Funding arb · Price arb /

SUI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0650%/8h= −71.1% APRpaid last 24h −0.036%

Price spread now: Phemex against Phoenix+0.766%73s7-day average −0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as 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−$620.619% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 3 days (all we have)−0.714%−$71 · spread now +0.766%, 7d avg −0.062%

Together, before fees−0.803%−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.828% dearer against Phoenix than usual: you sell high and buy low (spread +0.766% now, against its 7-day average of −0.062%): +$83 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 7 days (−0.089% in total) that is about 2 months. The two prices were read 73 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 -0.089% in total (about -4.6% 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	1.0559	0.0299	pay 0.0037% / 1h	25m 50s	$209K	$590K	10x
Short	Phemex SUIUSDT	1.0640	−0.0351	pay 0.0351% / 8h	7h 25m	$11.9M	$25.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpOrdersPrice spread, now +0.766%Rate

Funding earned: −$136.42
Price spread: +0.766% → −0.062%: $82.84
Slippage, 4 orders: −$42.93
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$115.5
Costs to cover: 0.619%
Break-even: from the start

Slippage from Phoenix: live order book, 47 min ago; Phemex: live order book, 3 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, 47 min ago	0.96 bp	12.3 bp −$12	50.6 bp −$506	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	7.11 bp	18.2 bp −$18	32.3 bp −$323	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	−0.3416%	1h	1.0330	−2.170%	$42K	$123K	12x	as long as short
Bluefin SUI-PERP	−0.0571%	1h	1.0624	+0.615%	$610K	$408K	25x	as long as short
Hibachi SUI/USDT-P	−0.0440%	1h	1.0549	−0.092%	$6K	$18K	7x	as long as short
Reya SUIRUSDPERP	−0.0371%	1h	1.0614	+0.520%	$4K	$3K	20x	as long as short
Phemex SUIUSDTshort	−0.0351%	8h	1.0640	+0.766%	$11.9M	$25.1M	50x
dYdX SUI-USD	0.0000%	1h	1.0595	+0.343%	$97K	$169K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0596	+0.354%	$488K	$4.9M	2.5x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0002%	1h	1.0633	+0.698%	$123K	—	150x	as long as short
Kraken Futures PF_SUIUSD	+0.0038%	1h	1.0646	+0.822%	$7.4M	$23.9M	50x	as long as short
01 Exchange SUIUSD	+0.0072%	1h	1.0619	+0.567%	$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	1.0640	+0.767%	$822K	$5.8M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0642	+0.781%	$279K	$2.0M	10x	as long as short
Popdex SUIUSDT	+0.0096%	1h	1.0619	+0.567%	$30K	$481K	50x	as long as short
Orderly PERP_SUI_USDC	+0.0100%	8h	1.0634	+0.709%	$48K	$312K	20x	as long as short
Paradex SUI-USD-PERP	+0.0100%	8h	1.0638	+0.752%	$28K	$9K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0617	+0.551%	$674K	$1.4M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0637	+0.737%	$1.0M	$4.8M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0601	+0.400%	$230K	$253K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0638	+0.746%	$158.2M	$1.02B	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0636	+0.728%	$106.5M	$304.6M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0634	+0.709%	$42.6M	$392.5M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0620	+0.577%	$47K	$387K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0564	+0.048%	$248K	$1K	10x	as long as short
Gate SUI_USDT	+0.0100%	8h	1.0635	+0.719%	$171.5M	$81.3M	50x	as long as short
MEXC SUI_USDT	+0.0100%	8h	1.0634	+0.709%	$155.1M	$295.8M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0636	+0.728%	$51.9M	$52.6M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0630	+0.671%	$70.0M	$166.2M	75x	as long as short
BingX SUI-USDC	+0.0100%	8h	1.0633	+0.700%	—	$6.5M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0641	+0.776%	$686K	$1.1M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0638	+0.745%	$2.4M	$2.9M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0548	−0.108%	$171K	$4.5M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0526	−0.313%	$459K	$7.3M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0560	+0.009%	$242K	$479K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0625	+0.624%	$121K	$752K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0646	+0.823%	$2K	$1.9M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0637	+0.738%	$6K	$2.3M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0636	+0.728%	$656K	$18.7M	75x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0637	+0.739%	$1.5M	$3.9M	50x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0644	+0.801%	$40K	$16K	3x	as long as short
Deribit SUI_USDC-PERPETUAL	+0.0126%	1h	1.0639	+0.757%	$207K	$582K	25x	as long as short
Coinbase International SUI-PERP-INTX	+0.0200%	1h	1.0646	+0.823%	$992K	$14.6M	50x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0547	−0.115%	$8.1M	$24.7M	100x	as long as short
Phoenix SUIlong	+0.0299%	1h	1.0559	long leg	$209K	$590K	10x
Hyperliquid SUI	+0.0407%	1h	1.0650	+0.861%	$77.4M	$79.5M	10x	as long as short
GMX SUI/USD [ETH-USDC]	L +0.0644% / S −0.0324%	1h	1.0634	+0.710%	$923K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.0900%	1h	1.0539	−0.186%	$76K	$380K	10x	as long as short