Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.029%

Price spread now: SunX against Injective−0.042%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Injective Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.045%+$4 · spread now −0.042%, 7d avg −0.027%

Together, before fees+0.055%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,475	0.0150	pay 0.0019% / 1h	20m 39s	$339K	$26.9M	52x
Short	SunX BTC-USDT	85,438.9	0.0100	get 0.0100% / 8h	4h 20m	$2.9M	$6.1M	100x

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 −0.042%Rate

Funding earned: −$10.47
Price spread: −0.042% → −0.027%: −$1.49
Slippage, 4 orders: −$8.03
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$28.02
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from Injective: live order book, 4 min ago; SunX: live order book, 8 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 Injective live order book, 4 min ago	2.69 bp	3.1 bp −$3	11.0 bp −$110	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	0.01 bp	4.0 bp −$4	5.0 bp −$50	7.5 bp −$751	11.1 bp −$5,536

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
Phoenix BTC	−0.0179%	1h	85,530	+0.064%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,477	+0.002%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,454.9	−0.024%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,466.9	−0.009%	$416.3M	$667.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0021%	8h	85,457.7	−0.020%	$918.5M	$751.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,475.8	+0.001%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,467.9	−0.008%	$515.3M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,497.7	+0.027%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,477.5	+0.003%	$25.3M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,470.3	−0.005%	$4.4M	$98.1M	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	+0.0062%	8h	85,468.6	−0.007%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,466.8	−0.010%	$147.6M	$488.0M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,486.8	+0.014%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,459.3	−0.018%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,492	+0.020%	$172.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,499.4	+0.029%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,456	−0.022%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,461.3	−0.016%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,489.5	+0.017%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,462.5	−0.015%	$9.36B	$24.15B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,438	−0.043%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,553.3	+0.092%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,563	+0.103%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,513.2	+0.045%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,450.1	−0.029%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,458.2	−0.020%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,467	−0.009%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.048%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,491.2	+0.019%	$5.51B	$10.73B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,454	−0.025%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	−0.037%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.034%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.045%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.054%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512.1	+0.043%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,518.2	+0.051%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	−0.018%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,464	−0.013%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.4	−0.012%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,504.7	+0.035%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,454	−0.025%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,438.9	−0.042%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,470	−0.006%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,475	0.000%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,465.9	−0.011%	$44.5M	$230.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,479.5	+0.005%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,500.1	+0.029%	$117.2M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,515	+0.047%	$884.3M	$1.58B	50x	as long as short
Injective BTC/USDC PERPlong	+0.0150%	1h	85,475	long leg	$339K	$26.9M	52x
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,481.9	+0.008%	$187.6M	$955.1M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,506	+0.036%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,473.1	−0.002%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0206%	1h	85,532.2	+0.067%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,549.5	+0.087%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,495	+0.023%	$10.3M	$756.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,515.6	+0.047%	$500K	$18.8M	6.7x	as long as short