Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.042%

Price spread now: Perpl against Paradex+0.012%45s7-day average +0.007% · you sell dearer than you buy

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

Long on Paradex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.078%+$8 on $10k

Price spread, last 7 days+0.014%+$1 · spread now +0.012%, 7d avg +0.007%

Together, before fees+0.092%+ Points / potential airdropParadex: Active · Perpl: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.078%, so the current rate has only just turned against you. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,659.7	0.0100	pay 0.0100% / 8h	1h 38m	$4.8M	$8.4M	50x
Short	Perpl BTC	86,669.8	0	get 0.0000% / 43m	8m 36s	$419K	$23.9M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$20.97
Price spread: +0.012% → +0.007%: $0.51
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$38.26
Costs to cover: 0.178%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 1 min ago; Perpl: 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, 1 min ago	0.97 bp	3.0 bp −$3	3.0 bp −$30	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.0874%	1h	86,654.1	−0.006%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0163%	1h	86,650.5	−0.011%	$83K	$206K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,688	+0.033%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,615	−0.052%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,628.7	−0.036%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,659.3	0.000%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,647.8	−0.014%	$505.6M	$1.15B	200x	as long as short
Perpl BTCshort	0.0000%	43m	86,669.8	+0.012%	$419K	$23.9M	6.7x
KuCoin XBTUSDTM	+0.0001%	8h	86,599.8	−0.069%	$851.8M	$707.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,657.7	−0.002%	$36.9M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0005%	1h	86,672.4	+0.015%	$925.6M	$1.47B	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,639.3	−0.023%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,631.6	−0.032%	$6.7M	$144.8M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,634.4	−0.029%	$150.1M	$473.5M	150x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.116%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,628.5	−0.036%	—	$1.59B	—	as long as short
Hibachi BTC/USDT-P	+0.0032%	1h	86,713.3	+0.062%	$733K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,630.6	−0.034%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,619	−0.047%	$5.19B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,654.1	−0.006%	$9.43B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,625.1	−0.040%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,630.1	−0.034%	$5.86B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,660.2	+0.001%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,628.3	−0.036%	$172.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,628.5	−0.036%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,654	−0.007%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,617	−0.049%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,659.7	long leg	$4.8M	$8.4M	50x
Nado BTC-PERP	+0.0100%	1h	86,637	−0.026%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,705	+0.052%	$3.82B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650	−0.011%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,658.5	−0.001%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,623	−0.042%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,701.3	+0.048%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.050%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,633.8	−0.030%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.042%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,683.8	+0.028%	$280.1M	$943.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.9	+0.026%	$217.5M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,693.4	+0.039%	$141.7M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,679.7	+0.023%	$30.8M	$203.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,700.9	+0.048%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,635	−0.028%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,634.2	−0.029%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,639.4	−0.023%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,633.7	−0.030%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,629.4	−0.035%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,634	−0.030%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,630.5	−0.034%	$2.30B	$964.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,613.9	−0.053%	$46.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,673.1	+0.016%	—	$98.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,686	+0.030%	$131.7M	$5.72B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,675.7	+0.019%	$191.8M	$936.8M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,647.2	−0.014%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,634.4	−0.029%	$415.3M	$652.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	86,676	+0.019%	$9.6M	$727.5M	6.4x	as long as short