Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h 0.000%

Price spread now: SunX against RISEx−0.055%7-day average −0.030% · 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−$20as in the Price arb table

costs, in and out, $10k−$180.180% of the position

Long on RISEx Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.055%, 7d avg −0.030%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and SunX is 0.025% cheaper against RISEx than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,307	0.0174	pay 0.0022% / 1h	4m 37s	$8.8M	$43.0M	25x
Short	SunX BTC-USDT	85,260.3	0.0100	get 0.0100% / 8h	4m 37s	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against RISEx. 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 RISExbpFee SunXbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$15.58
Price spread: −0.055% → −0.030%: −$2.49
Slippage, 4 orders: −$4
Fee RISEx: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$36.07
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from RISEx: live order book, 5 min ago; SunX: live order book, 4 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 RISEx live order book, 5 min ago	0.01 bp	3.2 bp −$3	3.2 bp −$32	11.3 bp −$1,130	doesn't fit
Sell SunX live order book, 4 min ago	0.57 bp	5.7 bp −$6	6.1 bp −$61	7.9 bp −$786	11.0 bp −$5,517

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
Hotstuff BTC-PERP	−0.0080%	1h	85,295	−0.014%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,306	−0.001%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,294.8	−0.014%	$421.8M	$685.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0006%	8h	85,291.3	−0.018%	$928.2M	$776.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,291.4	−0.018%	$345K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,303	−0.005%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,282.6	−0.029%	$502.6M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0019%	1h	85,277.8	−0.034%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,309.8	+0.003%	$186.2M	$954.3M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,296	−0.013%	$311K	$25.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0067%	8h	85,284.4	−0.026%	—	$1.58B	—	as long as short
Bybit BTCUSDT	+0.0087%	8h	85,280.1	−0.031%	$5.09B	$10.03B	150x	as long as short
ApeX Omni BTCUSDT	+0.0092%	1h	85,259	−0.056%	$138.0M	$312.7M	100x	as long as short
Nado BTC-PERP	+0.0094%	1h	85,296.2	−0.013%	$24.0M	$221.5M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,299.1	−0.009%	$169.4M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,299.3	−0.009%	$23.6M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,294	−0.015%	$8.4M	$57.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,297.1	−0.012%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,257	−0.059%	$266K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,342.6	+0.042%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,307.9	+0.001%	$40.0M	$605.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,284.6	−0.026%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,283.3	−0.028%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,288	−0.022%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,299.1	−0.009%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,256	−0.060%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,281.7	−0.030%	$5.46B	$11.18B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,282.4	−0.029%	$5.03B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,281.6	−0.030%	$2.97B	$5.20B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,295.4	−0.014%	$36.7M	$191.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,262.8	−0.052%	$155.2M	$549.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,243.5	−0.074%	$282.7M	$958.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,269.1	−0.044%	$214.0M	$159.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,298	−0.010%	$30.1M	$215.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,360.9	+0.063%	—	$10.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,309	+0.002%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,308.1	+0.001%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,302.2	−0.006%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,349	+0.049%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,301.3	−0.007%	$28.8M	$47.0M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,260.3	−0.055%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,295	−0.014%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,294	−0.015%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,299	−0.009%	$158.7M	$516.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,260.7	−0.054%	$45.7M	$241.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,280.9	−0.031%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,338	+0.036%	$111.6M	$5.47B	50x	as long as short
Hyperliquid BTC	+0.0119%	1h	85,385	+0.091%	$3.79B	$5.11B	40x	as long as short
Reya BTCRUSDPERP	+0.0144%	1h	85,300.1	−0.008%	$6.6M	$141.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0161%	1h	85,337.3	+0.036%	$834.8M	$1.66B	50x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,321	+0.016%	$12.0M	$737.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,297.7	−0.011%	$13.0M	—	200x	as long as short
RISEx BTC/USDClong	+0.0174%	1h	85,307	long leg	$8.8M	$43.0M	25x
Aftermath Perps BTCUSD	+0.0292%	1h	85,284.9	−0.026%	$81K	$250K	20x	as long as short
Hibachi BTC/USDT-P	+0.0296%	1h	85,322.9	+0.019%	$699K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,305.4	−0.002%	$463K	$18.3M	6.7x	as long as short