Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.008%

Price spread now: Aevo against SunX+0.015%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on SunX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.015%, 7d avg −0.006%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aevo is 0.021% dearer against SunX than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.006%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,450	0.0100	pay 0.0100% / 8h	4h 40m	$2.9M	$6.1M	100x
Short	Aevo BTC-PERP	85,463.1	0.0088	get 0.0011% / 1h	40m 43s	$2.4M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against SunX. 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 SunXbpFee AevobpOrdersPrice spread, now +0.015%Rate

Funding earned: −$2.52
Price spread: +0.015% → −0.006%: $2.14
Slippage, 4 orders: −$8.3
Fee SunX: 4 bp × 2 orders: −$8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$32.69
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from SunX: live order book, 8 min ago; Aevo: live order book, 3 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 SunX live order book, 8 min ago	0.75 bp	6.3 bp −$6	7.0 bp −$70	9.1 bp −$914	12.7 bp −$6,326
Sell Aevo live order book, 3 min ago	2.55 bp	10.7 bp −$11	13.0 bp −$130	19.5 bp −$1,948	doesn't fit

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	−0.0434%	1h	85,519.1	+0.081%	$207K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,385	−0.076%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	+0.071%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,501.5	+0.060%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,454.3	+0.005%	$416.4M	$665.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0008%	8h	85,487.5	+0.044%	$919.5M	$750.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,481.7	+0.037%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,490	+0.047%	$515.2M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	85,483.8	+0.040%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.8	+0.048%	$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
Nado BTC-PERP	+0.0060%	1h	85,453.5	+0.004%	$22.7M	$219.1M	50x	as long as short
BingX BTC-USDC	+0.0060%	8h	85,482.8	+0.038%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,503.3	+0.062%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,447.8	−0.003%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERPshort	+0.0088%	1h	85,463.1	+0.015%	$2.4M	$1.7M	20x
MEXC BTC_USDT	+0.0089%	8h	85,511.5	+0.072%	$5.05B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,511.7	+0.072%	$9.35B	$24.04B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,518.4	+0.080%	$173.2M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,511.7	+0.072%	$23.8M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,448	−0.002%	$8.4M	$52.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,482	+0.037%	$226K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,547.1	+0.114%	$4.2M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,573	+0.144%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,532.6	+0.097%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,511.4	+0.072%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,519.5	+0.081%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,513	+0.074%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,512.3	+0.073%	$5.54B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,471.2	+0.025%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.7	+0.004%	$153.6M	$563.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.090%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.072%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.085%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531	+0.095%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,499	+0.057%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,443	−0.008%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,471.9	+0.026%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,471.8	+0.026%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,470.1	+0.023%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,450	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,474	+0.028%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,454.3	+0.005%	$2.26B	$940.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,475.9	+0.030%	$149.9M	$484.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.074%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,477.8	+0.033%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,449.9	0.000%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,513.8	+0.075%	$117.0M	$5.16B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.104%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,499.8	+0.058%	$188.4M	$954.2M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,475.2	+0.029%	$13.4M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,530.2	+0.094%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.4	+0.061%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,521.2	+0.083%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	85,525.4	+0.088%	$893.9M	$1.53B	50x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,474	+0.028%	$10.4M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,452.5	+0.003%	$497K	$18.9M	6.7x	as long as short