Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.035%

Price spread now: Paradex against Hibachi+0.097%7-day average −0.030% · 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−$2as in the Price arb table

costs, in and out, $10k−$150.149% of the position

Long on Hibachi Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.122%−$12 on $10k

Price spread, last 7 days−0.140%−$14 · spread now +0.097%, 7d avg −0.030%

Together, before fees−0.262%+ Points / potential airdropHibachi: Active · Paradex: Active · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 0.127% dearer against Hibachi than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of −0.030%): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,552.1	0.0192	pay 0.0024% / 1h	58m 55s	$682K	$7.8M	30x
Short	Paradex BTC-USD-PERP	85,635	0.0099	get 0.0099% / 8h	5h 58m	$3.8M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hibachi. 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 HibachibpFee ParadexbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$19.47
Price spread: +0.097% → −0.030%: $12.7
Slippage, 4 orders: −$1.89
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$21.67
Costs to cover: 0.149%
Break-even: never at this rate

Slippage from Hibachi: live order book, 5 min ago; Paradex: live order book, just now.

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 Hibachi live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.3 bp −$53	41.0 bp −$4,098	doesn't fit
Sell Paradex live order book, just now	0.57 bp	2.6 bp −$3	2.6 bp −$26	183.2 bp −$18.3K	doesn't fit

BTC on 55 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	−0.0144%	1h	85,498	−0.063%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.065%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,585.7	+0.039%	$361K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0033%	1h	85,588.3	+0.042%	$22.6M	$224.8M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,585.5	+0.039%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,599.5	+0.055%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,572.3	+0.024%	$515.8M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,574.1	+0.026%	$902.1M	$748.0M	125x	as long as short
SoDEX BTC-USD	+0.0053%	1h	85,586	+0.040%	$59.9M	$336.4M	40x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,559.7	+0.009%	—	$17.0M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0056%	8h	85,585.8	+0.039%	$2.27B	$932.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,578.1	+0.030%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,585.3	+0.039%	$2.95B	$5.02B	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,568.6	+0.019%	$2.9M	$6.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.076%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,580.2	+0.033%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,567.6	+0.018%	$9.33B	$23.92B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,577.5	+0.030%	$5.07B	$5.56B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,590.8	+0.045%	$170.3M	$980.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,595.3	+0.050%	$23.9M	$146.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,584	+0.037%	$8.4M	$51.5M	100x	as long as short
Paradex BTC-USD-PERPshort	+0.0099%	8h	85,635	+0.097%	$3.8M	$8.3M	50x
Katana Perps BTC-USD	+0.0100%	8h	85,564	+0.014%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,647	+0.111%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,626.6	+0.087%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,586.6	+0.040%	$5.33B	$9.60B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,587.5	+0.041%	$2.56B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,530	−0.026%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,561.5	+0.011%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,591.5	+0.046%	$5.58B	$10.37B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,581.9	+0.035%	$34.9M	$168.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	−0.008%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.001%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.084%	$214.9M	$162.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,552.6	+0.001%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,571.8	+0.023%	$30.2M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,628.4	+0.089%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,582	+0.035%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,591	+0.045%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,585.8	+0.039%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,630.3	+0.091%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,586.8	+0.041%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,585.7	+0.039%	$150.0M	$479.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.048%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,563.8	+0.014%	$44.1M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,527.7	−0.029%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,629.3	+0.090%	$130.5M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,613.7	+0.072%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,610	+0.068%	$187.1M	$951.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0186%	1h	85,619.9	+0.079%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-Plong	+0.0192%	1h	85,552.1	long leg	$682K	$7.8M	30x
Deribit BTC-PERPETUAL	+0.0196%	1h	85,637.1	+0.099%	$894.8M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,596.9	+0.052%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,617	+0.076%	$10.3M	$765.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585.2	+0.039%	$510K	$19.7M	6.7x	as long as short