Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0411%/8h= +45.0% APRpaid last 24h +0.170%

Price spread now: SunX against Bluefin+0.081%58s7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as 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−$250.248% of the position

Long on Bluefin Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.081%, 7d avg +0.008%

Together, before fees+0.177%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and SunX is 0.072% dearer against Bluefin than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.008%. The two prices were read 58 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 0.280% in total (about 14.6% 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	Bluefin BTC-PERP	85,405.2	−0.0311	get 0.0039% / 1h	39m 28s	$206K	$739K	40x
Short	SunX BTC-USDT	85,474.2	0.0100	get 0.0100% / 8h	4h 39m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bluefin. 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 BluefinbpFee SunXbpOrdersPrice spread, now +0.081%Rate

Funding earned: $86.25
Price spread: +0.081% → +0.008%: $7.24
Slippage, 4 orders: −$9.79
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $68.7
Costs to cover: 0.248%
Break-even: 1.4 days

Slippage from Bluefin: live order book, 20 min ago; SunX: live order book, 9 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 Bluefin live order book, 20 min ago	2.16 bp	7.7 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	0.75 bp	4.8 bp −$5	5.4 bp −$54	7.0 bp −$704	10.0 bp −$5,004

BTC on 56 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
Bluefin BTC-PERPlong	−0.0311%	1h	85,405.2	long leg	$206K	$739K	40x
Phoenix BTC	−0.0179%	1h	85,385	−0.024%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,449	+0.051%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,416.2	+0.013%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,454.3	+0.057%	$416.4M	$665.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0008%	8h	85,398.5	−0.008%	$918.6M	$750.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,435.4	+0.035%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,404.1	−0.001%	$514.7M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0019%	1h	85,483.8	+0.092%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,398.2	−0.008%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0060%	8h	85,419.6	+0.017%	—	$17.1M	—	as long as short
Nado BTC-PERP	+0.0061%	1h	85,422.1	+0.020%	$22.9M	$219.1M	50x	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,424.8	+0.023%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,418.9	+0.016%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,474.4	+0.081%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,428.9	+0.028%	$5.04B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,423.4	+0.021%	$9.35B	$24.05B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,479.1	+0.087%	$173.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,484.7	+0.093%	$23.8M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,434	+0.034%	$8.4M	$52.7M	100x	as long as short
Phemex BTCUSDT	+0.0098%	8h	85,453.8	+0.057%	$149.6M	$484.3M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,393	−0.014%	$225K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,487	+0.096%	$4.2M	$8.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,500	+0.111%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,489	+0.098%	$40.1M	$578.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,398.3	−0.008%	$5.24B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,361.1	−0.052%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,421	+0.019%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,425.3	+0.024%	$5.53B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,438.4	+0.039%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.7	+0.057%	$153.6M	$563.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.143%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,454	+0.057%	$214.5M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.1	+0.040%	$139.7M	$314.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,450	+0.052%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,487.6	+0.096%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,429	+0.028%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,429	+0.028%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,380	−0.030%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,475.7	+0.083%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,474.2	+0.081%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,465	+0.070%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450	+0.052%	$2.26B	$940.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.127%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,387.7	−0.021%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,434.4	+0.034%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,504.6	+0.116%	$117.0M	$5.16B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.157%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0163%	1h	85,511.2	+0.124%	$894.0M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,470.5	+0.076%	$188.3M	$954.2M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,436.8	+0.037%	$13.4M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,443.8	+0.045%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,536.6	+0.154%	$692K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0200%	1h	85,508	+0.120%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,517	+0.131%	$10.3M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,467.1	+0.072%	$497K	$18.9M	6.7x	as long as short