Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against SunX+0.026%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.026% dearer against SunX than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,419.4	0.0100	pay 0.0100% / 8h	7h 53m	$2.9M	$6.1M	100x
Short	Hotstuff BTC-PERP	85,442	−0.0080	pay 0.0010% / 1h	53m 02s	$8K	$2K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$37.8
Price spread: +0.026% → 0.000%: $2.65
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$48.15
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 6 min ago; Hotstuff: no order-book sample. Net counts fees only.

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, 6 min ago	0.62 bp	5.2 bp −$5	5.7 bp −$57	7.9 bp −$785	10.3 bp −$5,170
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-PERPshort	−0.0080%	1h	85,442	+0.026%	$8K	$2K	50x
BloFin BTC-USDT	−0.0020%	8h	85,451.6	+0.038%	$423.5M	$684.7M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,482	+0.073%	$307K	$23.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,446.2	+0.031%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,447.4	+0.033%	$930.5M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	+0.023%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0025%	8h	85,440.2	+0.024%	$502.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0026%	1h	85,464.7	+0.053%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,468.1	+0.057%	$186.4M	$953.8M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,441	+0.025%	$2.3M	$10.4M	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-USDT	+0.0080%	8h	85,447.6	+0.033%	—	$1.58B	—	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,487.1	+0.079%	$830.1M	$1.67B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,470.9	+0.060%	$170.5M	$939.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.9	+0.054%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	+0.026%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,451.8	+0.038%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,410	−0.011%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,472.9	+0.063%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,444.6	+0.029%	$24.2M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.2	+0.028%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,443.2	+0.028%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,433.6	+0.017%	$5.08B	$10.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,430.5	+0.013%	$2.61B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,439	+0.023%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,449.4	+0.035%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.044%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,455.8	+0.043%	$5.46B	$9.83B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,453.1	+0.039%	$5.03B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,443.4	+0.028%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,443.3	+0.028%	$37.7M	$194.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.074%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,324.2	−0.112%	$283.0M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,382.2	−0.044%	$214.4M	$157.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,354.3	−0.076%	$138.1M	$312.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,441.7	+0.026%	$30.1M	$217.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.9	+0.112%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,278	−0.166%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,456	+0.043%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,452.6	+0.039%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,500.4	+0.095%	$194K	$796K	40x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,419.4	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,452	+0.038%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,445.8	+0.031%	$2.26B	$974.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,454.2	+0.041%	$160.2M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,404.2	−0.018%	$45.7M	$242.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,441.4	+0.026%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,501.7	+0.096%	$111.4M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,440	+0.024%	$6.6M	$140.1M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.081%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,451.1	+0.037%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,479	+0.070%	$10.8M	$740.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,457.5	+0.045%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0285%	1h	85,532	+0.132%	$3.84B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0295%	1h	85,406.9	−0.015%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	−0.017%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,448.3	+0.034%	$469K	$18.4M	6.7x	as long as short