Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.031%

Price spread now: Paradex against Deribit+0.042%7-day average −0.022% · 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−$6as in the Price arb table

costs, in and out, $10k−$130.128% of the position

Long on Deribit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now +0.042%, 7d avg −0.022%

Together, before fees−0.002%+ Points / potential airdropParadex: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Paradex is 0.064% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,715.7	0	get 0.0000% / 1h	26m 42s	$935.3M	$1.44B	50x
Short	Paradex BTC-USD-PERP	86,752.1	0.0100	get 0.0100% / 8h	2h 26m	$4.8M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Deribit. 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 DeribitbpFee ParadexbpOrdersPrice spread, now +0.042%Rate

Funding earned: $20.96
Price spread: +0.042% → −0.022%: $6.4
Slippage, 4 orders: −$1.77
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $14.6
Costs to cover: 0.128%
Break-even: 2.1 days

Slippage from Deribit: live order book, 2 min ago; Paradex: live order book, 2 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 Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	6.3 bp −$627	13.9 bp −$6,962
Sell Paradex live order book, 2 min ago	0.85 bp	2.9 bp −$3	2.9 bp −$29	doesn't fit	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
Aftermath Perps BTCUSD	−0.0234%	1h	86,639.4	−0.088%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,688.7	−0.031%	$427K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.153%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.072%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0075%	1h	86,733.4	+0.020%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,756.3	+0.047%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUALlong	0.0000%	1h	86,715.7	long leg	$935.3M	$1.44B	50x
KuCoin XBTUSDTM	+0.0002%	8h	86,722.7	+0.008%	$845.0M	$704.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,702.4	−0.015%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,704.3	−0.013%	$506.4M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,677.7	−0.044%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,679.3	−0.042%	$150.0M	$471.5M	150x	as long as short
BingX BTC-USDC	+0.0023%	8h	86,714.1	−0.002%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,712.3	−0.004%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.088%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,738.6	+0.026%	$5.19B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0055%	8h	86,732.2	+0.019%	$9.45B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,679.2	−0.042%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,726	+0.012%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0077%	8h	86,722.6	+0.008%	$2.56B	$12.73B	100x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,725.9	+0.012%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,712.9	−0.003%	$5.28B	$9.68B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.117%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,752.1	+0.042%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,716.2	+0.001%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,668	−0.055%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	+0.008%	$195K	$6.8M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	86,752.1	+0.042%	$4.8M	$8.2M	50x
Nado BTC-PERP	+0.0100%	1h	86,668.7	−0.054%	$21.8M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,770.3	+0.063%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,757.7	+0.048%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,718	+0.003%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,787.2	+0.082%	$7.8M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.159%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,681.7	−0.039%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.148%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.108%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.103%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.104%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,724.6	+0.010%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,680	−0.041%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.2	−0.039%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,694.9	−0.024%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,708.4	−0.008%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,687.8	−0.032%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,666	−0.057%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,682	−0.039%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,680	−0.041%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,702.1	−0.016%	$46.3M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,698.1	−0.020%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,714.9	−0.001%	$188.4M	$932.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,723	+0.008%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,695	−0.024%	$9.0M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.042%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0189%	1h	86,691.8	−0.027%	$15.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.057%	$614K	$7.1M	30x	as long as short