Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0026%/8hpaid last 24h +0.188%

Price spread now: SunX against Bluefin−0.009%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Bluefin Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now −0.009%, 7d avg +0.013%

Together, before fees+0.280%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.022% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.009% now, against its 7-day average of +0.013%). If the spread goes back, that is −$2 on $10k: about 2.8 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.281% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,473	0.0074	pay 0.0009% / 1h	4m 24s	$141K	$505K	40x
Short	SunX BTC-USDT	86,465.2	0.0100	get 0.0100% / 8h	4h 04m	$3.4M	$5.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bluefin. 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 BluefinbpFee SunXbpOrdersPrice spread, now −0.009%Rate

Funding earned: $5.53
Price spread: −0.009% → +0.013%: −$2.22
Slippage, 4 orders: −$7.55
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$19.24
Costs to cover: 0.226%
Break-even: 31.4 days

Slippage from Bluefin: live order book, 29 min ago; SunX: live order book, 9 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 Bluefin live order book, 29 min ago	0.93 bp	6.3 bp −$6	11.8 bp −$118	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	0.28 bp	5.3 bp −$5	7.0 bp −$70	9.0 bp −$896	12.1 bp −$6,069

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	−0.0132%	1h	86,513	+0.046%	$2.1M	$11.1M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,464.2	−0.010%	$409K	$25.8M	6.7x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,444.8	−0.033%	$422.4M	$595.2M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,474	+0.001%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0045%	1h	86,514.5	+0.048%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,485	+0.014%	$184.5M	$860.6M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,506.2	+0.038%	$303K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	+0.051%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0009%	8h	86,481.3	+0.010%	$823.6M	$666.0M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,509	+0.042%	$8.8M	$695.2M	6.4x	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	0.0000%	1h	86,524	+0.059%	$326K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0004%	1h	86,506.6	+0.039%	$6.7M	$140.0M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,527.3	+0.063%	$37.1M	—	200x	as long as short
BingX BTC-USDC	+0.0006%	8h	86,499.6	+0.031%	—	$14.8M	—	as long as short
SoDEX BTC-USD	+0.0008%	1h	86,437	−0.042%	$61.0M	$311.5M	40x	as long as short
Bitget BTCUSDT	+0.0009%	8h	86,488.8	+0.018%	$2.97B	$4.90B	150x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,482.3	+0.011%	$506.4M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,509	+0.042%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,453.4	−0.023%	$153.0M	$444.6M	150x	as long as short
ApeX Omni BTCUSDT	+0.0035%	1h	86,506.9	+0.039%	$140.5M	$320.7M	100x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,484.8	+0.014%	$5.13B	$5.36B	500x	as long as short
Binance BTCUSDT	+0.0037%	8h	86,486.3	+0.015%	$9.53B	$23.29B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0038%	8h	86,487.2	+0.016%	$2.63B	$12.17B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,456.1	−0.020%	$2.4M	$1.3M	20x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	−0.007%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,440	−0.038%	$2.30B	$896.2M	200x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,491	+0.021%	$5.98B	$10.21B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,479	+0.007%	$8.5M	$49.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0074%	1h	86,473	long leg	$141K	$505K	40x
Bybit BTCUSDT	+0.0075%	8h	86,491.6	+0.022%	$5.29B	$9.20B	150x	as long as short
Variational Omni BTC	+0.0086%	8h	86,497.1	+0.028%	$163.6M	$537.8M	—	as long as short
Orderly PERP_BTC_USDC	+0.0088%	8h	86,504.5	+0.036%	$2.3M	$7.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,507.2	+0.040%	$217.3M	$181.6M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,473.2	0.000%	$172.9M	$981.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,481.4	+0.010%	$24.2M	$147.0M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,490	+0.020%	$615K	$6.8M	30x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,502.7	+0.034%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,486	+0.015%	$210K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,472.7	0.000%	$23.4M	$229.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,488.7	+0.018%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,515	+0.049%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,550.3	+0.089%	$6.8M	$92.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,447.5	−0.029%	$37.9M	$140.8M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	0.000%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,474.3	+0.001%	$30.8M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,559.5	+0.100%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,502	+0.034%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,489.2	+0.019%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,460.2	−0.015%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,465.2	−0.009%	$3.4M	$5.7M	100x
Extended BTC-USD	+0.0104%	1h	86,480.6	+0.009%	$47.8M	$219.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,521.2	+0.056%	—	$87.3M	500x	as long as short
Hyperliquid BTC	+0.0159%	1h	86,591	+0.136%	$3.99B	$4.76B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,511	+0.044%	$131.7M	$5.89B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0200%	1h	86,521.2	+0.056%	$14.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0200%	1h	86,522.5	+0.057%	$932.2M	$1.22B	50x	as long as short