Funding arb · Price arb /

SUI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0247%/8h= −27.0% APRpaid last 24h −0.026%

Price spread now: Orderly against Phoenix+0.066%7-day average −0.084% · you sell dearer than you buy

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.055%+$5 · spread now +0.066%, 7d avg −0.084%

Together, before fees+0.076%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.150% dearer against Phoenix than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of −0.084%): +$15 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% 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	Phoenix SUI	1.0252	0.0346	pay 0.0043% / 1h	5m 00s	$203K	$574K	10x
Short	Orderly PERP_SUI_USDC	1.0259	0.0099	get 0.0099% / 8h	1h 05m	$45K	$330K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhoenixbpFee OrderlybpOrdersPrice spread, now +0.066%Rate

Funding earned: −$51.85
Price spread: +0.066% → −0.084%: $15.03
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$49.82
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 13 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 Phoenix live order book, 13 min ago	0.98 bp	12.3 bp −$12	50.7 bp −$507	doesn't fit	doesn't fit
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.

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	−0.2926%	1h	1.0157	−0.929%	$42K	$123K	12x	as long as short
Reya SUIRUSDPERP	−0.0368%	1h	1.0260	+0.078%	$4K	$3K	20x	as long as short
Hibachi SUI/USDT-P	−0.0272%	1h	1.0250	−0.026%	$6K	$19K	7x	as long as short
Bluefin SUI-PERP	−0.0141%	1h	1.0251	−0.012%	$587K	$403K	25x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0262	+0.091%	$94K	$66K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0273	+0.207%	$458K	$5.4M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0264	+0.115%	$190K	$575K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0002%	1h	1.0260	+0.077%	$119K	—	150x	as long as short
Lighter SUI	+0.0096%	1h	1.0263	+0.104%	$785K	$5.9M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0267	+0.144%	$259K	$2.0M	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	1.0260	+0.076%	$37K	$500K	50x	as long as short
Orderly PERP_SUI_USDCshort	+0.0099%	8h	1.0259	+0.066%	$45K	$330K	20x
Paradex SUI-USD-PERP	+0.0100%	8h	1.0260	+0.078%	$27K	$9K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0258	+0.061%	$594K	$1.4M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0263	+0.106%	$1.0M	$4.5M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0260	+0.072%	$222K	$263K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0267	+0.144%	$151.0M	$1.02B	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0269	+0.160%	$102.9M	$306.5M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0267	+0.144%	$41.1M	$382.8M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0260	+0.076%	$45K	$387K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0242	−0.098%	$241K	$2K	10x	as long as short
Gate SUI_USDT	+0.0100%	8h	1.0266	+0.135%	$164.8M	$81.1M	50x	as long as short
MEXC SUI_USDT	+0.0100%	8h	1.0262	+0.096%	$148.5M	$297.9M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0258	+0.057%	$51.5M	$52.1M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0257	+0.047%	$67.8M	$168.4M	75x	as long as short
BingX SUI-USDT	+0.0100%	8h	1.0266	+0.135%	—	$81.6M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0261	+0.086%	$650K	$1.1M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0262	+0.097%	$2.3M	$2.8M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0238	−0.139%	$167K	$4.4M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0242	−0.099%	$444K	$7.0M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0252	−0.002%	$233K	$441K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0269	+0.164%	$107K	$793K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0274	+0.213%	$2K	$1.9M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0262	+0.096%	$7K	$2.4M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0257	+0.047%	$631K	$18.5M	75x	as long as short
Phemex SUIUSDT	+0.0100%	8h	1.0258	+0.057%	$11.5M	$24.7M	50x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0259	+0.067%	$1.4M	$3.7M	50x	as long as short
01 Exchange SUIUSD	+0.0104%	1h	1.0264	+0.115%	$9K	$9K	10x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0282	+0.292%	$49K	$37K	3x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0257	+0.047%	$7.9M	$23.8M	100x	as long as short
Coinbase International SUI-PERP-INTX	+0.0248%	1h	1.0263	+0.105%	$976K	$13.9M	50x	as long as short
Kraken Futures PF_SUIUSD	+0.0296%	1h	1.0266	+0.137%	$7.2M	$24.1M	50x	as long as short
Phoenix SUIlong	+0.0346%	1h	1.0252	long leg	$203K	$574K	10x
Hyperliquid SUI	+0.0524%	1h	1.0276	+0.232%	$73.4M	$80.2M	10x	as long as short
GMX SUI/USD [ETH-USDC]	L +0.0637% / S −0.0309%	1h	1.0259	+0.064%	$896K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.0759%	1h	1.0258	+0.055%	$93K	$381K	10x	as long as short