Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.035%

Price spread now: SunX against Phoenix+0.070%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.070%, 7d avg −0.033%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and SunX is 0.103% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.033%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.093% in total (about 4.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,468	−0.0140	get 0.0018% / 1h	21m 23s	$2.1M	$10.4M	40x
Short	SunX BTC-USDT	85,527.6	0.0100	get 0.0100% / 8h	3h 21m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Phoenix. 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 PhoenixbpFee SunXbpOrdersPrice spread, now +0.070%Rate

Funding earned: $50.42
Price spread: +0.070% → −0.033%: $10.27
Slippage, 4 orders: −$2.89
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $42.8
Costs to cover: 0.179%
Break-even: 1.1 days

Slippage from Phoenix: 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 Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	10.1 bp −$1,010	doesn't fit
Sell SunX live order book, 7 min ago	0.91 bp	4.9 bp −$5	5.4 bp −$54	7.0 bp −$704	10.4 bp −$5,191

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 BTClong	−0.0140%	1h	85,468	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,558	+0.105%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,529.4	+0.072%	$919.3M	$757.5M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,438.7	−0.034%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,560.2	+0.108%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,538.3	+0.082%	$515.1M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,517.5	+0.058%	$507K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,525.1	+0.067%	$24.5M	$223.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.7	+0.119%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0034%	1h	85,537	+0.081%	$16.8M	$21.2M	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	+0.0044%	1h	85,552	+0.098%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0056%	1h	85,542	+0.087%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,555.1	+0.102%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,543.6	+0.088%	$148.6M	$495.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,549.2	+0.095%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,593.4	+0.147%	$872.0M	$1.60B	50x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,550.6	+0.097%	$9.44B	$24.43B	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,540.3	+0.085%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,541.9	+0.086%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,538	+0.082%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,544	+0.089%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,535.9	+0.080%	$2.8M	$2.2M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,529	+0.071%	$231K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,593.6	+0.147%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,627	+0.186%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,577.7	+0.128%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,550	+0.096%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,559	+0.106%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,539	+0.083%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,543.6	+0.088%	$4.7M	$99.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,561.4	+0.109%	$5.53B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452.7	−0.018%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	−0.018%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431.3	−0.043%	$279.0M	$929.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.033%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,456.2	−0.014%	$139.8M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468.5	+0.001%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,583.4	+0.135%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,549	+0.095%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,553.2	+0.100%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,544	+0.089%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,606.6	+0.162%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,541.8	+0.086%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,527.6	+0.070%	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,544.7	+0.090%	$2.26B	$949.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.025%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,537.4	+0.081%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,520.2	+0.061%	$45.6M	$234.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,526.8	+0.069%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,577.8	+0.128%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,567.5	+0.116%	$188.0M	$956.9M	100x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,476	+0.009%	$11.5M	$754.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,581.2	+0.132%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,565.8	+0.114%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,488	+0.023%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,515.8	+0.056%	$78K	$222K	20x	as long as short