Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0037%/8h= +4.0% APRpaid last 24h +0.010%

Price spread now: Coinbase International against SunX+0.016%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now +0.016%, 7d avg +0.053%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.037% cheaper against SunX than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.053%). If the spread goes back, that is −$4 on $10k: about 3.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,568.6	0.0075	pay 0.0075% / 8h	5h 57m	$2.9M	$6.5M	100x
Short	Coinbase International BTC-PERP-INTX	85,582	0.0112	get 0.0014% / 1h	57m 31s	$130.4M	$5.07B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.016%Rate

Funding earned: $7.76
Price spread: +0.016% → +0.053%: −$3.7
Slippage, 4 orders: −$1.93
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$15.87
Costs to cover: 0.199%
Break-even: 21.3 days

Slippage from SunX: live order book, 11 min ago; Coinbase International: 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	0.56 bp	5.4 bp −$5	6.3 bp −$63	8.4 bp −$838	11.1 bp −$5,568
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$603	14.2 bp −$7,102

BTC on 55 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	85,498	−0.083%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.046%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,462.3	−0.124%	$363K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,531.5	−0.043%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,553.5	−0.018%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,467.4	−0.118%	$515.2M	$1.12B	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,477.1	−0.107%	$22.5M	$224.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0022%	8h	85,460.1	−0.127%	$900.6M	$747.9M	125x	as long as short
SoDEX BTC-USD	+0.0046%	1h	85,539	−0.035%	$59.9M	$336.4M	40x	as long as short
BingX BTC-USDT	+0.0055%	8h	85,471	−0.114%	—	$1.54B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0056%	8h	85,525.1	−0.051%	$2.27B	$932.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,457.5	−0.130%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,460.8	−0.126%	$2.94B	$5.01B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,463	−0.123%	$8.3M	$51.5M	100x	as long as short
SunX BTC-USDTlong	+0.0075%	8h	85,568.6	long leg	$2.9M	$6.5M	100x
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.057%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,560.2	−0.010%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,464.1	−0.122%	$9.32B	$23.90B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,467.2	−0.119%	$5.07B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,481.2	−0.102%	$169.4M	$981.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,486.8	−0.096%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,513.3	−0.065%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.150%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,543	−0.030%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,512	−0.066%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,474.5	−0.110%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,472	−0.113%	$2.55B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,473	−0.112%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,446	−0.143%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,476.4	−0.108%	$5.57B	$10.37B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,509.1	−0.070%	$34.9M	$168.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	−0.028%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	−0.018%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.015%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.030%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	−0.034%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,538.5	−0.035%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,464	−0.122%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,544.7	−0.028%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,539.3	−0.034%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,555.4	−0.015%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,540.6	−0.033%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,532.2	−0.043%	$149.7M	$478.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.029%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,442.6	−0.147%	$44.2M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,604.3	+0.042%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	85,582	+0.016%	$130.4M	$5.07B	50x
RISEx BTC/USDC	+0.0120%	1h	85,498	−0.082%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,565.4	−0.004%	$187.0M	$951.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0163%	1h	85,587.3	+0.022%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0186%	1h	85,599.4	+0.036%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,616.2	+0.056%	$683K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,553.1	−0.018%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,595	+0.031%	$10.3M	$765.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,602.2	+0.039%	$510K	$19.7M	6.7x	as long as short