Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Ondo Perps against Paradex−0.065%7-day average +0.001% · you buy dearer than you sell

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

Long on Paradex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%+$1 on $10k

Price spread, last 7 days−0.075%−$8 · spread now −0.065%, 7d avg +0.001%

Together, before fees−0.070%+ Points / potential airdropParadex: Active · Ondo Perps: Active · farm board−$7 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: Ondo Perps is 0.066% cheaper against Paradex than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,562.9	0.0100	pay 0.0100% / 8h	4h 25m	$4.8M	$8.9M	50x
Short	Ondo Perps BTC-USD.P	85,507	0.0100	get 0.0013% / 1h	25m 14s	$3.8M	$18.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.065%Rate

Funding earned: $0.04
Price spread: −0.065% → +0.001%: −$6.59
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$15.55
Costs to cover: 0.090%
Break-even: 3074.6 days

Slippage unknown: Paradex: live order book, 4 min ago; Ondo 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, 4 min ago	0.42 bp	2.4 bp −$2	2.4 bp −$24	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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
Phoenix BTC	−0.0179%	1h	85,485	−0.091%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,485	−0.091%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,510.9	−0.061%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,505.5	−0.067%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0018%	8h	85,489.7	−0.086%	$921.6M	$750.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,526.9	−0.042%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,500	−0.073%	$515.4M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0016%	1h	85,497.7	−0.076%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,482.3	−0.094%	$4.9M	$97.9M	40x	as long as short
Nado BTC-PERP	+0.0025%	1h	85,492.8	−0.082%	$25.2M	$222.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,518.6	−0.052%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,505.4	−0.067%	$147.6M	$487.3M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,521.2	−0.049%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0082%	1h	85,509.2	−0.063%	$6.7M	$146.8M	40x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,517.2	−0.053%	$5.05B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,521.6	−0.048%	$9.36B	$24.13B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,518.3	−0.052%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,515.8	−0.055%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,517	−0.054%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,513.9	−0.057%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,482	−0.095%	$211K	$8.1M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,562.9	long leg	$4.8M	$8.9M	50x
Hyperliquid BTC	+0.0100%	1h	85,589	+0.031%	$3.74B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,532.8	−0.035%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,512.9	−0.058%	$5.21B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,532.9	−0.035%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,507	−0.065%	$3.8M	$18.2M	25x
Gate BTC_USDT	+0.0100%	8h	85,526.3	−0.043%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,492.5	−0.082%	$35.6M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.125%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,449	−0.133%	$279.2M	$919.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.134%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,461	−0.119%	$139.8M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,491.4	−0.084%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,560.4	−0.003%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,509	−0.063%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517.1	−0.054%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,517.7	−0.053%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,562.6	0.000%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,513.1	−0.058%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,498	−0.076%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,522	−0.048%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,505.8	−0.067%	$2.26B	$942.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,369.3	−0.226%	$653.8M	$618.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,495.5	−0.079%	$44.7M	$230.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,528.5	−0.040%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,559.6	−0.004%	$117.1M	$5.18B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0138%	1h	85,560.6	−0.003%	$884.2M	$1.56B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.103%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,535.9	−0.032%	$187.6M	$955.0M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,532.6	−0.035%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,520.1	−0.050%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,523.6	−0.046%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,509.7	−0.062%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,525	−0.044%	$10.4M	$756.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,523.6	−0.046%	$501K	$18.8M	6.7x	as long as short