Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Bullet against Paradex−0.037%7-day average −0.004% · 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−$18as in the Price arb table

costs, in and out, $10k−$150.147% of the position

Long on Paradex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 7 days−0.035%−$3 · spread now −0.037%, 7d avg −0.004%

Together, before fees−0.041%+ Points / potential airdropParadex: Active · farm board−$4 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: Bullet is 0.033% cheaper against Paradex than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,714.5	0.0100	pay 0.0100% / 8h	2h 27m	$4.8M	$8.2M	50x
Short	Bullet BTC-USD	86,682.2	0.0100	get 0.0013% / 1h	27m 10s	$196K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Paradex. 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 ParadexbpFee BulletbpOrdersPrice spread, now −0.037%Rate

Funding earned: $0.04
Price spread: −0.037% → −0.004%: −$3.31
Slippage, 4 orders: −$2.72
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$17.99
Costs to cover: 0.147%
Break-even: 3297.0 days

Slippage from Paradex: live order book, 2 min ago; Bullet: 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 Paradex live order book, 2 min ago	0.85 bp	2.9 bp −$3	2.9 bp −$29	doesn't fit	doesn't fit
Sell Bullet live order book, 2 min ago	0.06 bp	4.2 bp −$4	7.7 bp −$77	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	−0.087%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,688.7	−0.030%	$427K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.152%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.071%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0077%	1h	86,673.4	−0.047%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,692.5	−0.025%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,715.7	+0.001%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,670.4	−0.051%	$844.4M	$704.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,702.4	−0.014%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,658.2	−0.065%	$506.1M	$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	−0.042%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,679.3	−0.041%	$150.0M	$471.5M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,687.9	−0.031%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,681.3	−0.038%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.087%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0054%	8h	86,681.8	−0.038%	$5.18B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0055%	8h	86,681.7	−0.038%	$9.45B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,679.2	−0.041%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,676.1	−0.044%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,685.4	−0.034%	$5.86B	$10.64B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0077%	8h	86,695	−0.022%	$2.56B	$12.72B	100x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,679.9	−0.040%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.115%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,697.7	−0.019%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,699	−0.018%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,668	−0.054%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,662	−0.061%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,714.5	long leg	$4.8M	$8.2M	50x
Nado BTC-PERP	+0.0100%	1h	86,668.7	−0.053%	$21.8M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,757	+0.049%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,697.6	−0.019%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,664	−0.058%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,738.9	+0.028%	$7.4M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.158%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,681.7	−0.038%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.147%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.107%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.101%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.103%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,724.6	+0.012%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,680	−0.040%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,682.2	−0.037%	$196K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,694.9	−0.023%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,708.4	−0.007%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,687.8	−0.031%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,666	−0.056%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,682	−0.037%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,680	−0.040%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,669.3	−0.052%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,698.1	−0.019%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,714.9	0.000%	$188.4M	$932.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,723	+0.010%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,695	−0.022%	$9.0M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.040%	$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	−0.026%	$15.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.055%	$614K	$7.1M	30x	as long as short