Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Orderly against SunX+0.036%7-day average +0.009% · you sell dearer than you buy

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

Long on SunX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now +0.036%, 7d avg +0.009%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.027% dearer against SunX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,176.7	0.0100	pay 0.0100% / 8h	19m 45s	$2.9M	$6.1M	100x
Short	Orderly PERP_BTC_USDC	85,207.5	0.0100	get 0.0100% / 8h	19m 45s	$2.6M	$9.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.036%Rate

Funding earned: $0
Price spread: +0.036% → +0.009%: $2.71
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.29
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 9 min ago; Orderly: 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, 9 min ago	1.06 bp	5.8 bp −$6	6.3 bp −$63	8.1 bp −$814	10.7 bp −$5,359
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Hotstuff BTC-PERP	−0.0080%	1h	85,160	−0.020%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	+0.014%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,150.1	−0.031%	$421.9M	$685.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0016%	8h	85,211.2	+0.041%	$927.0M	$777.8M	125x	as long as short
Aster BTCUSDT	0.0000%	8h	85,216.6	+0.047%	$509.1M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,208.9	+0.038%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,226.6	+0.059%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0007%	1h	85,179.3	+0.003%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,226.5	+0.058%	$185.7M	$955.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0058%	1h	85,166	−0.013%	$139.5M	$312.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,222.2	+0.053%	—	$1.58B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,181	+0.005%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,212.9	+0.042%	$5.10B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0086%	1h	85,173.5	−0.004%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,232.1	+0.065%	$168.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,230.9	+0.064%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,213	+0.043%	$8.4M	$57.7M	100x	as long as short
Bitget BTCUSDT	+0.0096%	8h	85,220.6	+0.052%	$2.97B	$5.21B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,199.2	+0.026%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,172	−0.006%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,213.9	+0.044%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,300	+0.145%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,197.2	+0.024%	$40.3M	$606.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,226.4	+0.058%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,227.7	+0.060%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,187	+0.012%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,201.4	+0.029%	$4.7M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.4	+0.138%	$693.5M	$241.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,221.4	+0.052%	$5.48B	$11.13B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,226	+0.058%	$5.03B	$5.76B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,216.9	+0.047%	$36.7M	$188.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.047%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,142.9	−0.040%	$282.3M	$957.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,184	+0.009%	$213.9M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,160.1	−0.020%	$30.0M	$212.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,253.1	+0.090%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,204	+0.032%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,206	+0.034%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,207.5	+0.036%	$2.6M	$9.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,241.4	+0.076%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,139.1	−0.044%	$29.5M	$45.3M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,176.7	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,211	+0.040%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,200.6	+0.028%	$2.25B	$973.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,212	+0.041%	$159.0M	$516.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,198.4	+0.025%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,207.7	+0.036%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,242	+0.077%	$111.7M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0141%	1h	85,184.1	+0.009%	$6.6M	$143.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,246.4	+0.082%	$840.2M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,202	+0.030%	$12.2M	$737.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,213.1	+0.043%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,225.7	+0.057%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,205.5	+0.034%	$678K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0289%	1h	85,228.7	+0.061%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,208.5	+0.037%	$459K	$18.4M	6.7x	as long as short