Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.024%

Price spread now: Injective against SunX+0.180%61s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as 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−$140.145% of the position

Long on SunX Short on Injective

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)−0.182%−$18 · spread now +0.180%, 7d avg +0.026%

Together, before fees−0.196%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.154% dearer against SunX than usual: you sell high and buy low (spread +0.180% now, against its 7-day average of +0.026%): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 10 days. At the pace of the last 7 days (−0.014% in total) that is about 3 months. The two prices were read 61 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	SunX BTC-USDT	86,614.3	0.0100	pay 0.0100% / 8h	2h 08m	$3.4M	$5.5M	100x
Short	Injective BTC/USDC PERP	86,770	0.0049	get 0.0006% / 1h	8m 04s	$316K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.180%Rate

Funding earned: −$10.7
Price spread: +0.180% → +0.026%: $15.37
Slippage, 4 orders: −$6.48
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$9.83
Costs to cover: 0.145%
Break-even: from the start

Slippage from SunX: live order book, 11 min ago; Injective: live order book, 1 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	0.66 bp	4.7 bp −$5	5.4 bp −$54	7.7 bp −$773	10.5 bp −$5,253
Sell Injective live order book, 1 min ago	2.02 bp	2.2 bp −$2	11.9 bp −$119	631.8 bp −$63.2K	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
Aftermath Perps BTCUSD	−0.0250%	1h	86,683.8	+0.080%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,627.1	+0.015%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.064%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	−0.010%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,646.1	+0.037%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,638.3	+0.028%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,646.3	+0.037%	$928.2M	$1.47B	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,596	−0.021%	$505.6M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,638.4	+0.028%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,602.6	−0.014%	$851.9M	$708.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,601.1	−0.015%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,599.4	−0.017%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,616.4	+0.002%	$149.9M	$471.8M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,607.6	−0.008%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERPshort	+0.0049%	1h	86,770	+0.180%	$316K	$26.8M	52x
Aevo BTC-PERP	+0.0056%	1h	86,610.1	−0.005%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,604.7	−0.011%	$5.20B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,604.6	−0.011%	$9.43B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,630.3	+0.019%	$9.3M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,608.2	−0.007%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,605.1	−0.011%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0093%	8h	86,618.2	+0.005%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,620.9	+0.008%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,631.4	+0.020%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,607	−0.008%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,604	−0.012%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,664.1	+0.057%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,605.4	−0.010%	$21.7M	$235.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,688	+0.085%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,648	+0.039%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,627	+0.015%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.9	+0.086%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.079%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617	+0.003%	$38.2M	$150.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.067%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,681.2	+0.077%	$280.0M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.4	+0.077%	$217.5M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,695.9	+0.094%	$141.5M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,650.4	+0.042%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,669.2	+0.063%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,616	+0.002%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607	−0.008%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,626.4	+0.014%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,636.5	+0.026%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,618.9	+0.005%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,614.3	long leg	$3.4M	$5.5M	100x
SoDEX BTC-USD	+0.0100%	1h	86,604	−0.012%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,615.4	+0.001%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.7	−0.025%	$46.3M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.5	+0.036%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,640.3	+0.030%	$187.4M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,662.9	+0.056%	$131.7M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,651	+0.042%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,619.9	+0.006%	$416.5M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,632.5	+0.021%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,702.6	+0.102%	$779K	$7.9M	30x	as long as short