Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.008%

Price spread now: Aevo against SunX−0.056%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on SunX Short on Aevo

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.066%+$7 · spread now −0.056%, 7d avg −0.007%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aevo is 0.049% cheaper against SunX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,845.8	0.0100	pay 0.0100% / 8h	6h 47m	$2.9M	$6.6M	100x
Short	Aevo BTC-PERP	85,797.9	0.0080	get 0.0010% / 1h	47m 28s	$2.5M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against SunX. 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 SunXbpFee AevobpOrdersPrice spread, now −0.056%Rate

Funding earned: −$4.2
Price spread: −0.056% → −0.007%: −$4.89
Slippage, 4 orders: −$7.43
Fee SunX: 4 bp × 2 orders: −$8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$40.51
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Aevo: live order book, 2 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 SunX live order book, 11 min ago	0.81 bp	5.8 bp −$6	8.0 bp −$80	10.3 bp −$1,035	34.7 bp −$17.4K
Sell Aevo live order book, 2 min ago	1.55 bp	9.6 bp −$10	12.0 bp −$120	20.8 bp −$2,081	doesn't fit

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	−0.0144%	1h	85,788	−0.067%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,824	−0.025%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.008%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,804.1	−0.049%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,814.4	−0.037%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,819.5	−0.031%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,796.4	−0.058%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.042%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,796.9	−0.057%	$497.6M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	85,796	−0.058%	$894.5M	$757.2M	125x	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	+0.0044%	1h	85,820.2	−0.030%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0052%	8h	85,783	−0.073%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,786.9	−0.069%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,794.3	−0.060%	$2.95B	$5.13B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,778.9	−0.078%	$2.28B	$968.7M	200x	as long as short
ApeX Omni BTCUSDT	+0.0075%	1h	85,863.8	+0.021%	$140.4M	$320.9M	100x	as long as short
Aevo BTC-PERPshort	+0.0080%	1h	85,797.9	−0.056%	$2.5M	$1.8M	20x
Nado BTC-PERP	+0.0082%	1h	85,804.1	−0.049%	$22.4M	$228.8M	50x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,786.6	−0.069%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,794.4	−0.060%	$9.34B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0088%	8h	85,798.5	−0.055%	$5.66B	$10.37B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,796.3	−0.058%	$170.6M	$976.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,816.6	−0.034%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,810	−0.042%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,781	−0.075%	$209K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,840.7	−0.006%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,863	+0.020%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,813.8	−0.037%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,814.7	−0.036%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,779.5	−0.077%	$2.55B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,789	−0.066%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,792.2	−0.062%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,792.9	−0.062%	$35.2M	$163.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.073%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,838.8	−0.008%	$278.1M	$943.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.013%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,854.5	+0.010%	$30.4M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,856.4	+0.012%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,797	−0.057%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,792	−0.063%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,779.2	−0.078%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,840.8	−0.006%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,805.1	−0.047%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,845.8	long leg	$2.9M	$6.6M	100x
SoDEX BTC-USD	+0.0100%	1h	85,798	−0.056%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,799.3	−0.054%	$153.9M	$477.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	−0.048%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,775.5	−0.082%	$44.8M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,817.8	−0.033%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,839	−0.008%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,874.1	+0.033%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,820.4	−0.030%	$189.2M	$970.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,830.6	−0.018%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0186%	1h	85,841.4	−0.005%	$895.2M	$1.54B	50x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,865	+0.022%	$10.0M	$768.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,796.2	−0.058%	$13.8M	—	200x	as long as short