Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.020%

Price spread now: Paradex against Phoenix−0.131%46s7-day average −0.044% · 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—prices read too far apart to compare

costs, in and out, $10k−$140.135% of the position

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.104%+$10 on $10k

Price spread, last 7 days+0.099%+$10 · spread now −0.131%, 7d avg −0.044%

Together, before fees+0.203%+ Points / potential airdropParadex: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paradex is 0.087% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.131% now, against its 7-day average of −0.044%). If the spread goes back, that is −$9 on $10k: about 30 hours of funding at the current rate (+$7 a day). At the pace of the last 4 days (+0.104% in total) that is about 3.1 days. The two prices were read 46 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	Phoenix BTC	86,372	−0.0129	get 0.0016% / 1h	12m 07s	$2.2M	$11.2M	40x
Short	Paradex BTC-USD-PERP	86,259.2	0.0100	get 0.0100% / 8h	7h 12m	$4.2M	$8.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Phoenix. 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 PhoenixbpFee ParadexbpOrdersPrice spread, now −0.131%Rate

Funding earned: $48.16
Price spread: −0.131% → −0.044%: −$8.7
Slippage, 4 orders: −$2.51
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $25.95
Costs to cover: 0.135%
Break-even: 3.2 days

Slippage from Phoenix: live order book, 2 min ago; Paradex: live order book, 2 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 Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,201	doesn't fit
Sell Paradex live order book, 2 min ago	1.08 bp	3.1 bp −$3	3.1 bp −$31	doesn't fit	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
Phoenix BTClong	−0.0129%	1h	86,372	long leg	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,228	−0.167%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,205.4	−0.193%	$363K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0004%	1h	86,236.3	−0.157%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,214.1	−0.183%	$568K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,229.9	−0.165%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	−0.008%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,269.4	−0.119%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,211.5	−0.186%	$499.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,209.1	−0.189%	$829.5M	$716.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,189	−0.212%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,189.4	−0.211%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,209.9	−0.188%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,205.8	−0.192%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,211	−0.186%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,200.5	−0.199%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,207	−0.191%	$5.12B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	86,199.7	−0.199%	$9.39B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,219.2	−0.177%	$5.76B	$10.62B	200x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,188.4	−0.213%	$2.29B	$959.4M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,230.6	−0.164%	$170.3M	$992.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,230	−0.164%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,215	−0.182%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,180	−0.222%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	86,259.2	−0.131%	$4.2M	$8.6M	50x
Nado BTC-PERP	+0.0100%	1h	86,251.9	−0.139%	$22.0M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,281	−0.105%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,261.8	−0.128%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,214.4	−0.182%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,219	−0.177%	$2.56B	$12.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,207	−0.191%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.8	−0.172%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.262%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,194.9	−0.205%	$35.5M	$161.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.169%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.136%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	−0.092%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	−0.095%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,270	−0.118%	$30.6M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,265.7	−0.123%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,206	−0.192%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,213.4	−0.184%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,208.6	−0.189%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,228.7	−0.166%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,181.2	−0.221%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,228	−0.167%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,191.6	−0.209%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,272.7	−0.115%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,250	−0.141%	$132.2M	$5.29B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,238.8	−0.154%	$191.8M	$948.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,299.4	−0.084%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,298.3	−0.085%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0180%	1h	86,259.7	−0.130%	$902.3M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,271.5	−0.116%	$415.8M	$641.8M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,258	−0.132%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,227.5	−0.167%	$14.5M	—	200x	as long as short