Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.011%

Price spread now: Paradex against Coinbase International+0.027%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now +0.027%, 7d avg −0.016%

Together, before fees+0.117%+ Points / potential airdropParadex: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 0.043% dearer against Coinbase International than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.016%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,556.8	0.0112	pay 0.0014% / 1h	38m 22s	$130.4M	$5.08B	50x
Short	Paradex BTC-USD-PERP	85,579.8	0.0099	get 0.0099% / 8h	5h 38m	$3.8M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Coinbase International. 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 Coinbase InternationalbpFee ParadexbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$2.64
Price spread: +0.027% → −0.016%: $4.29
Slippage, 4 orders: −$1.38
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$13.73
Costs to cover: 0.154%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Paradex: 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 Coinbase International live order book, 6 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$542	12.5 bp −$6,266
Sell Paradex live order book, 1 min ago	0.68 bp	2.7 bp −$3	2.7 bp −$27	181.6 bp −$18.2K	doesn't fit

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
Phoenix BTC	−0.0160%	1h	85,585	+0.033%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,554	−0.003%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,506.3	−0.059%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,520.2	−0.043%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,541.7	−0.018%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,518.1	−0.045%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,502.3	−0.064%	$22.7M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,497.9	−0.069%	$917.2M	$752.9M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,529.1	−0.032%	$515.3M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,504.2	−0.061%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0066%	8h	85,525	−0.037%	$2.27B	$932.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,495.3	−0.072%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,504.2	−0.061%	$2.95B	$5.02B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	85,560.3	+0.004%	$893.3M	$1.52B	50x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	+0.025%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,522.4	−0.040%	$148.2M	$478.5M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,497.3	−0.069%	$2.4M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0080%	8h	85,526.2	−0.036%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,501.2	−0.065%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,506.9	−0.058%	$9.32B	$23.87B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,542.1	−0.017%	$169.7M	$987.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,557.8	+0.001%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,518	−0.045%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERPshort	+0.0099%	8h	85,579.8	+0.027%	$3.8M	$8.3M	50x
Katana Perps BTC-USD	+0.0100%	8h	85,495	−0.072%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,575	+0.021%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,574.1	+0.020%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,514.5	−0.049%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,516.3	−0.047%	$2.56B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,539	−0.021%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,490.8	−0.077%	$7.2M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.007%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,507.5	−0.058%	$5.54B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.8	−0.044%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.062%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.008%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.040%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.055%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,595.1	+0.045%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,572.6	+0.018%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,499	−0.068%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517	−0.047%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,501.5	−0.065%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	84,662.5	−1.045%	$194K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,505.3	−0.060%	$29.9M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,521	−0.042%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,482.5	−0.087%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,541.7	−0.018%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	85,556.8	long leg	$130.4M	$5.08B	50x
RISEx BTC/USDC	+0.0120%	1h	85,555.5	−0.002%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,546.2	−0.012%	$187.9M	$947.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,566.9	+0.012%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,573.8	+0.020%	$699K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,518.5	−0.045%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0213%	8h	85,591	+0.040%	$10.5M	$760.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,557.8	+0.001%	$522K	$19.4M	6.7x	as long as short