Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.005%

Price spread now: Paradex against Kraken Futures+0.073%7-day average +0.012% · 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−$170.166% of the position

Long on Kraken Futures Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.045%+$5 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now +0.073%, 7d avg +0.012%

Together, before fees+0.151%+ Points / potential airdropParadex: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Paradex is 0.060% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	86,180.1	0.0068	pay 0.0008% / 1h	1m 00s	$189.3M	$866.6M	100x
Short	Paradex BTC-USD-PERP	86,242.7	0.0100	get 0.0100% / 8h	7h 01m	$6.1M	$8.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Kraken Futures. 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 Kraken FuturesbpFee ParadexbpOrdersPrice spread, now +0.073%Rate

Funding earned: $6.77
Price spread: +0.073% → +0.012%: $6.02
Slippage, 4 orders: −$2.58
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$3.78
Costs to cover: 0.166%
Break-even: 10.9 days

Slippage from Kraken Futures: live order book, 3 min ago; Paradex: 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 Kraken Futures live order book, 3 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.5 bp −$753	9.7 bp −$4,837
Sell Paradex live order book, 3 min ago	1.20 bp	3.2 bp −$3	3.2 bp −$32	216.3 bp −$21.6K	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
Bluefin BTC-PERP	−0.0187%	1h	86,215.9	+0.042%	$196K	$660K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,184	+0.004%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.1	−0.024%	$423.0M	$624.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,204.7	+0.029%	$360K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,086	−0.109%	$379K	$28.4M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,183	+0.003%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0033%	1h	86,197.2	+0.020%	$16.9M	$17.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	86,157	−0.027%	$937.7M	$666.6M	125x	as long as short
Bybit BTCUSDT	+0.0047%	8h	86,140.2	−0.046%	$5.11B	$9.03B	150x	as long as short
Aster BTCUSDT	+0.0049%	8h	86,151.6	−0.033%	$504.2M	$972.8M	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0058%	8h	86,135.5	−0.052%	—	$16.8M	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	86,161.1	−0.022%	$167.9M	$498.0M	150x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0068%	1h	86,180.1	long leg	$189.3M	$866.6M	100x
Phoenix BTC	+0.0075%	1h	86,213	+0.038%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,173.8	−0.007%	$173.6M	$970.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,175.5	−0.005%	$23.4M	$138.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,205	+0.029%	$8.8M	$52.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,163.1	−0.020%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,180	0.000%	$224K	$8.2M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	86,242.7	+0.073%	$6.1M	$8.6M	50x
Nado BTC-PERP	+0.0100%	1h	86,200	+0.023%	$21.9M	$210.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,241.2	+0.071%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,150	−0.035%	$9.47B	$23.04B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,140.2	−0.046%	$2.62B	$10.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,197	+0.020%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,241.7	+0.071%	$4.6M	$93.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.004%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,152	−0.033%	$5.47B	$10.33B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,155.2	−0.029%	$5.10B	$5.92B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,143.9	−0.042%	$2.98B	$4.54B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,143.8	−0.042%	$37.6M	$187.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,275.4	+0.111%	$158.2M	$510.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,267.1	+0.101%	$289.9M	$986.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,243.6	+0.074%	$216.7M	$143.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,270.8	+0.105%	$137.3M	$302.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,180.5	0.000%	$30.3M	$212.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,265.3	+0.099%	—	$10.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,194	+0.016%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,183	+0.003%	$207K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,177.5	−0.003%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,169.2	−0.013%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,167	−0.015%	$60.3M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,147.1	−0.038%	$2.28B	$911.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,117.9	−0.072%	$46.4M	$219.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,187.1	+0.008%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,207.1	+0.031%	$112.7M	$5.27B	50x	as long as short
Hyperliquid BTC	+0.0135%	1h	86,232	+0.060%	$3.87B	$4.74B	40x	as long as short
Reya BTCRUSDPERP	+0.0154%	1h	86,150.8	−0.034%	$6.6M	$132.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	86,214	+0.039%	$11.1M	$726.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,253.2	+0.085%	$9.0M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,193.4	+0.015%	$13.3M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0206%	1h	86,222.3	+0.049%	$837.0M	$1.61B	50x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,238.3	+0.067%	$697K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0407%	1h	86,245.2	+0.076%	$82K	$252K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,220.3	+0.047%	$493K	$16.5M	6.7x	as long as short