Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.044%

Price spread now: Jupiter Perps against Paradex−0.009%7-day average −0.016% · you buy dearer than you sell

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

Long on Paradex Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.138%−$14 on $10k

Price spread, last 3 days (all we have)−0.033%−$3 · spread now −0.009%, 7d avg −0.016%

Together, before fees−0.171%+ Points / potential airdropParadex: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,586.6	0.0100	pay 0.0100% / 8h	1h 21m	$4.8M	$8.5M	50x
Short	Jupiter Perps WBTC-PERP	86,578.5	L +0.0104% / S +0.0048%	pay 0.0006% / 1h	21m 21s	—	$98.7M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps against Paradex. 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 ParadexbpFee Jupiter PerpsbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$31.05
Price spread: −0.009% → −0.016%: $0.68
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$46.37
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 3 min ago; Jupiter Perps: no order-book sample. 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 Paradex live order book, 3 min ago	0.75 bp	2.7 bp −$3	2.7 bp −$27	doesn't fit	doesn't fit
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: 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
Bluefin BTC-PERP	−0.0933%	1h	86,547.7	−0.045%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,503	−0.097%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,549	−0.043%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0013%	1h	86,523.3	−0.073%	$82K	$217K	20x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,521.8	−0.075%	$504.6M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,550.8	−0.041%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,544.6	−0.048%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,562.3	−0.028%	$921.1M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,526.7	−0.069%	$852.3M	$711.3M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,541	−0.053%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,546.4	−0.046%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,558.5	−0.032%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,502	−0.098%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.032%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,519.8	−0.077%	$149.8M	$476.6M	150x	as long as short
BingX BTC-USDT	+0.0035%	8h	86,528.2	−0.067%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0045%	8h	86,529.4	−0.066%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0062%	8h	86,517.7	−0.080%	$5.13B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0063%	8h	86,534.3	−0.060%	$9.43B	$24.42B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,531.8	−0.063%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,528.1	−0.068%	$5.85B	$10.72B	200x	as long as short
Hibachi BTC/USDT-P	+0.0080%	1h	86,530.7	−0.065%	$717K	$8.2M	30x	as long as short
Bybit BTCUSDT	+0.0091%	8h	86,532.2	−0.063%	$5.26B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,577.1	−0.011%	$171.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,579.5	−0.008%	$24.1M	$152.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,535	−0.060%	$8.5M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,528	−0.068%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,586.6	long leg	$4.8M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,550	−0.042%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,591	+0.005%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,591.8	+0.006%	$40.8M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,534.7	−0.060%	$2.54B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,562	−0.028%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,624.1	+0.043%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.280%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,528.8	−0.067%	$37.9M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,374.3	−0.245%	$155.6M	$566.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,398.5	−0.217%	$279.2M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.6	−0.118%	$217.1M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.3	−0.141%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483.3	−0.119%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,567.2	−0.022%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,514	−0.084%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,528	−0.068%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,540.3	−0.053%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,525.9	−0.070%	$30.3M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,489.1	−0.113%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,531	−0.064%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,509.4	−0.089%	$2.30B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,515.4	−0.082%	$45.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0048%	1h	86,578.5	−0.009%	—	$98.7M	500x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,567.6	−0.022%	$132.0M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,553.9	−0.038%	$191.5M	$944.0M	100x	as long as short
BloFin BTC-USDT	+0.0183%	8h	86,489.1	−0.113%	$415.7M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0184% / S −0.0211%	1h	86,537	−0.057%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0197%	8h	86,523	−0.073%	$9.7M	$733.3M	6.4x	as long as short