Funding arb · Price arb /

BTC

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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 +0.008%

Price spread now: SunX against OKX−0.050%47s7-day average −0.012% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.190% of the position

Long on OKX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.050%, 7d avg −0.012%

Together, before fees+0.007%+$1 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 0.037% cheaper against OKX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.012%. The two prices were read 47 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	OKX BTC-USDT-SWAP	85,496.4	0.0100	pay 0.0100% / 8h	1h 21m	$2.60B	$12.27B	100x
Short	SunX BTC-USDT	85,453.9	0.0100	get 0.0100% / 8h	1h 21m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against OKX. 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 OKXbpFee SunXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0
Price spread: −0.050% → −0.012%: −$3.74
Slippage, 4 orders: −$0.96
Fee OKX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$22.7
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; SunX: live order book, 7 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 OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$605	7.5 bp −$3,732
Sell SunX live order book, 7 min ago	0.14 bp	4.1 bp −$4	4.9 bp −$49	7.1 bp −$706	11.0 bp −$5,491

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	85,446	−0.059%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,442	−0.064%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,501.8	+0.006%	$929.2M	$773.4M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,452.8	−0.051%	$420.9M	$684.2M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,493.2	−0.004%	$513.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,509.6	+0.015%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,486.2	−0.012%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	+0.025%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,476.2	−0.024%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,479	−0.020%	$24.4M	$222.6M	50x	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	+0.0057%	1h	85,247	−0.292%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0072%	8h	85,502.1	+0.007%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,456.8	−0.046%	$186.2M	$959.9M	100x	as long as short
Bitget BTCUSDT	+0.0090%	8h	85,504.9	+0.010%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,502.3	+0.007%	$5.02B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,498.5	+0.003%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,519	+0.026%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,508.5	+0.014%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,497	+0.001%	$8.4M	$56.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,441.4	−0.064%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,487.2	−0.011%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,479	−0.020%	$244K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,552.3	+0.065%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,575	+0.092%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.2	+0.043%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,496.4	long leg	$2.60B	$12.27B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,509	+0.015%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,490.8	−0.007%	$5.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	+0.004%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,507.6	+0.013%	$5.56B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.1	−0.067%	$37.2M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,436.8	−0.070%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.9	−0.070%	$279.9M	$951.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,445.2	−0.060%	$214.5M	$164.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,447.2	−0.058%	$139.7M	$313.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,458.6	−0.044%	$30.1M	$205.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,553.1	+0.066%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,470	−0.031%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,468	−0.033%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,447.6	−0.057%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,493.7	−0.003%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.330%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,453.9	−0.050%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,444	−0.061%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,459.1	−0.044%	$2.26B	$966.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,463.9	−0.038%	$153.3M	$510.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,479.4	−0.020%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,484.3	−0.014%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,480.9	−0.018%	$114.9M	$5.49B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0128%	1h	85,490	−0.007%	$861.8M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0130%	1h	85,459.1	−0.044%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,497	+0.001%	$11.7M	$741.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,496	0.000%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,474.5	−0.026%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,481.8	−0.017%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,442.9	−0.063%	$79K	$230K	20x	as long as short