Funding arb · Price arb /

SUI

all SUI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0293%/8h= +32.1% APRpaid last 24h +0.059%

Price spread now: Phoenix against Phemex+0.267%73s7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as 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−$450.453% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 4 days (all we have)−0.245%−$25 · spread now +0.267%, 7d avg +0.078%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.189% dearer against Phemex than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.078%. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.121% in total (about 6.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SUIUSDT	1.0118	0.0100	pay 0.0100% / 8h	35m 48s	$11.7M	$28.2M	50x
Short	Phoenix SUI	1.0145	0.0393	get 0.0049% / 1h	35m 48s	$201K	$400K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Phemex. 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 PhemexbpFee PhoenixbpOrdersPrice spread, now +0.267%Rate

Funding earned: $61.49
Price spread: +0.267% → +0.078%: $18.91
Slippage, 4 orders: −$26.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $35.15
Costs to cover: 0.453%
Break-even: 3.0 days

Slippage from Phemex: live order book, 3 min ago; Phoenix: live order book, 66 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 Phemex live order book, 3 min ago	0.99 bp	11.6 bp −$12	25.8 bp −$258	doesn't fit	doesn't fit
Sell Phoenix live order book, 66 min ago	0.99 bp	12.4 bp −$12	43.0 bp −$430	doesn't fit	doesn't fit

SUI on 46 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
Injective SUI/USDC PERP	−0.2780%	1h	1.0059	−0.583%	$41K	$113K	12x	as long as short
Reya SUIRUSDPERP	−0.0381%	1h	1.0112	−0.058%	$4K	$3K	20x	as long as short
Hibachi SUI/USDT-P	−0.0328%	1h	1.0137	+0.189%	$5K	$20K	7x	as long as short
Bluefin SUI-PERP	−0.0242%	1h	1.0099	−0.188%	$579K	$430K	25x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0120	+0.020%	$95K	$257K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0121	+0.030%	$389K	$4.3M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0117	−0.010%	$195K	$558K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0003%	1h	1.0114	−0.038%	$114K	—	150x	as long as short
Lighter SUI	+0.0096%	1h	1.0116	−0.023%	$758K	$5.1M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0116	−0.024%	$295K	$2.2M	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex SUIUSDT	+0.0096%	1h	1.0109	−0.089%	$39K	$525K	50x	as long as short
Orderly PERP_SUI_USDC	+0.0100%	8h	1.0114	−0.040%	$46K	$247K	20x	as long as short
Paradex SUI-USD-PERP	+0.0100%	8h	1.0107	−0.112%	$26K	$8K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0107	−0.104%	$677K	$2.2M	10x	as long as short
Hyperliquid SUI	+0.0100%	1h	1.0124	+0.061%	$72.9M	$78.1M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0115	−0.033%	$893K	$4.2M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0118	−0.003%	$215K	$255K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0110	−0.079%	$145.7M	$996.5M	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0110	−0.079%	$97.8M	$311.3M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0109	−0.089%	$40.8M	$367.3M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0110	−0.079%	$43K	$326K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0138	+0.200%	$238K	$454	10x	as long as short
Gate SUI_USDT	+0.0100%	8h	1.0109	−0.089%	$167.1M	$81.9M	50x	as long as short
MEXC SUI_USDT	+0.0100%	8h	1.0115	−0.030%	$152.5M	$283.4M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0115	−0.030%	$49.8M	$52.1M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0110	−0.079%	$66.7M	$169.0M	75x	as long as short
BingX SUI-USDC	+0.0100%	8h	1.0111	−0.069%	—	$6.5M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0113	−0.049%	$671K	$1.4M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0111	−0.074%	$2.4M	$3.4M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0151	+0.322%	$163K	$4.3M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0149	+0.306%	$442K	$7.1M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0187	+0.682%	$223K	$365K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0117	−0.010%	$122K	$541K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0131	+0.128%	$3K	$1.6M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0114	−0.040%	$6K	$1.7M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0115	−0.030%	$635K	$18.4M	75x	as long as short
Phemex SUIUSDTlong	+0.0100%	8h	1.0118	long leg	$11.7M	$28.2M	50x
Extended SUI-USD	+0.0104%	1h	1.0110	−0.077%	$1.4M	$4.1M	50x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0119	+0.014%	$38K	$11K	3x	as long as short
Kraken Futures PF_SUIUSD	+0.0119%	1h	1.0116	−0.016%	$6.8M	$21.8M	50x	as long as short
01 Exchange SUIUSD	+0.0144%	1h	1.0109	−0.089%	$8K	$3K	10x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0116	−0.020%	$7.5M	$24.3M	100x	as long as short
Coinbase International SUI-PERP-INTX	+0.0328%	1h	1.0120	+0.020%	$1.0M	$14.3M	50x	as long as short
Phoenix SUIshort	+0.0393%	1h	1.0145	+0.267%	$201K	$400K	10x
GMX SUI/USD [ETH-USDC]	L +0.0599% / S −0.0263%	1h	1.0113	−0.049%	$930K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.1298%	1h	1.0155	+0.368%	$82K	$409K	10x	as long as short