Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.004%

Price spread now: Kraken Futures against SunX−0.010%7-day average +0.027% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on SunX Short on Kraken Futures

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.010%, 7d avg +0.027%

Together, before fees+0.084%+$8 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 Kraken Futures is 0.037% cheaper against SunX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,490.9	0.0100	pay 0.0100% / 8h	2h 08m	$2.9M	$6.1M	100x
Short	Kraken Futures PF_XBTUSD	85,482.7	0.0056	get 0.0007% / 1h	8m 41s	$187.7M	$953.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$9.24
Price spread: −0.010% → +0.027%: −$3.69
Slippage, 4 orders: −$2.98
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$33.91
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Kraken Futures: live order book, 6 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, 10 min ago	0.39 bp	5.5 bp −$5	7.3 bp −$73	9.6 bp −$960	12.2 bp −$6,107
Sell Kraken Futures live order book, 6 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	6.7 bp −$667	8.8 bp −$4,421

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
Perpl BTC	−0.0112%	43m	85,539.4	+0.057%	$524K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,557	+0.077%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,497	+0.007%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0052%	8h	85,505.5	+0.017%	$927.9M	$769.6M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,500.9	+0.012%	$417.8M	$683.2M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,505.5	+0.017%	$514.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,532.7	+0.049%	$355K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,494.9	+0.005%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,509.6	+0.022%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.166%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0044%	1h	85,509.4	+0.022%	$24.7M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0056%	1h	85,482.7	−0.010%	$187.7M	$953.3M	100x
BingX BTC-USDT	+0.0069%	8h	85,519.2	+0.033%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,467.4	−0.027%	$148.5M	$506.4M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0082%	1h	85,519.7	+0.034%	$866.6M	$1.62B	50x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,514.2	+0.027%	$2.96B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,524.7	+0.040%	$171.6M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,480.4	−0.012%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,508	+0.020%	$8.4M	$55.8M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,518.3	+0.032%	$5.01B	$5.76B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,485	−0.007%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,500	+0.011%	$117.2M	$5.44B	50x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,507.4	+0.019%	$9.46B	$24.90B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,491	0.000%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,568.7	+0.091%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,559	+0.080%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,542.6	+0.060%	$40.0M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,517.6	+0.031%	$5.15B	$9.97B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,522.9	+0.037%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,517	+0.031%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,522.3	+0.037%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	+0.013%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,519.6	+0.034%	$5.52B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,457.7	−0.039%	$36.5M	$178.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,517.5	+0.031%	$155.0M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.1	+0.026%	$280.1M	$951.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.7	+0.070%	$214.8M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,544.6	+0.063%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,519.9	+0.034%	$30.2M	$207.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,580.6	+0.105%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,506	+0.018%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517.3	+0.031%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,495.9	+0.006%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,530.3	+0.046%	$207K	$781K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,469	−0.026%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,490.9	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,472	−0.022%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,475	−0.019%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,492.7	+0.002%	$44.5M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,547.4	+0.066%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0119%	1h	85,501.3	+0.012%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,522.5	+0.037%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,534	+0.050%	$11.4M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,489	−0.002%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,564.2	+0.086%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,541.5	+0.059%	$8.7M	$43.2M	25x	as long as short