Funding arb · Price arb /

SUI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0290%/8h= +31.7% APRpaid last 24h +0.039%

Price spread now: Phoenix against BingX+0.745%94s7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.371% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.745% dearer against BingX than usual: you sell high and buy low: +$74 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 94 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.020% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SUI-USDT	1.0394	0.0100	pay 0.0100% / 8h	4h 23m	—	$82.6M	—
Short	Phoenix SUI	1.0471	0.0390	get 0.0049% / 1h	23m 55s	$213K	$421K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.745%Rate

Funding earned: $60.83
Price spread: +0.745% → 0.000%: $74.47
Slippage, 4 orders: −$20.1
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $98.19
Costs to cover: 0.371%
Break-even: from the start

Slippage from BingX: live order book, 15 min ago; Phoenix: live order book, 33 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 BingX live order book, 15 min ago	0.97 bp	6.5 bp −$7	9.8 bp −$98	16.7 bp −$1,670	56.7 bp −$28.4K
Sell Phoenix live order book, 33 min ago	0.95 bp	12.3 bp −$12	42.9 bp −$429	doesn't fit	doesn't fit

SUI on 46 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
Injective SUI/USDC PERP	−0.3244%	1h	1.0342	−0.500%	$43K	$123K	12x	as long as short
Reya SUIRUSDPERP	−0.0375%	1h	1.0400	+0.057%	$4K	$3K	20x	as long as short
Hibachi SUI/USDT-P	−0.0320%	1h	1.0437	+0.418%	$6K	$19K	7x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0408	+0.136%	$131K	$227K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0420	+0.247%	$511K	$5.0M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0403	+0.087%	$202K	$573K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0003%	1h	1.0404	+0.096%	$117K	—	150x	as long as short
Lighter SUI	+0.0096%	1h	1.0408	+0.135%	$829K	$5.6M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0413	+0.180%	$302K	$2.2M	10x	as long as short
Popdex SUIUSDT	+0.0096%	1h	1.0408	+0.135%	$41K	$517K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex SUI-USD-PERP	+0.0100%	8h	1.0418	+0.234%	$27K	$9K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0406	+0.120%	$577K	$2.1M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0409	+0.145%	$917K	$4.6M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0412	+0.173%	$225K	$260K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0393	−0.010%	$151.0M	$1.04B	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0390	−0.038%	$102.1M	$311.0M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0391	−0.029%	$41.1M	$390.0M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0410	+0.154%	$44K	$373K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0408	+0.133%	$245K	$6K	10x	as long as short
Gate SUI_USDT	+0.0100%	8h	1.0395	+0.010%	$166.6M	$83.7M	50x	as long as short
MEXC SUI_USDT	+0.0100%	8h	1.0394	0.000%	$153.4M	$297.0M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0393	−0.010%	$49.7M	$54.1M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0387	−0.067%	$67.8M	$172.5M	75x	as long as short
BingX SUI-USDTlong	+0.0100%	8h	1.0394	long leg	—	$82.6M	—
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0401	+0.067%	$663K	$1.4M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0450	+0.535%	$2.5M	$3.4M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0457	+0.608%	$171K	$4.5M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0468	+0.708%	$456K	$7.7M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0467	+0.702%	$233K	$487K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0414	+0.192%	$124K	$758K	10x	as long as short
Orderly PERP_SUI_USDC	+0.0100%	8h	1.0403	+0.087%	$48K	$181K	20x	as long as short
Bluefin SUI-PERP	+0.0100%	1h	1.0389	−0.048%	$595K	$404K	25x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0394	0.000%	$2K	$1.8M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0410	+0.154%	$14K	$2.1M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0403	+0.087%	$575K	$19.6M	75x	as long as short
Phemex SUIUSDT	+0.0100%	8h	1.0417	+0.221%	$12.0M	$26.7M	50x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0390	−0.036%	$1.5M	$4.1M	50x	as long as short
01 Exchange SUIUSD	+0.0104%	1h	1.0409	+0.144%	$9K	$2K	10x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0406	+0.119%	$40K	$11K	3x	as long as short
Kraken Futures PF_SUIUSD	+0.0162%	1h	1.0409	+0.145%	$6.9M	$27.0M	50x	as long as short
Coinbase International SUI-PERP-INTX	+0.0216%	1h	1.0417	+0.221%	$976K	$15.0M	50x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0436	+0.404%	$7.8M	$25.0M	100x	as long as short
Hyperliquid SUI	+0.0366%	1h	1.0418	+0.231%	$75.6M	$81.4M	10x	as long as short
Phoenix SUIshort	+0.0390%	1h	1.0471	+0.745%	$213K	$421K	10x
GMX SUI/USD [ETH-USDC]	L +0.0615% / S −0.0267%	1h	1.0403	+0.082%	$962K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.1490%	1h	1.0441	+0.454%	$84K	$397K	10x	as long as short