Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.004%

Price spread now: Kraken Futures against Paradex−0.055%7-day average −0.012% · 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−$21as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.036%−$4 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now −0.055%, 7d avg −0.012%

Together, before fees+0.006%+ Points / potential airdropParadex: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Kraken Futures is 0.043% cheaper against Paradex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,353.8	0.0100	pay 0.0100% / 8h	1h 41m	$5.8M	$9.6M	50x
Short	Kraken Futures PF_XBTUSD	85,306.7	0.0089	get 0.0011% / 1h	41m 35s	$186.4M	$956.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$2.35
Price spread: −0.055% → −0.012%: −$4.28
Slippage, 4 orders: −$2.31
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$22.94
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from Paradex: live order book, 3 min ago; Kraken Futures: 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 Paradex live order book, 3 min ago	1.08 bp	3.1 bp −$3	3.1 bp −$31	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	7.2 bp −$715	9.0 bp −$4,481

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	−0.0082%	1h	85,262	−0.107%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,304	−0.058%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0047%	8h	85,288.1	−0.077%	$928.0M	$773.6M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,312.1	−0.049%	$421.5M	$684.3M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,291.1	−0.073%	$512.6M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,277	−0.090%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,307.9	−0.054%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,278.9	−0.088%	$533K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,305.1	−0.057%	$36.5M	—	200x	as long as short
ApeX Omni BTCUSDT	+0.0042%	1h	85,293.8	−0.070%	$139.5M	$314.4M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0044%	1h	85,299.1	−0.064%	$24.4M	$222.8M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,334	−0.023%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,298.5	−0.065%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0074%	1h	85,334.8	−0.022%	$868.8M	$1.64B	50x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,294.5	−0.069%	$2.96B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0089%	1h	85,306.7	−0.055%	$186.4M	$956.3M	100x
Binance BTCUSDT	+0.0093%	8h	85,292	−0.072%	$9.42B	$24.99B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,292.2	−0.072%	$5.01B	$5.74B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,308	−0.054%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,307.7	−0.054%	$23.6M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,289	−0.076%	$8.4M	$56.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,281.7	−0.084%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0096%	1h	85,268	−0.100%	$59.7M	$336.9M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,265	−0.104%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,353.8	long leg	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,370	+0.019%	$3.74B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,323.4	−0.036%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,292.8	−0.071%	$5.14B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,304.2	−0.058%	$2.59B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,288	−0.077%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,299.1	−0.064%	$5.0M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	−0.088%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,302.6	−0.060%	$5.50B	$10.99B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,270.9	−0.097%	$36.7M	$178.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.4	−0.171%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,231.5	−0.143%	$279.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,259.3	−0.111%	$214.0M	$167.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,326	−0.033%	$30.1M	$204.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,350.9	−0.003%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,287	−0.078%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,286	−0.079%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,294.5	−0.069%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,373.9	+0.024%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,270.8	−0.097%	$29.9M	$47.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,271.6	−0.096%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,269.8	−0.098%	$2.25B	$971.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,301.7	−0.061%	$150.7M	$508.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,274.1	−0.093%	$44.8M	$240.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,321.6	−0.038%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,327.1	−0.031%	$117.1M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0125%	1h	85,278.2	−0.088%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,301.4	−0.061%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,318	−0.042%	$11.6M	$742.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,319.2	−0.041%	$8.7M	$43.1M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	−0.031%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0255%	1h	85,320.4	−0.039%	$79K	$229K	20x	as long as short