Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Orderly against SunX+0.031%7-day average +0.009% · you sell dearer than you buy

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

Long on SunX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.031%, 7d avg +0.009%

Together, before fees+0.054%+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.022% dearer against SunX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,301.2	0.0100	pay 0.0100% / 8h	2h 35m	$2.9M	$6.1M	100x
Short	Orderly PERP_BTC_USDC	85,327.7	0.0100	get 0.0100% / 8h	2h 35m	$2.4M	$9.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.031%Rate

Funding earned: $0
Price spread: +0.031% → +0.009%: $2.2
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.8
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 4 min ago; Orderly: 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, 4 min ago	0.93 bp	5.6 bp −$6	6.6 bp −$66	9.0 bp −$905	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Perpl BTC	−0.0112%	43m	85,316.9	+0.018%	$526K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,251	−0.059%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,326	+0.029%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,305.8	+0.005%	$922.7M	$763.7M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,308.7	+0.009%	$421.3M	$680.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,315.4	+0.017%	$383K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0014%	8h	85,311.9	+0.013%	$513.0M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.6	−0.022%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,333.5	+0.038%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0014%	1h	85,308	+0.008%	$24.6M	$222.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.089%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,338.2	+0.043%	$187.6M	$955.9M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,304	+0.003%	—	$17.4M	—	as long as short
Bullet BTC-USD	+0.0068%	1h	85,321	+0.023%	$206K	$3.3M	20x	as long as short
SoDEX BTC-USD	+0.0070%	1h	85,330	+0.034%	$59.7M	$335.8M	40x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,312.1	+0.013%	$149.2M	$503.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,319.5	+0.021%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0083%	8h	85,333.9	+0.038%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,323.6	+0.026%	$5.06B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,323.2	+0.026%	$9.42B	$24.82B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,332.7	+0.037%	$171.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,332	+0.036%	$23.7M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,308	+0.008%	$8.3M	$55.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,355.1	+0.063%	$117.1M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,285	−0.019%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,363.8	+0.073%	$5.6M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,396	+0.111%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,337.7	+0.043%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,301.4	0.000%	$5.16B	$9.92B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,303.5	+0.003%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,296	−0.006%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,315.2	+0.016%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.027%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,320.9	+0.023%	$5.52B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,291.3	−0.012%	$36.0M	$174.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,263.5	−0.044%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,240.8	−0.071%	$278.9M	$942.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,264.2	−0.043%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,275.4	−0.030%	$139.4M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,252.5	−0.057%	$30.1M	$206.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,376.2	+0.088%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,316	+0.017%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,327.7	+0.031%	$2.4M	$9.1M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,372.1	+0.083%	$217K	$750K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,307.6	+0.007%	$30.1M	$50.4M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,301.2	long leg	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,313.2	+0.014%	$2.26B	$952.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,307.8	+0.008%	$45.3M	$238.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,322.7	+0.025%	—	$107.0M	500x	as long as short
Reya BTCRUSDPERP	+0.0113%	1h	85,320.5	+0.023%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0132%	1h	85,369.7	+0.080%	$872.4M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,323.9	+0.027%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,346	+0.053%	$11.4M	$747.4M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0216%	1h	85,312.5	+0.013%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,306	+0.006%	$719K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,335.1	+0.040%	$8.7M	$43.1M	25x	as long as short