Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0210%/8h= −23.0% APRpaid last 24h −0.038%

Price spread now: Phoenix against Paradex−0.209%7-day average +0.039% · 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−$38as in the Price arb table

costs, in and out, $10k−$130.134% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.114%−$11 on $10k

Price spread, last 7 days+0.245%+$25 · spread now −0.209%, 7d avg +0.039%

Together, before fees+0.131%+ Points / potential airdropParadex: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.248% cheaper against Paradex than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,312.2	0.0100	pay 0.0100% / 8h	2h 21m	$5.8M	$9.6M	50x
Short	Phoenix BTC	85,134	−0.0111	pay 0.0014% / 1h	21m 11s	$2.1M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.209%Rate

Funding earned: −$44.19
Price spread: −0.209% → +0.039%: −$24.78
Slippage, 4 orders: −$2.35
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$82.32
Costs to cover: 0.134%
Break-even: never at this rate

Slippage from Paradex: live order book, 3 min ago; Phoenix: live order book, 3 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, 3 min ago	0.07 bp	2.1 bp −$2	2.1 bp −$21	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	6.9 bp −$69	12.9 bp −$1,294	doesn't fit

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	85,249.9	−0.073%	$524K	$18.4M	6.7x	as long as short
Phoenix BTCshort	−0.0111%	1h	85,134	−0.209%	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,272	−0.047%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,238	−0.087%	$922.6M	$764.2M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,226.9	−0.100%	$419.4M	$680.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,292.3	−0.023%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,221.6	−0.106%	$512.1M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,252	−0.071%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,249.2	−0.074%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.102%	$338K	$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	+0.0035%	1h	85,254.5	−0.068%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,235	−0.090%	$187.1M	$953.3M	100x	as long as short
BingX BTC-USDT	+0.0068%	8h	85,254.1	−0.068%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0075%	1h	85,257.1	−0.065%	$867.0M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,225.3	−0.102%	$147.3M	$505.4M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,219.2	−0.109%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,250.5	−0.072%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,249	−0.074%	$2.95B	$5.16B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,233.5	−0.092%	$9.42B	$24.82B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,235.6	−0.090%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,242.7	−0.081%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	−0.034%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,260.8	−0.060%	$116.9M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,248	−0.075%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,312.2	long leg	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,330	+0.021%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,283	−0.034%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,227.5	−0.099%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,259.9	−0.061%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,273	−0.046%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,281.3	−0.036%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.174%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,250	−0.073%	$5.51B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,223.2	−0.104%	$36.3M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.270%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,112.3	−0.234%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.240%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.256%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,186.1	−0.148%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,327.9	+0.018%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	−0.052%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,259	−0.062%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,230.1	−0.096%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,269.2	−0.050%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,204.5	−0.126%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	−0.247%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,223	−0.105%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,219	−0.109%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,193.6	−0.139%	$45.2M	$239.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,281.5	−0.036%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,260	−0.061%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,248	−0.075%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,273	−0.046%	$11.5M	$743.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,197.4	−0.135%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	−0.094%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,294.4	−0.021%	$8.7M	$43.2M	25x	as long as short