Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.034%

Price spread now: SunX against Injective+0.123%7-day average −0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$720.718% of the position

Long on Injective Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.123%, 7d avg −0.090%

Together, before fees−0.178%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SunX is 0.213% dearer against Injective than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.090%. Mind the row above: over the last 7 days funding on this pair cost −0.093%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,721.2	0.0009	pay 0.0001% / 1h	34m 54s	$117K	$22.5M	52x
Short	SunX ETH-USDT	2,724.6	0.0070	get 0.0070% / 8h	2h 34m	$956K	$11.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Injective. 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 InjectivebpFee SunXbpOrdersPrice spread, now +0.123%Rate

Funding earned: $12.95
Price spread: +0.123% → −0.090%: $21.31
Slippage, 4 orders: −$63.77
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$37.53
Costs to cover: 0.718%
Break-even: 27.3 days

Slippage from Injective: live order book, 4 min ago; SunX: live order book, 4 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 Injective live order book, 4 min ago	14.86 bp	14.9 bp −$15	14.9 bp −$149	14.9 bp −$1,487	21062.9 bp −$10.53M
Sell SunX live order book, 4 min ago	0.55 bp	4.6 bp −$5	4.9 bp −$49	7.3 bp −$732	doesn't fit

ETH 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
Perpl ETH	−0.0447%	43m	2,724.6	+0.124%	$283K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.2	+0.147%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0010%	8h	2,724	+0.101%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.2	+0.146%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,721.6	+0.015%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.5	+0.156%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERPlong	+0.0009%	1h	2,721.2	long leg	$117K	$22.5M	52x
dYdX ETH-USD	+0.0012%	1h	2,725.1	+0.143%	$10.8M	$41.9M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.5	+0.121%	$186K	$786K	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,721.1	−0.004%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,720.4	−0.029%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0068%	1h	2,723.7	+0.092%	$30K	$20K	20x	as long as short
SunX ETH-USDTshort	+0.0070%	8h	2,724.6	+0.123%	$956K	$11.2M	100x
Bullet ETH-USD	+0.0071%	1h	2,724.9	+0.137%	$179K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,721.6	+0.013%	$374.8M	$578.4M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,722.8	+0.059%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,721.6	+0.016%	$251.9M	$845.2M	200x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,724.3	+0.115%	$263.4M	$64.3M	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,721.6	+0.015%	$1.55B	$2.57B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0090%	8h	2,720.6	−0.022%	$1.66B	$10.80B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0091%	1h	2,726.3	+0.188%	$258.8M	$205.2M	50x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,721.3	+0.003%	$6.30B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,725.2	+0.148%	$111.5M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.2	+0.183%	$23.4M	$103.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.3	+0.114%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.1	+0.218%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,724.8	+0.131%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,725.4	+0.154%	$3.08B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.5	+0.157%	$31.9M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.2	+0.073%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.2	+0.146%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.096%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,721.1	−0.003%	$3.30B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,721.6	+0.016%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,723.2	+0.072%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.075%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	+0.018%	$184.3M	$675.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.088%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,723.1	+0.070%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,723.2	+0.073%	$20.9M	$71.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726	+0.177%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726.4	+0.191%	$11.2M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,725.2	+0.146%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.4	+0.192%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,725.2	+0.147%	$54.3M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,720.9	−0.011%	$30.5M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,725.2	+0.145%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,726.3	+0.187%	$49.9M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,725.3	+0.151%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,725.3	+0.151%	$6.4M	$692.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,725.6	+0.163%	$82.9M	$316.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,727.5	+0.232%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,724.5	+0.122%	$7.3M	$1.2M	25x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,724.8	+0.131%	$282.9M	$174.7M	150x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,724.2	+0.108%	$249K	$1.4M	20x	as long as short