Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.033%

Price spread now: SunX against dYdX−0.049%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on dYdX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now −0.049%, 7d avg −0.022%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.027% cheaper against dYdX than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of −0.022%). If the spread goes back, that is −$3 on $10k: about 31 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	86,677.5	0.0030	pay 0.0004% / 1h	45m 04s	$17.0M	$21.1M	50x
Short	SunX BTC-USDT	86,634.9	0.0100	get 0.0100% / 8h	45m 04s	$3.4M	$5.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against dYdX. 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 dYdXbpFee SunXbpOrdersPrice spread, now −0.049%Rate

Funding earned: $14.71
Price spread: −0.049% → −0.022%: −$2.74
Slippage, 4 orders: −$12.98
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$19.01
Costs to cover: 0.310%
Break-even: 16.0 days

Slippage from dYdX: live order book, 4 min ago; SunX: live order book, 4 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 dYdX live order book, 4 min ago	3.52 bp	11.1 bp −$11	12.2 bp −$122	15.0 bp −$1,498	34.1 bp −$17.0K
Sell SunX live order book, 4 min ago	0.62 bp	5.1 bp −$5	5.9 bp −$59	7.6 bp −$764	11.3 bp −$5,674

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	−0.0118%	1h	86,580	−0.112%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.028%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.126%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,668.6	−0.010%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,663.1	−0.017%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,642.4	−0.041%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,676.7	−0.001%	$916.4M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,665.1	−0.014%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,644.6	−0.038%	$852.0M	$714.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,646.1	−0.036%	$6.7M	$145.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USDlong	+0.0030%	1h	86,677.5	long leg	$17.0M	$21.1M	50x
Phemex BTCUSDT	+0.0038%	8h	86,646.8	−0.035%	$150.5M	$480.0M	150x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,630.8	−0.054%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,627.8	−0.057%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,639.3	−0.044%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,659.2	−0.021%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,641.1	−0.042%	$9.44B	$24.55B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,633	−0.051%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,648	−0.034%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,657.7	−0.023%	$24.1M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,650	−0.032%	$8.5M	$52.5M	100x	as long as short
Nado BTC-PERP	+0.0098%	1h	86,659	−0.021%	$21.8M	$234.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,642	−0.041%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,700.1	+0.026%	$4.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,704	+0.031%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,692	+0.017%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,645.3	−0.037%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,630.6	−0.054%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,663	−0.017%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,691.9	+0.017%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.135%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,628.4	−0.057%	$38.4M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	−0.056%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.203%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.186%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,581.8	−0.110%	$141.4M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,574.7	−0.119%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,695.1	+0.020%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,653	−0.028%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,644	−0.039%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,643.5	−0.039%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,674.9	−0.003%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,674.7	−0.003%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,634.9	−0.049%	$3.4M	$5.4M	100x
SoDEX BTC-USD	+0.0100%	1h	86,637	−0.047%	$60.6M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,632.4	−0.052%	$2.30B	$970.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,624.1	−0.062%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,662.8	−0.017%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,665.4	−0.014%	$193.8M	$951.5M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,670.5	−0.008%	$419K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,681.1	+0.004%	$132.9M	$5.69B	50x	as long as short
Aftermath Perps BTCUSD	+0.0113%	1h	86,605.9	−0.083%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,675.6	−0.002%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0215%	1h	86,660.1	−0.020%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,638.8	−0.045%	$414.6M	$659.2M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,688	+0.012%	$9.6M	$742.7M	6.4x	as long as short