Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0229%/8h= −25.1% APRpaid last 24h −0.020%

Price spread now: Phoenix against Paradex−0.072%106s7-day average +0.044% · 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—prices read too far apart to compare

costs, in and out, $10k−$620.624% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.104%−$10 on $10k

Price spread, last 7 days+0.103%+$10 · spread now −0.072%, 7d avg +0.044%

Together, before fees−0.001%+ Points / potential airdropParadex: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.115% cheaper against Paradex than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.044%). Swap the legs. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,464.9	0.0100	pay 0.0100% / 8h	7h 25m	$4.2M	$8.6M	50x
Short	Phoenix BTC	86,403	−0.0129	pay 0.0016% / 1h	25m 36s	$2.2M	$11.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$48.16
Price spread: −0.072% → +0.044%: −$11.52
Slippage, 4 orders: −$51.37
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$122.04
Costs to cover: 0.624%
Break-even: never at this rate

Slippage from Paradex: live order book, 4 min ago; Phoenix: 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, 4 min ago	16.52 bp	36.6 bp −$37	38.0 bp −$380	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	5.4 bp −$54	12.2 bp −$1,216	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
Bluefin BTC-PERP	−0.0285%	1h	86,515	+0.058%	$144K	$666K	40x	as long as short
Phoenix BTCshort	−0.0129%	1h	86,403	−0.072%	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,423	−0.048%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,466.1	+0.001%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,449.5	−0.018%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.3	+0.019%	$37.0M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.124%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,482.9	+0.021%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0027%	8h	86,458.3	−0.008%	$501.4M	$1.13B	200x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,475.4	+0.012%	$154.8M	$473.6M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,467.7	+0.003%	$832.8M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,455.3	−0.011%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,424.3	−0.047%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,436.8	−0.033%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,426.3	−0.045%	$2.97B	$5.02B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0067%	1h	86,522.8	+0.067%	$902.3M	$1.51B	50x	as long as short
MEXC BTC_USDT	+0.0080%	8h	86,440	−0.029%	$5.13B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,471.4	+0.007%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	86,445.4	−0.023%	$9.42B	$24.26B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,465.2	0.000%	$170.8M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,471.1	+0.007%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,454	−0.013%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,483	+0.021%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,400	−0.075%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,464.9	long leg	$4.2M	$8.6M	50x
Nado BTC-PERP	+0.0100%	1h	86,429.6	−0.041%	$21.9M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,533	+0.079%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,472.9	+0.009%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,450	−0.017%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,438.8	−0.030%	$2.57B	$12.47B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,456	−0.010%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,456.1	−0.010%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,436.9	−0.032%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.5	−0.003%	$37.4M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	−0.003%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,360.7	−0.121%	$278.9M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	−0.075%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,364.6	−0.116%	$141.6M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	−0.040%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,496.6	+0.037%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,467	+0.002%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,470	+0.006%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,476.1	+0.013%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,505.3	+0.047%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.1	−0.081%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,448	−0.020%	$2.29B	$961.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.062%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,406.2	−0.068%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,481.7	+0.019%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,521	+0.065%	$132.4M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,516.3	+0.059%	$192.5M	$941.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,427.9	−0.043%	$78K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,440	−0.029%	$711K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	−0.048%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0220%	1h	86,476.3	+0.013%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,483	+0.021%	$10.4M	$763.7M	6.4x	as long as short