Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.047%

Price spread now: SunX against Phoenix−0.091%69s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$7as 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−$170.167% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now −0.091%, 7d avg −0.034%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.057% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of −0.034%). If the spread goes back, that is −$6 on $10k: about 7.6 days of funding at the current rate (+$1 a day). The two prices were read 69 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 BTC	85,542	0.0075	pay 0.0009% / 1h	32m 15s	$2.3M	$10.4M	40x
Short	SunX BTC-USDT	85,463.9	0.0100	get 0.0100% / 8h	7h 32m	$3.0M	$6.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.091%Rate

Funding earned: $5.26
Price spread: −0.091% → −0.034%: −$5.69
Slippage, 4 orders: −$1.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$17.15
Costs to cover: 0.167%
Break-even: 29.8 days

Slippage from Phoenix: live order book, 7 min ago; SunX: live order book, 7 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, 7 min ago	0.06 bp	3.7 bp −$4	5.6 bp −$56	11.1 bp −$1,111	doesn't fit
Sell SunX live order book, 7 min ago	0.15 bp	5.1 bp −$5	6.2 bp −$62	8.5 bp −$852	12.1 bp −$6,067

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-PERP	−0.1383%	1h	85,465.6	−0.089%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	−0.123%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,441.3	−0.118%	$422.6M	$676.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.122%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,447.3	−0.111%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,424.3	−0.138%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,424.6	−0.137%	$936.8M	$770.9M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,419.7	−0.143%	$502.5M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0050%	1h	85,470	−0.084%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,441.1	−0.118%	$185.6M	$936.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTClong	+0.0075%	1h	85,542	long leg	$2.3M	$10.4M	40x
BingX BTC-USDC	+0.0080%	8h	85,405.8	−0.159%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,433.3	−0.127%	$170.7M	$945.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,437.7	−0.122%	$23.5M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,419	−0.144%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,423.4	−0.139%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,438	−0.122%	$24.0M	$215.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,411	−0.153%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500.9	−0.048%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,491.4	−0.059%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,410.3	−0.154%	$9.39B	$24.92B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,415.3	−0.148%	$5.09B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,415.9	−0.147%	$2.61B	$12.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,447	−0.111%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,444.6	−0.114%	$4.7M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	−0.049%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,419.6	−0.143%	$5.50B	$9.91B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,417.8	−0.145%	$5.05B	$5.75B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,412.3	−0.152%	$2.97B	$5.11B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.8	−0.119%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	−0.066%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,484.1	−0.068%	$283.5M	$961.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	−0.041%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522	−0.023%	$136.9M	$312.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.119%	$30.1M	$218.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,507.2	−0.041%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,270	−0.318%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,425	−0.137%	$227K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.4	−0.133%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,463.9	−0.091%	$3.0M	$6.7M	100x
SoDEX BTC-USD	+0.0100%	1h	85,426	−0.136%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,420.5	−0.142%	$2.26B	$971.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,434.6	−0.126%	$163.1M	$513.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,403.7	−0.162%	$45.8M	$239.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,476.3	−0.077%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,472.1	−0.082%	$111.9M	$5.42B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.032%	$28.9M	$52.4M	15x	as long as short
Deribit BTC-PERPETUAL	+0.0124%	1h	85,472	−0.082%	$828.4M	$1.65B	50x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,403.2	−0.162%	$6.6M	$137.6M	40x	as long as short
Hyperliquid BTC	+0.0163%	1h	85,500	−0.049%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,425.1	−0.137%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,459.3	−0.097%	$9.0M	$42.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,473	−0.081%	$10.7M	$736.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0324%	1h	85,486	−0.065%	$79K	$258K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,520	−0.026%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.6	−0.081%	$460K	$18.1M	6.7x	as long as short