Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: SunX against Bybit+0.127%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$240.242% of the position

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now +0.127%, 7d avg −0.008%

Together, before fees−0.151%−$15 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 0.136% dearer against Bybit than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,937.6	0.0100	pay 0.0100% / 8h	7h 03m	$5.23B	$9.67B	150x
Short	SunX BTC-USDT	86,047.1	0.0100	get 0.0100% / 8h	7h 03m	$3.3M	$5.4M	100x

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 +0.127%Rate

Funding earned: $0
Price spread: +0.127% → −0.008%: $13.57
Slippage, 4 orders: −$5.18
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$10.61
Costs to cover: 0.242%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; SunX: live order book, 5 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, 5 min ago	0.01 bp	5.7 bp −$6	6.4 bp −$64	7.2 bp −$718	8.4 bp −$4,217
Sell SunX live order book, 5 min ago	0.85 bp	4.9 bp −$5	5.1 bp −$51	6.7 bp −$673	8.8 bp −$4,378

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	−0.0129%	1h	86,215	+0.323%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,129	+0.223%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	86,111.1	+0.202%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,144.7	+0.241%	$518K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,126.9	+0.220%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.497%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,108.9	+0.199%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,027	+0.104%	$498.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,962.7	+0.029%	$826.2M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0050%	1h	86,101.2	+0.190%	$6.7M	$145.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	86,122.8	+0.216%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,908.2	−0.034%	—	$15.3M	—	as long as short
HTX BTC-USDT	+0.0056%	8h	86,045.8	+0.126%	$2.28B	$959.1M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,968.3	+0.036%	$2.96B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	86,057.3	+0.139%	$155.2M	$473.2M	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	86,066	+0.149%	$60.3M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,069.6	+0.154%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0083%	8h	85,916.8	−0.024%	$9.35B	$24.31B	150x	as long as short
MEXC BTC_USDT	+0.0083%	8h	85,947.5	+0.012%	$5.10B	$5.77B	500x	as long as short
Bluefin BTC-PERP	+0.0087%	1h	86,118	+0.210%	$144K	$666K	40x	as long as short
Gate BTC_USDT	+0.0095%	8h	85,972.8	+0.041%	$5.74B	$10.68B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,076.1	+0.161%	$170.0M	$997.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,057.6	+0.140%	$23.5M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,113	+0.204%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,091	+0.179%	$201K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,165	+0.265%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,113.4	+0.205%	$21.8M	$225.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,078	+0.163%	$3.77B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,156.6	+0.255%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,937.6	long leg	$5.23B	$9.67B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,940	+0.003%	$2.55B	$12.42B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,120	+0.212%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,134.1	+0.229%	$7.3M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,014	+0.089%	$35.4M	$161.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	+0.165%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.205%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.277%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.299%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,069.2	+0.153%	$30.5M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,148.9	+0.246%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,112	+0.203%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,116.5	+0.208%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,080.1	+0.166%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,088.5	+0.176%	$30.2M	$57.0M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,047.1	+0.127%	$3.3M	$5.4M	100x
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.237%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,950.3	+0.015%	$46.0M	$222.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,080.4	+0.166%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,084.4	+0.171%	$132.2M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	86,090	+0.177%	$190.1M	$954.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,108.8	+0.199%	$724K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,174.5	+0.276%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	86,111.8	+0.203%	$902.8M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,079.9	+0.166%	$415.6M	$640.3M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,114	+0.205%	$10.2M	$766.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,121.5	+0.214%	$14.5M	—	200x	as long as short