Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Paradex against Extended+0.108%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$100.098% of the position

Long on Extended Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days−0.095%−$10 · spread now +0.108%, 7d avg +0.046%

Together, before fees−0.096%+ Points / potential airdropExtended: Active · Paradex: Active · farm board−$10 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: Paradex is 0.061% dearer against Extended than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended BTC-USD	85,593	0.0104	pay 0.0013% / 1h	46m 20s	$44.8M	$231.4M	50x
Short	Paradex BTC-USD-PERP	85,685.3	0.0100	get 0.0100% / 8h	3h 46m	$5.6M	$9.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Extended. 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 ExtendedbpFee ParadexbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$0.86
Price spread: +0.108% → +0.046%: $6.13
Slippage, 4 orders: −$0.78
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$4.5
Costs to cover: 0.098%
Break-even: never at this rate

Slippage from Extended: live order book, 3 min ago; Paradex: 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 Extended live order book, 3 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.6 bp −$260	8.5 bp −$4,243
Sell Paradex live order book, 3 min ago	0.09 bp	2.6 bp −$3	3.8 bp −$38	186.2 bp −$18.6K	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 BTC	−0.0140%	1h	85,589	−0.005%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,642	+0.057%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,615.2	+0.026%	$917.0M	$756.2M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,603.7	+0.012%	$418.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,632.8	+0.046%	$366K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0006%	1h	85,622.5	+0.034%	$24.8M	$222.6M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,631.4	+0.045%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,641.5	+0.057%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	85,618	+0.029%	$515.6M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0017%	1h	85,654	+0.071%	$883.9M	$1.59B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.113%	$340K	$26.9M	52x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,632.3	+0.046%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,602.3	+0.011%	$148.7M	$491.1M	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	85,606	+0.015%	$60.0M	$336.1M	40x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,632.2	+0.046%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0093%	1h	85,632.2	+0.046%	$6.6M	$147.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,631.4	+0.045%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,641.5	+0.057%	$24.0M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,615	+0.026%	$8.7M	$54.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,613.9	+0.024%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,600	+0.008%	$204K	$8.2M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,685.3	+0.108%	$5.6M	$9.3M	50x
Pacifica BTC	+0.0100%	1h	85,657.8	+0.076%	$40.6M	$584.8M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,630.4	+0.044%	$9.42B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,627.5	+0.040%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,638.8	+0.053%	$2.59B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,618	+0.029%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,610.3	+0.020%	$4.4M	$98.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,635	+0.049%	$5.54B	$10.76B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,629	+0.042%	$5.07B	$5.64B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,599.9	+0.008%	$36.1M	$177.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,614	+0.024%	$153.6M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,574.2	−0.022%	$279.5M	$926.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,585.1	−0.009%	$215.0M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,584.8	−0.010%	$139.9M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,627.5	+0.040%	$30.3M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,684.6	+0.107%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,632	+0.046%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,633.1	+0.047%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,627.7	+0.040%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,679.7	+0.101%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,616.9	+0.028%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,608.7	+0.018%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,602	+0.010%	$2.27B	$946.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.084%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USDlong	+0.0104%	1h	85,593	long leg	$44.8M	$231.4M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,617.4	+0.028%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,644	+0.060%	$117.1M	$5.22B	50x	as long as short
Hyperliquid BTC	+0.0104%	1h	85,717	+0.145%	$3.79B	$5.02B	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,621.2	+0.033%	$188.0M	$956.2M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,652.9	+0.070%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,639.7	+0.055%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,662	+0.081%	$12.0M	$756.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0234%	1h	85,662.4	+0.081%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,666.9	+0.086%	$697K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,622	+0.034%	$502K	$18.8M	6.7x	as long as short