Funding arb · Price arb /

SUI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.034%

Price spread now: Gate against Phoenix+0.021%62s7-day average −0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as 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−$550.553% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.303%−$30 · spread now +0.021%, 7d avg −0.111%

Together, before fees−0.360%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.132% dearer against Phoenix than usual: you sell high and buy low (spread +0.021% now, against its 7-day average of −0.111%): +$13 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 7 days (−0.058% in total) that is about 16 days. The two prices were read 62 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 -0.058% in total (about -3.0% 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	Phoenix SUI	1.0198	0.0290	pay 0.0036% / 1h	14m 15s	$184K	$578K	10x
Short	Gate SUI_USDT	1.0200	0.0100	get 0.0100% / 8h	2h 14m	$164.3M	$81.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. 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 PhoenixbpFee GatebpOrdersPrice spread, now +0.021%Rate

Funding earned: −$39.81
Price spread: +0.021% → −0.111%: $13.18
Slippage, 4 orders: −$33.26
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$81.89
Costs to cover: 0.553%
Break-even: never at this rate

Slippage from Phoenix: live order book, 8 min ago; Gate: live order book, 5 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, 8 min ago	0.98 bp	12.3 bp −$12	50.5 bp −$505	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	1.47 bp	14.8 bp −$15	27.8 bp −$278	56.9 bp −$5,692	101.8 bp −$50.9K

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	−0.2398%	1h	1.0068	−1.274%	$41K	$123K	12x	as long as short
Hibachi SUI/USDT-P	−0.0496%	1h	1.0192	−0.062%	$6K	$18K	7x	as long as short
Reya SUIRUSDPERP	−0.0367%	1h	1.0197	−0.009%	$4K	$3K	20x	as long as short
Bluefin SUI-PERP	−0.0121%	1h	1.0190	−0.077%	$584K	$405K	25x	as long as short
Kraken Futures PF_SUIUSD	−0.0021%	1h	1.0208	+0.101%	$7.0M	$24.0M	50x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0199	+0.014%	$93K	$66K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0213	+0.149%	$457K	$5.5M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0206	+0.079%	$186K	$546K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0002%	1h	1.0201	+0.027%	$118K	—	150x	as long as short
01 Exchange SUIUSD	+0.0088%	1h	1.0198	+0.001%	$9K	$9K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SUI	+0.0096%	1h	1.0203	+0.050%	$772K	$5.9M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0209	+0.113%	$252K	$2.0M	10x	as long as short
Popdex SUIUSDT	+0.0096%	1h	1.0196	−0.019%	$36K	$503K	50x	as long as short
Orderly PERP_SUI_USDC	+0.0098%	8h	1.0201	+0.030%	$45K	$377K	20x	as long as short
Paradex SUI-USD-PERP	+0.0100%	8h	1.0198	0.000%	$27K	$9K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0199	+0.011%	$596K	$1.3M	10x	as long as short
Hyperliquid SUI	+0.0100%	1h	1.0206	+0.079%	$72.6M	$81.9M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0198	+0.005%	$999K	$4.5M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0202	+0.037%	$220K	$261K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0200	+0.025%	$151.2M	$1.03B	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0202	+0.038%	$102.3M	$306.9M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0199	+0.011%	$40.9M	$382.6M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0200	+0.021%	$147K	$297K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0193	−0.048%	$240K	$2K	10x	as long as short
Gate SUI_USDTshort	+0.0100%	8h	1.0200	+0.021%	$164.3M	$81.2M	50x
MEXC SUI_USDT	+0.0100%	8h	1.0202	+0.040%	$147.8M	$298.9M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0208	+0.099%	$52.5M	$51.4M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0194	−0.038%	$67.0M	$169.0M	75x	as long as short
BingX SUI-USDT	+0.0100%	8h	1.0198	+0.001%	—	$81.5M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0198	+0.001%	$648K	$1.2M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0188	−0.097%	$2.2M	$2.8M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0190	−0.078%	$164K	$4.5M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0183	−0.144%	$440K	$7.1M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0192	−0.058%	$231K	$444K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0204	+0.060%	$106K	$785K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0210	+0.119%	$2K	$1.9M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0203	+0.050%	$6K	$2.4M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0204	+0.060%	$620K	$18.8M	75x	as long as short
Phemex SUIUSDT	+0.0100%	8h	1.0204	+0.060%	$11.4M	$24.5M	50x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0203	+0.050%	$1.4M	$3.7M	50x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0205	+0.066%	$48K	$37K	3x	as long as short
Coinbase International SUI-PERP-INTX	+0.0216%	1h	1.0207	+0.089%	$978K	$13.8M	50x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0199	+0.011%	$8.0M	$23.7M	100x	as long as short
Phoenix SUIlong	+0.0290%	1h	1.0198	long leg	$184K	$578K	10x
GMX SUI/USD [ETH-USDC]	L +0.0630% / S −0.0300%	1h	1.0199	+0.009%	$874K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.0682%	1h	1.0192	−0.059%	$91K	$381K	10x	as long as short