Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.036%

Price spread now: Hibachi against Paradex−0.012%7-day average +0.030% · 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−$23as in the Price arb table

costs, in and out, $10k−$190.188% of the position

Long on Paradex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.121%+$12 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.012%, 7d avg +0.030%

Together, before fees+0.153%+ Points / potential airdropParadex: Active · Hibachi: Active · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.041% cheaper against Paradex than usual: you would sell low and buy high (spread −0.012% now, against its 7-day average of +0.030%). If the spread goes back, that is −$4 on $10k: about 2.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,371.3	0.0100	pay 0.0100% / 8h	7h 48m	$4.7M	$8.5M	50x
Short	Hibachi BTC/USDT-P	86,361.2	0.0160	get 0.0020% / 1h	48m 06s	$710K	$8.0M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.012%Rate

Funding earned: $12.61
Price spread: −0.012% → +0.030%: −$4.14
Slippage, 4 orders: −$5.83
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$10.36
Costs to cover: 0.188%
Break-even: 12.7 days

Slippage from Paradex: live order book, 1 min ago; Hibachi: live order book, 1 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 Paradex live order book, 1 min ago	1.95 bp	3.9 bp −$4	3.9 bp −$39	doesn't fit	doesn't fit
Sell Hibachi live order book, 1 min ago	0.01 bp	6.4 bp −$6	7.6 bp −$76	68.1 bp −$6,813	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	−0.0129%	1h	86,441	+0.081%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,315	−0.065%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,326.4	−0.052%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,349.1	−0.026%	$481K	$22.0M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,345	−0.030%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0007%	1h	86,348.4	−0.027%	$902.7M	$1.51B	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,325.5	−0.053%	$500.7M	$1.15B	200x	as long as short
dYdX BTC-USD	+0.0016%	1h	86,346.1	−0.029%	$16.9M	$20.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.283%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	86,317.7	−0.062%	$829.5M	$723.9M	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	+0.0041%	1h	86,315.1	−0.065%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0047%	8h	86,332.1	−0.045%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,325.6	−0.053%	$8.2M	$42.8M	25x	as long as short
Bitget BTCUSDT	+0.0060%	8h	86,325.5	−0.053%	$2.97B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,531.4	+0.185%	$2.5M	$1.5M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,320.7	−0.059%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,319.5	−0.060%	$9.41B	$24.51B	150x	as long as short
ApeX Omni BTCUSDT	+0.0088%	1h	86,304.8	−0.077%	$141.4M	$323.2M	100x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,325	−0.054%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,329.7	−0.048%	$170.0M	$982.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,331.4	−0.046%	$23.7M	$148.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,431.6	+0.070%	$216.9M	$167.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,319	−0.061%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,300	−0.083%	$205K	$7.1M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,371.3	long leg	$4.7M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,333.4	−0.044%	$22.0M	$232.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,396	+0.029%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,364.5	−0.008%	$40.7M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,327.8	−0.050%	$5.26B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,334.2	−0.043%	$2.56B	$12.63B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,330	−0.048%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,347.9	−0.027%	$7.3M	$95.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,326.5	−0.052%	$5.81B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,320.7	−0.059%	$37.3M	$155.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,309.8	−0.071%	$157.9M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,419.2	+0.055%	$279.1M	$949.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,317.3	−0.063%	$30.6M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,363.6	−0.009%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,313	−0.068%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,320	−0.059%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,329.1	−0.049%	$2.5M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,354.8	−0.019%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,354.3	−0.020%	$30.4M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,318.4	−0.061%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,313.3	−0.067%	$2.29B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,328.5	−0.050%	$153.3M	$478.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.041%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,310.9	−0.070%	$45.9M	$224.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,340.3	−0.036%	—	$99.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,353.1	−0.021%	$132.4M	$5.56B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,344.5	−0.031%	$191.9M	$951.4M	100x	as long as short
Hibachi BTC/USDT-Pshort	+0.0160%	1h	86,361.2	−0.012%	$710K	$8.0M	30x
Aftermath Perps BTCUSD	+0.0163%	1h	86,395.2	+0.028%	$77K	$221K	20x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,345.4	−0.030%	$414.9M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0215%	1h	86,331.4	−0.046%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,356	−0.018%	$9.8M	$761.2M	6.4x	as long as short