Funding you earn now, next payment 23:00 UTC−0.0227%/8h= −24.8% APRnext payment −$0.28 per $10,000 · paid last 24h −0.027%
Price spread now: Backpack against Phoenix−0.183%80s7-day average −0.093% · you buy dearer than you sell
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−$360.364% of the position
Funding, last 7 days+0.014%+$1 on $10k
+Price spread, last 3 days (all we have)−0.001%$0 · spread now −0.183%, 7d avg −0.093%
=Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.091% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.093%). Swap the legs. The two prices were read 80 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 0.014% in total (about 0.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.28 per $10,000. 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 | Phoenix SUI | 1.0364 | 0.0327 | pay 0.0041% / 1h | 47m 57s | $205K | $593K | 10x |
| Short | Backpack SUI_USDC_PERP | 1.0345 | 0.0100 | get 0.0013% / 1h | 47m 57s | $659K | $1.1M | 20x |
Phoenix SUI
Backpack SUI_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$47.64
- Price spread: −0.183% → −0.093%
- −$9.05
- Slippage, 4 orders
- −$19.4
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$93.09
- Costs to cover
- 0.364%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 30 min ago; Backpack: live order book, 1 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 Phoenix live order book, 30 min ago | 0.98 bp | 12.3 bp −$12 | 50.7 bp −$507 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 1 min ago | 0.48 bp | 6.2 bp −$6 | 9.0 bp −$90 | 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 | −0.3474% | 1h | 1.0167 | −1.901% | $42K | $123K | 12x | as long as short |
| Reya SUIRUSDPERP | −0.0369% | 1h | 1.0344 | −0.196% | $4K | $3K | 20x | as long as short |
| Hibachi SUI/USDT-P | −0.0328% | 1h | 1.0352 | −0.112% | $6K | $19K | 7x | as long as short |
| dYdX SUI-USD | 0.0000% | 1h | 1.0355 | −0.090% | $94K | $66K | 10x | as long as short |
| Kalshi KXSUIPERP | 0.0000% | 8h | 1.0354 | −0.097% | $462K | $5.4M | 2.5x | as long as short |
| Deribit SUI_USDC-PERPETUAL | 0.0000% | 1h | 1.0349 | −0.145% | $201K | $581K | 25x | as long as short |
| gTrade (Gains Network) SUI/USD | L +0.0003% / S −0.0002% | 1h | 1.0347 | −0.163% | $120K | — | 150x | as long as short |
| Bluefin SUI-PERP | +0.0012% | 1h | 1.0334 | −0.289% | $592K | $405K | 25x | as long as short |
| Lighter SUI | +0.0096% | 1h | 1.0350 | −0.137% | $796K | $5.9M | 10x | as long as short |
| Lighter RH SUI | +0.0096% | 1h | 1.0351 | −0.126% | $261K | $2.0M | 10x | as long as short |
Injective SUI/USDC PERP
Reya SUIRUSDPERP
Hibachi SUI/USDT-P
dYdX SUI-USD
Kalshi KXSUIPERP
Deribit SUI_USDC-PERPETUAL
gTrade (Gains Network) SUI/USD
Bluefin SUI-PERP
Lighter SUI
Lighter RH SUIShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange SUIUSD | +0.0096% | 1h | 1.0350 | −0.135% | $9K | $9K | 10x | as long as short |
| Popdex SUIUSDT | +0.0096% | 1h | 1.0347 | −0.164% | $38K | $496K | 50x | as long as short |
| Orderly PERP_SUI_USDC | +0.0099% | 8h | 1.0346 | −0.174% | $46K | $330K | 20x | as long as short |
| Paradex SUI-USD-PERP | +0.0100% | 8h | 1.0352 | −0.118% | $27K | $9K | 30x | as long as short |
| Nado SUI-PERP | +0.0100% | 1h | 1.0343 | −0.203% | $597K | $1.4M | 10x | as long as short |
| Aster SUIUSDT | +0.0100% | 8h | 1.0349 | −0.147% | $1.0M | $4.6M | 75x | as long as short |
| Pacifica SUI | +0.0100% | 1h | 1.0355 | −0.083% | $225K | $260K | 10x | as long as short |
| Binance SUIUSDT | +0.0100% | 8h | 1.0346 | −0.174% | $152.1M | $1.02B | 75x | as long as short |
| Bybit SUIUSDT | +0.0100% | 8h | 1.0349 | −0.149% | $103.8M | $306.8M | 50x | as long as short |
| OKX SUI-USDT-SWAP | +0.0100% | 8h | 1.0345 | −0.183% | $41.3M | $386.1M | 50x | as long as short |
| Arcus SUI-USD | +0.0100% | 1h | 1.0350 | −0.135% | $46K | $387K | 10x | as long as short |
| Bulk SUI-USD | +0.0100% | 1h | 1.0371 | +0.066% | $244K | $2K | 10x | as long as short |
| Gate SUI_USDT | +0.0100% | 8h | 1.0344 | −0.193% | $166.0M | $80.8M | 50x | as long as short |
| MEXC SUI_USDT | +0.0100% | 8h | 1.0346 | −0.174% | $149.7M | $289.5M | 300x | as long as short |
| KuCoin SUIUSDTM | +0.0100% | 8h | 1.0345 | −0.183% | $51.7M | $52.2M | 75x | as long as short |
| Bitget SUIUSDT | +0.0100% | 8h | 1.0346 | −0.174% | $67.9M | $168.8M | 75x | as long as short |
| BingX SUI-USDT | +0.0100% | 8h | 1.0344 | −0.193% | — | $81.6M | — | as long as short |
| Backpack SUI_USDC_PERPshort | +0.0100% | 1h | 1.0345 | −0.183% | $659K | $1.1M | 20x | |
| Variational Omni SUI | +0.0100% | 8h | 1.0354 | −0.095% | $2.3M | $2.8M | — | as long as short |
| edgeX SUIUSDC | +0.0100% | 4h | 1.0350 | −0.138% | $169K | $4.4M | 20x | as long as short |
| GRVT SUI_USDT_Perp | +0.0100% | 8h | 1.0366 | +0.017% | $446K | $6.9M | 10x | as long as short |
| ApeX Omni SUIUSDT | +0.0100% | 1h | 1.0357 | −0.068% | $235K | $442K | 50x | as long as short |
| Polymarket Perps SUI-USD | +0.0100% | 1h | 1.0353 | −0.106% | $108K | $780K | 10x | as long as short |
| SunX SUI-USDT | +0.0100% | 8h | 1.0358 | −0.058% | $2K | $1.9M | 30x | as long as short |
| SoDEX SUI-USD | +0.0100% | 1h | 1.0346 | −0.174% | $8K | $2.4M | 10x | as long as short |
| HTX SUI-USDT | +0.0100% | 8h | 1.0347 | −0.164% | $641K | $18.5M | 75x | as long as short |
| Phemex SUIUSDT | +0.0100% | 8h | 1.0346 | −0.174% | $11.6M | $24.8M | 50x | as long as short |
| Extended SUI-USD | +0.0104% | 1h | 1.0347 | −0.168% | $1.4M | $3.8M | 50x | as long as short |
| Aevo SUI-PERP | +0.0104% | 1h | 1.0350 | −0.135% | $49K | $37K | 3x | as long as short |
| BloFin SUI-USDT | +0.0220% | 8h | 1.0342 | −0.212% | $7.9M | $24.1M | 100x | as long as short |
| Coinbase International SUI-PERP-INTX | +0.0224% | 1h | 1.0359 | −0.048% | $986K | $14.0M | 50x | as long as short |
| Kraken Futures PF_SUIUSD | +0.0273% | 1h | 1.0351 | −0.127% | $7.2M | $24.1M | 50x | as long as short |
| Phoenix SUIlong | +0.0327% | 1h | 1.0364 | long leg | $205K | $593K | 10x | |
| GMX SUI/USD [ETH-USDC] | L +0.0639% / S −0.0309% | 1h | 1.0342 | −0.211% | $903K | — | 100x | as long as short |
| Hyperliquid SUI | +0.0688% | 1h | 1.0364 | 0.000% | $74.7M | $80.7M | 10x | as long as short |
| Aftermath Perps SUIUSD | +0.0809% | 1h | 1.0342 | −0.211% | $94K | $381K | 10x | as long as short |
01 Exchange SUIUSD
Popdex SUIUSDT
Orderly PERP_SUI_USDC
Paradex SUI-USD-PERP
Nado SUI-PERP
Aster SUIUSDT
Pacifica SUI
Binance SUIUSDT
Bybit SUIUSDT
OKX SUI-USDT-SWAP
Arcus SUI-USD
Bulk SUI-USD
Gate SUI_USDT
MEXC SUI_USDT
KuCoin SUIUSDTM
Bitget SUIUSDT
BingX SUI-USDT
Variational Omni SUI
edgeX SUIUSDC
GRVT SUI_USDT_Perp
ApeX Omni SUIUSDT
Polymarket Perps SUI-USD
SunX SUI-USDT
SoDEX SUI-USD
HTX SUI-USDT
Phemex SUIUSDT
Extended SUI-USD
Aevo SUI-PERP
BloFin SUI-USDT
Coinbase International SUI-PERP-INTX
Kraken Futures PF_SUIUSD
GMX SUI/USD [ETH-USDC]
Hyperliquid SUI
Aftermath Perps SUIUSD