Funding arb · Price arb /

SNDK

RWAall SNDK markets

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 +0.009%

Price spread now: QFEX against Phoenix−0.180%52s7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.385% of the position

Long on Phoenix Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.357%+$36 · spread now −0.180%, 7d avg −0.021%

Together, before fees+0.417%+$42 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: QFEX is 0.160% cheaper against Phoenix than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.021%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SNDK	1,759.4	0	get 0.0000% / 1h	54m 14s	$274K	$189K	15x
Short	QFEX SNDK-USD	1,756.2	0.0000	get 0.0000% / 1h	54m 14s	$1.4M	$9.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phoenix. 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 PhoenixbpFee QFEXbpOrdersPrice spread, now −0.180%Rate

Funding earned: $0.08
Price spread: −0.180% → −0.021%: −$15.97
Slippage, 4 orders: −$21.54
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$54.42
Costs to cover: 0.385%
Break-even: 4542.3 days

Slippage from Phoenix: live order book, 37 min ago; QFEX: live order book, 5 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 Phoenix live order book, 37 min ago	4.02 bp	12.8 bp −$13	27.6 bp −$276	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.48 bp	6.5 bp −$6	6.5 bp −$65	10.1 bp −$1,012	doesn't fit

SNDK on 40 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
BloFin SNDK-USDT	−0.0120%	8h	1,756.6	−0.161%	$3.9M	$4.6M	75x	as long as short
Bitget SNDKUSDT	−0.0117%	8h	1,757.1	−0.132%	$49.5M	$168.4M	75x	as long as short
Aster SNDKUSD1	0.0000%	8h	1,757.1	−0.130%	$21.4M	$32.5M	20x	as long as short
Binance SNDKUSDT	0.0000%	8h	1,756.8	−0.148%	$278.7M	$1.86B	75x	as long as short
Bybit SNDKUSDT	0.0000%	8h	1,757.5	−0.109%	$32.0M	$105.4M	100x	as long as short
OKX SNDK-USDT-SWAP	0.0000%	8h	1,757.7	−0.097%	$81.9M	$827.6M	75x	as long as short
RISEx SNDK/USDC	0.0000%	1h	1,757.8	−0.093%	$136K	$1.5M	20x	as long as short
Gate SNDK_USDT	0.0000%	8h	1,757.2	−0.127%	$181.0M	$216.3M	75x	as long as short
Variational Omni SNDK	0.0000%	8h	1,759.7	+0.015%	$2.6M	$4.8M	—	as long as short
GRVT SNDK_USDT_Perp	0.0000%	8h	1,759.8	+0.022%	$18K	$2.3M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix SNDKlong	0.0000%	1h	1,759.4	long leg	$274K	$189K	15x
Bullet SNDK-USD	0.0000%	1h	1,757.2	−0.126%	$13K	$292K	10x	as long as short
SunX SNDK-USDT	0.0000%	8h	1,757.4	−0.117%	$868	$3.2M	20x	as long as short
Deribit SNDK_USDC-PERPETUAL	0.0000%	1h	1,756.7	−0.152%	$51K	$358K	10x	as long as short
HTX SNDK-USDT	0.0000%	8h	1,756.7	−0.156%	$1.4M	$9.9M	50x	as long as short
Phemex SNDKUSDT	0.0000%	8h	1,757.5	−0.108%	$2.8M	$1.1M	50x	as long as short
QFEX SNDK-USDshort	0.0000%	1h	1,756.2	−0.180%	$1.4M	$9.4M	10x
Aftermath Perps SNDKUSD	+0.0016%	1h	1,758.2	−0.070%	$672	$39K	5x	as long as short
KuCoin SNDKUSDTM	+0.0030%	8h	1,756.1	−0.189%	$6.0M	$22.6M	20x	as long as short
Lighter RH SNDK	+0.0032%	1h	1,757.6	−0.101%	$1.2M	$9.5M	10x	as long as short
Extended SNDK_24_5-USD	+0.0032%	1h	1,757	−0.137%	$390K	$2.2M	10x	as long as short
Injective SNDK/USDC PERP	+0.0033%	1h	1,800	+2.305%	$36	$9K	12x	as long as short
Nado SNDK-PERP	+0.0036%	1h	1,757.2	−0.123%	$335K	$1.5M	10x	as long as short
Arcus SNDK-USD	+0.0040%	1h	1,755.7	−0.208%	$269K	$1.4M	10x	as long as short
Vest SNDK-USD-PERP	+0.0046%	1h	1,756.9	−0.142%	—	$572K	10x	as long as short
Popdex SNDKUSDT	+0.0048%	1h	1,756.7	−0.153%	$242K	$666K	20x	as long as short
tradeXYZ xyz:SNDK	+0.0050%	1h	1,757	−0.136%	$119.3M	$158.9M	10x	as long as short
Entropy io:SNDK	+0.0050%	1h	1,757.2	−0.125%	$4.5M	$19.3M	10x	as long as short
Polymarket Perps SNDK-USD	+0.0050%	1h	1,756.3	−0.176%	$185K	$130K	10x	as long as short
SoDEX SNDK-USD	+0.0050%	1h	1,756.9	−0.142%	$718K	$515K	10x	as long as short
Ondo Perps SNDK-USD.P	+0.0050%	1h	1,756	−0.193%	$1.4M	$5.3M	5x	as long as short
Paradex SNDK-USD-PERP	+0.0052%	8h	1,756.4	−0.172%	—	—	5x	as long as short
Aevo SNDK-PERP	+0.0080%	1h	1,758.8	−0.032%	$1K	—	10x	as long as short
Pacifica SNDK	+0.0100%	1h	1,756.1	−0.188%	$197K	$307K	10x	as long as short
ApeX Omni SNDKUSDT	+0.0100%	1h	1,760.2	+0.048%	$68K	$270K	50x	as long as short
Orderly PERP_SNDK_USDC_mythos	+0.0100%	8h	1,756.7	−0.152%	$8K	$3K	20x	as long as short
Lighter SNDK	+0.0120%	1h	1,758.3	−0.061%	$1.7M	$16.6M	20x	as long as short
Coinbase International SNDK-PERP-INTX	+0.0136%	1h	1,757.1	−0.128%	$440K	$2.1M	10x	as long as short
edgeX SNDKUSDC	+0.0203%	4h	1,758.9	−0.029%	$559K	$338K	10x	as long as short
Kraken Futures PF_SNDKUSD	+0.0554%	1h	1,756.9	−0.139%	$128K	$333K	20x	as long as short