Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0074%/8h= +8.1% APRpaid last 24h +0.005%

Price spread now: SunX against Kraken Futures−0.011%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now −0.011%, 7d avg −0.027%

Together, before fees−0.057%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,354.8	0.0026	pay 0.0003% / 1h	57m 41s	$185.6M	$951.5M	100x
Short	SunX BTC-USDT	85,345.4	0.0100	get 0.0100% / 8h	57m 41s	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Kraken Futures. 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 Kraken FuturesbpFee SunXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $15.5
Price spread: −0.011% → −0.027%: $1.64
Slippage, 4 orders: −$3.33
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$4.19
Costs to cover: 0.213%
Break-even: 8.9 days

Slippage from Kraken Futures: live order book, 2 min ago; SunX: live order book, 11 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 Kraken Futures live order book, 2 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	7.3 bp −$731	9.1 bp −$4,559
Sell SunX live order book, 11 min ago	0.42 bp	5.8 bp −$6	6.4 bp −$64	8.2 bp −$818	11.5 bp −$5,760

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	−0.0082%	1h	85,415	+0.071%	$2.3M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,343	−0.014%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0031%	8h	85,337.6	−0.020%	$928.3M	$773.2M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,354.8	0.000%	$421.0M	$680.8M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,328.1	−0.031%	$512.2M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,384.6	+0.035%	$16.7M	$21.0M	50x	as long as short
Perpl BTC	0.0000%	43m	85,370.4	+0.018%	$491K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,369.6	+0.017%	$847.5M	$1.65B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,359.2	+0.005%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0026%	1h	85,354.8	long leg	$185.6M	$951.5M	100x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange BTCUSD	+0.0032%	1h	85,349.5	−0.006%	$353K	$2.3M	50x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	+0.014%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0073%	8h	85,333	−0.026%	—	$1.57B	—	as long as short
Bybit BTCUSDT	+0.0089%	8h	85,327.5	−0.032%	$5.13B	$9.97B	150x	as long as short
Nado BTC-PERP	+0.0090%	1h	85,347.9	−0.008%	$24.1M	$219.6M	50x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,328.8	−0.030%	$2.96B	$5.16B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,342.7	−0.014%	$169.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,340.9	−0.016%	$23.5M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,334	−0.024%	$8.4M	$57.2M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,336.4	−0.022%	$5.03B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,340.3	−0.017%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,334.1	−0.024%	$9.41B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,315	−0.047%	$244K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,383.2	+0.033%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,410	+0.065%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,368.5	+0.016%	$39.9M	$605.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,333.2	−0.025%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,328	−0.031%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,343.1	−0.014%	$5.1M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	−0.036%	$690.8M	$302.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,340	−0.017%	$5.54B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,337.4	−0.020%	$37.3M	$183.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,299.4	−0.065%	$156.2M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,335.1	−0.023%	$279.6M	$951.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,342.1	−0.015%	$214.2M	$158.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,333.7	−0.025%	$139.5M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,349	−0.007%	$30.1M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,405.9	+0.060%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,348	−0.008%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,350.1	−0.006%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,345.3	−0.011%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,379.1	+0.028%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,318.2	−0.043%	$30.0M	$46.2M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,345.4	−0.011%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,345	−0.011%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,342.4	−0.015%	$2.26B	$963.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,354.4	0.000%	$157.5M	$512.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,307.1	−0.056%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,353.9	−0.001%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,368.9	+0.017%	$113.3M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,337.7	−0.020%	$6.6M	$147.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,369	+0.017%	$12.0M	$738.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,372.8	+0.021%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,356.9	+0.002%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,384.9	+0.035%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0285%	1h	85,393	+0.045%	$79K	$247K	20x	as long as short