Funding arb · Price arb /

NET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0617%/8h= −67.6% APRpaid last 24h −0.166%

Price spread now: Paragon against edgeX+0.249%7-day average −0.144% · you sell dearer than you buy

Net, funding: paid 7d − costs−$239as in the Funding arb table

Net, price: spread back to 7d avg − costs−$205as in the Price arb table

costs, in and out, $10k−$2442.442% of the position

Long on edgeX Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.301%−$30 · spread now +0.249%, 7d avg −0.144%

Together, before fees−0.250%+ Points / potential airdropedgeX: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paragon is 0.393% dearer against edgeX than usual: you sell high and buy low (spread +0.249% now, against its 7-day average of −0.144%): +$39 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 2.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.052%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.052% in total (about 2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX NETUSDC	352.27	0.0489	pay 0.0245% / 4h	1h 27m	$37K	$333K	10x
Short	Paragon para:NET	353.15	−0.0127	pay 0.0016% / 1h	27m 23s	$202K	$55K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against edgeX. 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 edgeXbpFee ParagonbpOrdersPrice spread, now +0.249%Rate

Funding earned: −$129.55
Price spread: +0.249% → −0.144%: $39.32
Slippage, 4 orders: −$225.16
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$334.39
Costs to cover: 2.442%
Break-even: never at this rate

Slippage from edgeX: live order book, 19 min ago; Paragon: live order book, 11 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 edgeX live order book, 19 min ago	8.21 bp	19.7 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Paragon live order book, 11 min ago	82.88 bp	89.4 bp −$89	130.2 bp −$1,302	doesn't fit	doesn't fit

NET on 10 exchanges

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
Paragon para:NETshort	−0.0127%	1h	353.15	+0.249%	$202K	$55K	10x
Binance NETUSDT	0.0000%	8h	352.57	+0.084%	$366K	$808K	20x	as long as short
Bybit NETUSDT	0.0000%	8h	353.04	+0.218%	$390K	$114K	25x	as long as short
OKX NET-USDT-SWAP	0.0000%	8h	352.11	−0.046%	$174K	$97K	20x	as long as short
Gate NET_USDT	0.0000%	8h	352.30	+0.008%	$40K	$4K	20x	as long as short
Bitget NETUSDT	0.0000%	8h	352.56	+0.081%	$223K	$635K	20x	as long as short
HTX NET-USDT	0.0000%	8h	352.41	+0.039%	$9K	$355K	20x	as long as short
tradeXYZ xyz:NET	+0.0309%	1h	353.23	+0.272%	$384K	$193K	10x	as long as short
edgeX NETUSDClong	+0.0489%	4h	352.27	long leg	$37K	$333K	10x
Phoenix NET	+0.0497%	1h	352.20	−0.021%	$164	$71K	10x	as long as short