Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.027%

Price spread now: GMX against Paradex−0.063%7-day average +0.005% · you buy dearer than you sell

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

Long on Paradex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.063%, 7d avg +0.005%

Together, before fees+0.133%+ Points / potential airdropParadex: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.068% cheaper against Paradex than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of +0.005%). If the spread goes back, that is −$7 on $10k: about 34 hours of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.069% in total) that is about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,924.3	0.0100	pay 0.0100% / 8h	4h 45m	$5.9M	$7.2M	50x
Short	GMX BTC/USD [WBTC.b-USDC]	85,869.9	L +0.0212% / S −0.0259%	get 0.0032% / 1h	45m 30s	$15.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $33.35
Price spread: −0.063% → +0.005%: −$6.8
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $10.55
Costs to cover: 0.160%
Break-even: 4.8 days

Slippage unknown: Paradex: live order book, 2 min ago; GMX: no order-book sample. 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 Paradex live order book, 2 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 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
Phoenix BTC	−0.0150%	1h	85,888	−0.042%	$2.1M	$7.7M	40x	as long as short
Perpl BTC	−0.0112%	43m	85,889.4	−0.041%	$472K	$13.5M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,930	+0.007%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0045%	8h	85,912.5	−0.014%	$424.3M	$550.5M	150x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,907.4	−0.020%	$369K	$1.8M	50x	as long as short
SoDEX BTC-USD	−0.0006%	1h	85,849	−0.088%	$65.8M	$186.9M	40x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	85,852.8	−0.083%	$137.7M	$288.5M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,880.6	−0.051%	$16.8M	$13.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	85,783	−0.164%	$321K	$28.3M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,858.5	−0.077%	$36.9M	—	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0015%	8h	85,903.2	−0.025%	$511.3M	$829.6M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0019%	1h	85,872.3	−0.061%	$192.7M	$739.0M	100x	as long as short
Popdex BTCUSDT	+0.0040%	1h	85,919	−0.006%	$8.6M	$45.6M	100x	as long as short
BingX BTC-USDC	+0.0047%	8h	85,885.4	−0.045%	—	$16.1M	—	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,887.4	−0.043%	$942.1M	$635.6M	125x	as long as short
Bybit BTCUSDT	+0.0062%	8h	85,930.7	+0.007%	$5.14B	$7.98B	150x	as long as short
Phemex BTCUSDT	+0.0064%	8h	85,860.4	−0.074%	$170.8M	$474.9M	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	85,828.4	−0.112%	$2.4M	$6.8M	20x	as long as short
MEXC BTC_USDT	+0.0074%	8h	85,892	−0.038%	$5.16B	$4.71B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	85,914.6	−0.011%	$9.41B	$20.01B	150x	as long as short
Gate BTC_USDT	+0.0078%	8h	85,911.5	−0.015%	$5.51B	$8.78B	200x	as long as short
HTX BTC-USDT	+0.0084%	8h	85,841.1	−0.097%	$2.27B	$759.3M	200x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,928.6	+0.005%	$3.00B	$3.84B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,909.9	−0.017%	$173.4M	$836.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,903.5	−0.024%	$23.8M	$117.1M	50x	as long as short
Bullet BTC-USD	+0.0097%	1h	85,861	−0.074%	$218K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0099%	1h	85,920.5	−0.005%	$23.6M	$189.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,886	−0.045%	$230K	$8.1M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,924.3	long leg	$5.9M	$7.2M	50x
Pacifica BTC	+0.0100%	1h	85,932.8	+0.010%	$40.1M	$569.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,939.9	+0.018%	$2.63B	$9.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,892	−0.038%	$4.0M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,908.8	−0.018%	$4.8M	$91.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,866.1	−0.068%	$38.2M	$196.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,817.7	−0.124%	$156.6M	$473.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,791.9	−0.154%	$289.4M	$734.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,938	+0.016%	$215.9M	$133.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,933.8	+0.011%	$30.2M	$227.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,997	+0.085%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,917	−0.009%	$11.0M	$12.1M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,830.9	−0.109%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,861.9	−0.073%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,893.2	−0.036%	$29.0M	$44.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,868.1	−0.065%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,951.1	+0.031%	$715.0M	$86.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,880.3	−0.051%	$47.3M	$190.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,881.5	−0.050%	—	$79.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	85,895.6	−0.033%	$112.0M	$4.95B	50x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	85,906	−0.021%	$13.3M	$739.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	85,938.4	+0.016%	$9.0M	$35.3M	25x	as long as short
Reya BTCRUSDPERP	+0.0173%	1h	85,912	−0.014%	$6.6M	$124.8M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0212% / S −0.0259%	1h	85,869.9	−0.063%	$15.8M	—	200x
Hyperliquid BTC	+0.0212%	1h	85,989	+0.075%	$3.96B	$4.17B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0222%	1h	85,895.8	−0.033%	$818.9M	$1.49B	50x	as long as short
Hibachi BTC/USDT-P	+0.0296%	1h	85,955.6	+0.036%	$703K	$6.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0306%	1h	85,898.8	−0.030%	$79K	$228K	20x	as long as short