Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.020%

Price spread now: GMX against SunX+0.021%7-day average +0.048% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.062%+$6 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now +0.021%, 7d avg +0.048%

Together, before fees+0.130%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.028% cheaper against SunX than usual: you would sell low and buy high (spread +0.021% now, against its 7-day average of +0.048%). If the spread goes back, that is −$3 on $10k: about 45 hours 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	85,433	0.0100	pay 0.0100% / 8h	3h 24m	$2.9M	$6.1M	100x
Short	GMX BTC/USD [WBTC.b-USDC]	85,450.8	L +0.0176% / S −0.0149%	get 0.0019% / 1h	24m 31s	$13.1M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.021%Rate

Funding earned: $10.3
Price spread: +0.021% → +0.048%: −$2.75
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$12.45
Costs to cover: 0.200%
Break-even: 15.5 days

Slippage unknown: SunX: live order book, 4 min ago; GMX: no order-book sample. Net counts fees only.

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, 4 min ago	0.91 bp	5.7 bp −$6	6.6 bp −$66	8.6 bp −$859	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0140%	1h	85,490	+0.067%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,442	+0.011%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,435.6	+0.003%	$918.0M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,435.4	+0.003%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,461.2	+0.033%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,433.4	+0.001%	$514.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,468	+0.041%	$501K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,430	−0.004%	$24.5M	$223.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,450.2	+0.020%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0037%	1h	85,485.8	+0.062%	$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	85,514	+0.095%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0062%	1h	85,434	+0.001%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,451.5	+0.022%	—	$1.55B	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,477.6	+0.052%	$884.7M	$1.59B	50x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,437.3	+0.005%	$148.3M	$495.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,449.7	+0.020%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,454.7	+0.025%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,446.5	+0.016%	$24.0M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,450	+0.020%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,422	−0.013%	$2.7M	$2.0M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,443.8	+0.013%	$9.43B	$24.42B	150x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,449.9	+0.020%	$5.06B	$5.66B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	+0.008%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500	+0.078%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,524	+0.107%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,479.5	+0.054%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,443.5	+0.012%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,457.2	+0.028%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,451	+0.021%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,453.8	+0.024%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.099%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,450.5	+0.020%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,434.8	+0.002%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	+0.023%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	+0.055%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.123%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.076%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,486	+0.062%	$30.2M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,505.1	+0.084%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	+0.020%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,435	+0.002%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,430.7	−0.003%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.1	+0.053%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,427.3	−0.007%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,433	long leg	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,433.6	+0.001%	$2.26B	$948.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0101%	1h	85,443.9	+0.013%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,425.6	−0.009%	$45.1M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,476.5	+0.051%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,478	+0.053%	$117.2M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,454.1	+0.025%	$187.6M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,484.4	+0.060%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0176% / S −0.0149%	1h	85,450.8	+0.021%	$13.1M	—	200x
Kalshi KXBTCPERP	+0.0182%	8h	85,490	+0.067%	$11.7M	$754.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,520.9	+0.103%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0252%	1h	85,524.2	+0.107%	$78K	$221K	20x	as long as short