Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h −0.023%

Price spread now: Injective against SunX−0.067%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.067%, 7d avg +0.027%

Together, before fees+0.070%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Injective is 0.094% cheaper against SunX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,626	0.0100	pay 0.0100% / 8h	42m 30s	$3.4M	$5.4M	100x
Short	Injective BTC/USDC PERP	86,568	−0.0035	pay 0.0004% / 1h	42m 30s	$333K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.067%Rate

Funding earned: −$28.3
Price spread: −0.067% → +0.027%: −$9.36
Slippage, 4 orders: −$8.63
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$54.3
Costs to cover: 0.166%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Injective: live order book, 2 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, 6 min ago	0.62 bp	6.3 bp −$6	6.9 bp −$69	8.9 bp −$895	doesn't fit
Sell Injective live order book, 2 min ago	2.19 bp	2.7 bp −$3	10.8 bp −$108	630.9 bp −$63.1K	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
Phoenix BTC	−0.0118%	1h	86,580	−0.053%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,574	−0.060%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPshort	−0.0035%	1h	86,568	−0.067%	$333K	$26.8M	52x
RISEx BTC/USDC	−0.0024%	1h	86,586.6	−0.045%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,589.2	−0.042%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,600.4	−0.030%	$916.4M	$1.49B	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,585.7	−0.047%	$502.4M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,585.7	−0.047%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,591.5	−0.040%	$851.4M	$715.0M	125x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,630.3	+0.005%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0027%	1h	86,572.2	−0.062%	$6.7M	$145.4M	40x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,564	−0.072%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0043%	8h	86,604.8	−0.024%	$150.5M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,568.2	−0.067%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,574.8	−0.059%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,591.9	−0.039%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,574.8	−0.059%	$9.43B	$24.57B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,572.5	−0.062%	$5.88B	$10.74B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,565	−0.070%	$60.5M	$337.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,578.7	−0.055%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,595.4	−0.035%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,575	−0.059%	$8.5M	$52.6M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,563	−0.073%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,615.4	−0.012%	$4.8M	$8.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,568.7	−0.066%	$5.27B	$9.82B	150x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,591.4	−0.040%	$21.9M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,651	+0.029%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,614.4	−0.013%	$40.8M	$524.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,575.2	−0.059%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,603	−0.027%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,610.9	−0.017%	$7.6M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.075%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,564.1	−0.071%	$38.4M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	+0.003%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,643	+0.020%	$279.9M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,648.3	+0.026%	$217.6M	$172.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,662	+0.042%	$141.6M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,596.7	−0.034%	$30.7M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,628.4	+0.003%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,574	−0.060%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,570	−0.065%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,585.4	−0.047%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,609.1	−0.020%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,604	−0.025%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,626	long leg	$3.4M	$5.4M	100x
HTX BTC-USDT	+0.0100%	8h	86,550.6	−0.087%	$2.30B	$970.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,555.8	−0.081%	$45.5M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,617.7	−0.010%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,587.4	−0.045%	$193.5M	$951.7M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,586.8	−0.045%	$418K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,607.1	−0.022%	$132.8M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0119%	1h	86,610.6	−0.018%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,688.4	+0.072%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0216%	1h	86,579.7	−0.053%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,567.3	−0.068%	$413.7M	$658.7M	150x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,641	+0.017%	$9.7M	$743.3M	6.4x	as long as short