.055%	$78K	$222K	20x	as long as short