Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.010%

Price spread now: Coinbase International against Paradex−0.105%7-day average +0.014% · 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−$28as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Paradex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.105%, 7d avg +0.014%

Together, before fees+0.121%+ Points / potential airdropParadex: Active · farm board+$12 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: Coinbase International is 0.119% cheaper against Paradex than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,350.5	0.0100	pay 0.0100% / 8h	2h 20m	$5.8M	$9.6M	50x
Short	Coinbase International BTC-PERP-INTX	85,260.8	0.0096	get 0.0012% / 1h	20m 21s	$116.9M	$5.39B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$0.83
Price spread: −0.105% → +0.014%: −$11.87
Slippage, 4 orders: −$2.13
Fee Paradex: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$28.83
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from Paradex: live order book, 4 min ago; Coinbase International: 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 Paradex live order book, 4 min ago	0.07 bp	2.1 bp −$2	2.1 bp −$21	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$511	10.7 bp −$5,344

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
Perpl BTC	−0.0112%	43m	85,298.5	−0.061%	$527K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.254%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,313	−0.044%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,276.5	−0.087%	$923.0M	$764.2M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,226.9	−0.145%	$419.4M	$680.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,304.5	−0.054%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,288.6	−0.072%	$512.5M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,297	−0.063%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,302.2	−0.057%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.147%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0036%	1h	85,281.6	−0.081%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,235	−0.135%	$187.1M	$953.3M	100x	as long as short
BingX BTC-USDT	+0.0068%	8h	85,295.5	−0.064%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0075%	1h	85,257.1	−0.109%	$867.0M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,225.3	−0.147%	$147.3M	$505.4M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,219.2	−0.154%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,289	−0.072%	$2.95B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,294.1	−0.066%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,305.5	−0.053%	$9.43B	$24.82B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,298.5	−0.061%	$171.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,302.9	−0.056%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,296	−0.064%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0096%	1h	85,260.8	−0.105%	$116.9M	$5.39B	50x
Katana Perps BTC-USD	+0.0100%	8h	85,268	−0.097%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,350.5	long leg	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,369	+0.022%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,311.6	−0.046%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,292.5	−0.068%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,305.5	−0.053%	$2.58B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,299	−0.060%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,296.6	−0.063%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.219%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,292	−0.068%	$5.51B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,223.2	−0.149%	$36.3M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,218.8	−0.154%	$154.2M	$561.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,112.3	−0.279%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.285%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.301%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,277.8	−0.085%	$30.1M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,350.4	0.000%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,290	−0.071%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,290.6	−0.070%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,306.8	−0.051%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,348.2	−0.003%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,204.5	−0.171%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	−0.292%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,223	−0.149%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,219	−0.154%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,265	−0.100%	$45.1M	$239.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,298.2	−0.061%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,285.8	−0.076%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,295.1	−0.065%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,273	−0.091%	$11.5M	$743.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,223.3	−0.149%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	−0.139%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,317.8	−0.038%	$8.7M	$43.2M	25x	as long as short