Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0433%/8h= −47.4% APRpaid last 24h +0.015%

Price spread now: SunX against Injective+0.409%7-day average — · you sell dearer than you buy

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

Long on Injective Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. SunX is 0.409% dearer against Injective than usual: you sell high and buy low (spread +0.409% now, against zero (this spread has no 7-day history yet)): +$41 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.117%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.117% in total (about 6.1% 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	Injective ADA/USDC PERP	0.2440	0.0533	pay 0.0067% / 1h	8m 44s	$838	$131K	12x
Short	SunX ADA-USDT	0.2450	0.0100	get 0.0100% / 8h	2h 08m	$9K	$757K	30x

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 +0.409%Rate

Funding earned: −$90.92
Price spread: +0.409% → 0.000%: $40.9
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$58.04
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; SunX: live order book, 3 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell SunX live order book, 3 min ago	20.81 bp	27.2 bp −$27	34.5 bp −$345	doesn't fit	doesn't fit

Injective: 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.

ADA on 37 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
dYdX ADA-USD	0.0000%	1h	0.2450	+0.389%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2449	+0.369%	$153K	$5.9M	3.2x	as long as short
Deribit ADA_USDC-PERPETUAL	0.0000%	1h	0.2450	+0.410%	$476K	$353K	50x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2449	+0.359%	$84K	—	150x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2454	+0.574%	$407K	$7.2M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2450	+0.398%	$2.4M	$1.3M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2449	+0.351%	$42.4M	$14.6M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2448	+0.339%	$1.2M	$1.0M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2449	+0.386%	$157K	$147K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2449	+0.363%	$101.5M	$355.7M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2448	+0.328%	$70.4M	$99.9M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2447	+0.287%	$31.8M	$105.1M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2446	+0.246%	$96.6M	$58.2M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2447	+0.287%	$52.7M	$56.7M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2449	+0.352%	$30.3M	$18.2M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2448	+0.328%	$65.5M	$42.8M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2449	+0.369%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2449	+0.361%	$101K	$414K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2449	+0.387%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2450	+0.398%	$65K	$279K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2450	+0.410%	$296K	$3.9M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2449	+0.369%	$55K	$579K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2449	+0.369%	$96K	$623K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2449	+0.369%	$6K	$36K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2450	+0.391%	$40K	$3K	5x	as long as short
SunX ADA-USDTshort	+0.0100%	8h	0.2450	+0.409%	$9K	$757K	30x
SoDEX ADA-USD	+0.0100%	1h	0.2450	+0.389%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2450	+0.413%	$1.3M	$5.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2449	+0.369%	$47.8M	$5.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2450	+0.407%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2448	+0.339%	$556K	$1.8M	50x	as long as short
Phoenix ADA	+0.0195%	1h	0.2452	+0.504%	$4K	$82K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2452	+0.492%	$4.4M	$5.4M	75x	as long as short
Reya ADARUSDPERP	+0.0286%	1h	0.2449	+0.385%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0337%	1h	0.2449	+0.382%	$6.2M	$11.4M	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0504% / S −0.0263%	1h	0.2448	+0.346%	$109K	—	100x	as long as short
Injective ADA/USDC PERPlong	+0.0533%	1h	0.2440	long leg	$838	$131K	12x