Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.028%

Price spread now: Deribit against Paradex+0.001%7-day average +0.022% · 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−$17as in the Price arb table

costs, in and out, $10k−$150.150% of the position

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now +0.001%, 7d avg +0.022%

Together, before fees+0.015%+ Points / potential airdropParadex: Active · farm board+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.022% cheaper against Paradex than usual: you would sell low and buy high (spread +0.001% now, against its 7-day average of +0.022%). If the spread goes back, that is −$2 on $10k: about 22 hours of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.010% in total) that is about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,259.2	0.0100	pay 0.0100% / 8h	7h 12m	$4.2M	$8.6M	50x
Short	Deribit BTC-PERPETUAL	86,259.7	0.0180	get 0.0023% / 1h	12m 18s	$902.3M	$1.51B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.001%Rate

Funding earned: $16.82
Price spread: +0.001% → +0.022%: −$2.16
Slippage, 4 orders: −$3.98
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$0.32
Costs to cover: 0.150%
Break-even: 7.1 days

Slippage from Paradex: live order book, 2 min ago; Deribit: 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	1.08 bp	3.1 bp −$3	3.1 bp −$31	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	0.03 bp	5.3 bp −$5	6.0 bp −$60	9.8 bp −$975	20.9 bp −$10.4K

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	+0.131%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,228	−0.036%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,205.4	−0.062%	$363K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0004%	1h	86,236.3	−0.027%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,214.1	−0.052%	$568K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,229.9	−0.034%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.123%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,269.4	+0.012%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,213.4	−0.053%	$499.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,200	−0.069%	$829.4M	$716.6M	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	+0.0048%	1h	86,189	−0.081%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0052%	8h	86,214.7	−0.052%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,209.9	−0.057%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,212.9	−0.054%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,211	−0.056%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,200.5	−0.068%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,196.7	−0.072%	$5.12B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	86,211	−0.056%	$9.39B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,206.9	−0.061%	$5.76B	$10.62B	200x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,188.4	−0.082%	$2.29B	$959.4M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,230.6	−0.033%	$170.3M	$992.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,230	−0.034%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,215	−0.051%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,180	−0.092%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,259.2	long leg	$4.2M	$8.6M	50x
Nado BTC-PERP	+0.0100%	1h	86,251.9	−0.009%	$22.0M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,272	+0.015%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,261.8	+0.003%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,220.7	−0.045%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,222	−0.043%	$2.56B	$12.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,207	−0.061%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.8	−0.041%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.132%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,235.8	−0.027%	$35.6M	$161.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.038%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.005%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	+0.038%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.036%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,270	+0.013%	$30.6M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,265.7	+0.007%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,206	−0.062%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,213.4	−0.053%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,208.6	−0.059%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,228.7	−0.035%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,181.2	−0.090%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,228	−0.036%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,191.6	−0.078%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,272.7	+0.016%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,250	−0.011%	$132.2M	$5.29B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,238.8	−0.024%	$191.8M	$948.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,299.4	+0.047%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,298.3	+0.045%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUALshort	+0.0180%	1h	86,259.7	+0.001%	$902.3M	$1.51B	50x
BloFin BTC-USDT	+0.0204%	8h	86,271.5	+0.014%	$415.8M	$641.8M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,258	−0.001%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,227.5	−0.037%	$14.5M	—	200x	as long as short