Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0098%/8h= −10.8% APRpaid last 24h −0.031%

Price spread now: dYdX against Paradex−0.069%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−$32as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on Paradex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.107%−$11 on $10k

Price spread, last 7 days+0.101%+$10 · spread now −0.069%, 7d avg −0.014%

Together, before fees−0.006%+ Points / potential airdropParadex: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.055% cheaper against Paradex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,445.8	0.0100	pay 0.0100% / 8h	2h 14m	$5.8M	$9.6M	50x
Short	dYdX BTC-USD	85,386.9	0.0002	get 0.0000% / 1h	14m 54s	$16.7M	$21.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$20.63
Price spread: −0.069% → −0.014%: −$5.48
Slippage, 4 orders: −$12.49
Fee Paradex: 2 bp × 2 orders: −$4
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$52.61
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from Paradex: live order book, 4 min ago; dYdX: 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	0.90 bp	2.9 bp −$3	2.9 bp −$29	doesn't fit	doesn't fit
Sell dYdX live order book, 4 min ago	2.64 bp	7.6 bp −$8	7.6 bp −$76	10.6 bp −$1,063	42.8 bp −$21.4K

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
Perpl BTC	−0.0112%	43m	85,396.2	−0.058%	$526K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,391	−0.064%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,415	−0.036%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,378.8	−0.078%	$923.3M	$765.1M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,388.6	−0.067%	$419.8M	$682.0M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,383.9	−0.072%	$513.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,406	−0.047%	$354K	$2.4M	50x	as long as short
dYdX BTC-USDshort	+0.0002%	1h	85,386.9	−0.069%	$16.7M	$21.4M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,395.8	−0.059%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.113%	$339K	$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	+0.0041%	1h	85,384.2	−0.072%	$24.8M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,408.3	−0.044%	$187.4M	$955.1M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,375.4	−0.082%	—	$17.5M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,384.4	−0.072%	$147.9M	$505.6M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,389.7	−0.066%	$2.95B	$5.16B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,383.6	−0.073%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,397.7	−0.056%	$5.05B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,397	−0.057%	$9.45B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,399.4	−0.054%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,404.6	−0.048%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	−0.058%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,425.8	−0.023%	$117.1M	$5.42B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,370	−0.089%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,445.8	long leg	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,474	+0.033%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,423.3	−0.026%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,393.5	−0.061%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,398	−0.056%	$2.58B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,386	−0.070%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,403.1	−0.050%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.330%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,389.1	−0.066%	$5.50B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,386.3	−0.070%	$36.3M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,365.9	−0.094%	$154.5M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,351.5	−0.110%	$279.6M	$950.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,345.8	−0.117%	$214.4M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,371.5	−0.087%	$139.6M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.6	−0.096%	$30.1M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,459	+0.015%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,387	−0.069%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,388.5	−0.067%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,392.7	−0.062%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,434.4	−0.013%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,365.1	−0.094%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,375.3	−0.083%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,390	−0.065%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,382.4	−0.074%	$2.26B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,366.9	−0.092%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,395.9	−0.058%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,378.5	−0.079%	$6.6M	$147.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,431.2	−0.017%	$866.8M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,390.7	−0.065%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	85,413	−0.038%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,329.9	−0.136%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,419.4	−0.031%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,420.2	−0.030%	$8.7M	$43.3M	25x	as long as short