Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.053%

Price spread now: Paradex against Hotstuff+0.088%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · Paradex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Paradex is 0.088% dearer against Hotstuff than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,215	−0.0080	get 0.0010% / 1h	13m 47s	$8K	$3K	50x
Short	Paradex BTC-USD-PERP	85,289.8	0.0100	get 0.0100% / 8h	13m 47s	$5.8M	$9.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hotstuff. 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 HotstuffbpFee ParadexbpOrdersPrice spread, now +0.088%Rate

Funding earned: $37.8
Price spread: +0.088% → 0.000%: $8.78
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Paradex: 2 bp × 2 orders: −$4
Net: $37.58
Costs to cover: 0.090%
Break-even: 0.0 days

Slippage unknown: Hotstuff: no order-book sample; Paradex: live order book, just now. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Paradex live order book, just now	0.28 bp	2.3 bp −$2	2.3 bp −$23	172.6 bp −$17.3K	doesn't fit

Hotstuff: 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
Hotstuff BTC-PERPlong	−0.0080%	1h	85,215	long leg	$8K	$3K	50x
Phoenix BTC	−0.0034%	1h	85,263	+0.056%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,190.7	−0.029%	$421.1M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0012%	8h	85,287	+0.085%	$927.7M	$777.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	+0.041%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,273.2	+0.068%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,272	+0.067%	$509.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,277.8	+0.074%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,293.7	+0.092%	$185.8M	$954.6M	100x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,286.5	+0.084%	—	$1.58B	—	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	+0.0067%	1h	85,331	+0.136%	$311K	$25.5M	52x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,274.1	+0.069%	$5.09B	$10.04B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	+0.031%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,199.8	−0.018%	$24.0M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,288.6	+0.086%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,283.4	+0.080%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,230	+0.018%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,264.5	+0.058%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,306.9	+0.108%	$836.0M	$1.67B	50x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,270.9	+0.066%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.008%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,289.8	+0.088%	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,362	+0.173%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,260	+0.053%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,277.4	+0.073%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,277.9	+0.074%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,233	+0.021%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,247.2	+0.038%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,289.5	+0.087%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,296.8	+0.096%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,286.5	+0.084%	$36.9M	$189.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.040%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,195.5	−0.023%	$282.5M	$959.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	+0.034%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,210.2	−0.006%	$30.0M	$212.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,311.6	+0.113%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,253	+0.045%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,258	+0.050%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,278.8	+0.075%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,315.5	+0.118%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,286.9	+0.084%	$29.0M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,182.1	−0.039%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,272	+0.067%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,258	+0.050%	$2.25B	$973.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,276.7	+0.072%	$159.0M	$516.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.029%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,272.4	+0.067%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,279	+0.075%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,314.7	+0.117%	$111.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,177.4	−0.044%	$6.6M	$142.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,259	+0.052%	$12.1M	$737.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,254.6	+0.046%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	−0.022%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,239.3	+0.029%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,250.5	+0.042%	$81K	$245K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,247.2	+0.038%	$465K	$18.3M	6.7x	as long as short