Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.022%

Price spread now: Paradex against Injective−0.075%7-day average +0.010% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$140.144% of the position

Long on Injective Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.097%+$10 on $10k

Price spread, last 3 days (all we have)+0.129%+$13 · spread now −0.075%, 7d avg +0.010%

Together, before fees+0.226%+ Points / potential airdropParadex: Active · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paradex is 0.085% cheaper against Injective than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of +0.010%). If the spread goes back, that is −$9 on $10k: about 3.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,365	0.0023	pay 0.0003% / 1h	10m 40s	$343K	$26.9M	52x
Short	Paradex BTC-USD-PERP	86,300.1	0.0100	get 0.0100% / 8h	7h 10m	$4.2M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Injective. 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 InjectivebpFee ParadexbpOrdersPrice spread, now −0.075%Rate

Funding earned: $16.17
Price spread: −0.075% → +0.010%: −$8.51
Slippage, 4 orders: −$10.4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$6.76
Costs to cover: 0.144%
Break-even: 9.9 days

Slippage from Injective: live order book, 4 min ago; Paradex: live order book, 4 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 Injective live order book, 4 min ago	3.01 bp	3.3 bp −$3	12.4 bp −$124	doesn't fit	doesn't fit
Sell Paradex live order book, 4 min ago	1.08 bp	3.1 bp −$3	3.1 bp −$31	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
Phoenix BTC	−0.0129%	1h	86,372	+0.008%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,241	−0.144%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,222.6	−0.165%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,230.2	−0.156%	$567K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,240.9	−0.144%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0008%	1h	86,243	−0.141%	$144K	$667K	40x	as long as short
Injective BTC/USDC PERPlong	+0.0023%	1h	86,365	long leg	$343K	$26.9M	52x
dYdX BTC-USD	+0.0026%	1h	86,264.4	−0.117%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,268	−0.112%	$500.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0045%	8h	86,268.8	−0.111%	$830.3M	$714.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0049%	1h	86,231.6	−0.154%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0052%	8h	86,217.5	−0.171%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,237.4	−0.148%	$8.2M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,223.6	−0.164%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	86,211	−0.178%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,214.7	−0.174%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,224.4	−0.163%	$5.11B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,266.2	−0.114%	$9.40B	$24.20B	150x	as long as short
Gate BTC_USDT	+0.0093%	8h	86,249.9	−0.133%	$5.76B	$10.63B	200x	as long as short
HTX BTC-USDT	+0.0094%	8h	86,204.2	−0.186%	$2.29B	$957.3M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,283.2	−0.095%	$170.3M	$992.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,285.7	−0.092%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,240	−0.145%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,196	−0.196%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	86,300.1	−0.075%	$4.2M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,222.5	−0.165%	$22.0M	$225.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,327	−0.044%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,299.6	−0.076%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,281.1	−0.097%	$5.26B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,231.1	−0.155%	$2.56B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,229	−0.157%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,245	−0.139%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.254%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,209.1	−0.181%	$35.6M	$161.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	−0.185%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.128%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	−0.115%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	−0.087%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,270	−0.110%	$30.6M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,275.2	−0.104%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,233	−0.153%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,225	−0.162%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,215.6	−0.173%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,230.5	−0.156%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,188.5	−0.204%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,229.1	−0.157%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,200	−0.191%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,231.5	−0.155%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,258.1	−0.124%	$132.2M	$5.29B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,247.5	−0.136%	$191.8M	$948.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,228.9	−0.158%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,286.4	−0.091%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	86,264.9	−0.116%	$902.5M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,210	−0.179%	$415.5M	$641.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,253	−0.130%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,234.3	−0.151%	$14.5M	—	200x	as long as short