Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Paradex against Orderly−0.036%7-day average +0.029% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.130%+$13 · spread now −0.036%, 7d avg +0.029%

Together, before fees+0.129%+ Points / potential airdropParadex: Active · farm board+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.065% cheaper against Orderly than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,783.6	0.0100	pay 0.0100% / 8h	2h 25m	$2.5M	$8.5M	100x
Short	Paradex BTC-USD-PERP	86,752.1	0.0100	get 0.0100% / 8h	2h 25m	$4.8M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee ParadexbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$0.04
Price spread: −0.036% → +0.029%: −$6.49
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$16.53
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Paradex: live order book, 3 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Paradex live order book, 3 min ago	0.85 bp	2.9 bp −$3	2.9 bp −$29	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0235%	1h	86,655	−0.148%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,737.5	−0.053%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.231%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.150%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,784.5	+0.001%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,756.3	−0.031%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,785.2	+0.002%	$935.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,742.6	−0.047%	$847.6M	$704.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,782.1	−0.002%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,743	−0.047%	$506.6M	$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	86,736.1	−0.055%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,747.9	−0.041%	$150.3M	$471.8M	150x	as long as short
BingX BTC-USDC	+0.0025%	8h	86,742.5	−0.047%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,744	−0.046%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.167%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,751.4	−0.037%	$5.19B	$5.68B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,754	−0.034%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,745.5	−0.044%	$9.45B	$24.33B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,726	−0.066%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0078%	8h	86,767.4	−0.019%	$2.56B	$12.74B	100x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,751.1	−0.037%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,751	−0.038%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.195%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,758.4	−0.029%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,760.1	−0.027%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,731	−0.061%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	−0.070%	$195K	$6.8M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	86,752.1	−0.036%	$4.8M	$8.2M	50x
Nado BTC-PERP	+0.0100%	1h	86,698.7	−0.098%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,812	+0.033%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,757.7	−0.030%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,718	−0.076%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,787.2	+0.004%	$7.8M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.237%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,760.1	−0.027%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.227%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.186%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.181%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.182%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,777.7	−0.007%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,739	−0.051%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,756.5	−0.031%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,783.6	long leg	$2.5M	$8.5M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,793.6	+0.012%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,758.8	−0.029%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,741.8	−0.048%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	−0.038%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,759.1	−0.028%	$2.30B	$958.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,741.6	−0.048%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,759.8	−0.027%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,783.4	0.000%	$188.5M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,796	+0.014%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0130%	8h	86,763	−0.024%	$9.6M	$725.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.120%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,773.4	−0.012%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.135%	$614K	$7.1M	30x	as long as short