Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SunX against Bullet+0.018%53s7-day average −0.013% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.200% of the position

Long on Bullet Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.018%, 7d avg −0.013%

Together, before fees−0.054%−$5 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 0.031% dearer against Bullet than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.013%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,423.1	0.0100	pay 0.0013% / 1h	10m 30s	$199K	$3.3M	20x
Short	SunX BTC-USDT	85,438.7	0.0100	get 0.0100% / 8h	1h 10m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bullet. 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 BulletbpFee SunXbpOrdersPrice spread, now +0.018%Rate

Funding earned: $0
Price spread: +0.018% → −0.013%: $3.13
Slippage, 4 orders: −$4.01
Fee Bullet: 4 bp × 2 orders: −$8
Fee SunX: 4 bp × 2 orders: −$8
Net: −$16.89
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Bullet: live order book, 4 min ago; SunX: live order book, 8 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 Bullet live order book, 4 min ago	0.29 bp	4.4 bp −$4	6.9 bp −$69	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	0.15 bp	6.8 bp −$7	7.5 bp −$75	9.2 bp −$917	11.7 bp −$5,868

BTC on 55 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	−0.0082%	1h	85,504	+0.095%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,404	−0.022%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0035%	8h	85,416.6	−0.008%	$929.2M	$773.0M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,404.7	−0.022%	$420.0M	$679.6M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,417.7	−0.006%	$512.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,443.1	+0.023%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,452.2	+0.034%	$490K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.8	+0.009%	$16.7M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,462.1	+0.046%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0045%	1h	85,404.8	−0.021%	$24.1M	$220.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.206%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,410.3	−0.015%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,426.4	+0.004%	$186.1M	$953.1M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,422.5	−0.001%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0095%	8h	85,413.9	−0.011%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,454	+0.036%	$169.9M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,452.7	+0.035%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,462	+0.046%	$8.5M	$56.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,398.9	−0.028%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,427.3	+0.005%	$9.42B	$24.87B	150x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,418.3	−0.006%	$5.03B	$5.78B	500x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,404	−0.022%	$59.8M	$336.7M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	−0.007%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,496.9	+0.086%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,507	+0.098%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,471.1	+0.056%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,426.9	+0.004%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,427	+0.005%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,426.1	+0.004%	$5.1M	$96.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,438.5	+0.018%	$5.56B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,396.2	−0.031%	$37.5M	$180.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.045%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,427.5	+0.005%	$279.9M	$952.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,456.8	+0.039%	$214.5M	$164.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,446.3	+0.027%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,436	+0.015%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,472.1	+0.057%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,421	−0.002%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,423.1	long leg	$199K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,405.9	−0.020%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,444.1	+0.025%	$194K	$796K	40x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,438.7	+0.018%	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,400.8	−0.026%	$2.26B	$962.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,418.8	−0.005%	$155.0M	$511.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.012%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,401.8	−0.025%	$44.9M	$239.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,429.6	+0.008%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,443	+0.023%	$112.8M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0133%	1h	85,395.8	−0.032%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,423	0.000%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0178%	8h	85,441	+0.021%	$11.8M	$739.8M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0179%	1h	85,458.1	+0.041%	$858.1M	$1.63B	50x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,455.9	+0.038%	$8.8M	$42.6M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,436.2	+0.015%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0263%	1h	85,460.6	+0.044%	$80K	$240K	20x	as long as short