Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.046%

Price spread now: Paradex against Phoenix−0.036%7-day average −0.039% · 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−$13as in the Price arb table

costs, in and out, $10k−$140.135% of the position

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.127%+$13 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.036%, 7d avg −0.039%

Together, before fees+0.144%+ Points / potential airdropParadex: Active · farm board+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,525	0.0075	pay 0.0009% / 1h	40m 47s	$2.3M	$10.4M	40x
Short	Paradex BTC-USD-PERP	85,494	0.0100	get 0.0100% / 8h	7h 40m	$5.7M	$9.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Phoenix. 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 PhoenixbpFee ParadexbpOrdersPrice spread, now −0.036%Rate

Funding earned: $5.26
Price spread: −0.036% → −0.039%: $0.26
Slippage, 4 orders: −$2.54
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$8.03
Costs to cover: 0.135%
Break-even: 17.7 days

Slippage from Phoenix: live order book, 3 min ago; Paradex: 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 Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.0 bp −$60	11.7 bp −$1,168	doesn't fit
Sell Paradex live order book, 3 min ago	1.06 bp	3.1 bp −$3	3.1 bp −$31	177.5 bp −$17.8K	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	−0.2490%	1h	85,448.6	−0.089%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	−0.055%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,434.1	−0.106%	$422.8M	$681.7M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,495	−0.035%	$307K	$24.2M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,463.3	−0.072%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.7	−0.100%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,453	−0.084%	$931.5M	$776.2M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,444.2	−0.095%	$502.7M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0052%	1h	85,468.3	−0.066%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,446.8	−0.091%	$186.2M	$947.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTClong	+0.0075%	1h	85,525	long leg	$2.3M	$10.4M	40x
BingX BTC-USDC	+0.0080%	8h	85,445.1	−0.093%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,469.4	−0.065%	$170.4M	$943.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,462.2	−0.073%	$23.6M	$134.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,444	−0.095%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,428.6	−0.113%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	−0.126%	$267K	$8.7M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,494	−0.036%	$5.7M	$9.6M	50x
Nado BTC-PERP	+0.0100%	1h	85,437.1	−0.103%	$24.1M	$217.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,483.1	−0.049%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,449.2	−0.089%	$9.41B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,451.4	−0.086%	$5.09B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,448.7	−0.089%	$2.61B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,444	−0.095%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,462.9	−0.073%	$4.7M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.084%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,465.1	−0.070%	$5.51B	$9.88B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,456.9	−0.080%	$5.06B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,453.4	−0.084%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,433.3	−0.107%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.7	−0.115%	$156.0M	$543.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469.8	−0.065%	$283.4M	$962.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	−0.126%	$214.5M	$154.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.7	−0.054%	$136.6M	$312.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.9	−0.048%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,522.5	−0.003%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.345%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,441	−0.098%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,439.4	−0.100%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,441.3	−0.098%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,432	−0.109%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,444.2	−0.094%	$2.26B	$974.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,440.4	−0.099%	$161.4M	$517.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,435.8	−0.104%	$45.8M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,472	−0.062%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,471	−0.063%	$111.7M	$5.45B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,428.9	−0.112%	$6.6M	$138.9M	40x	as long as short
Derive BTC-PERP	+0.0161%	1h	85,508.7	−0.019%	$28.9M	$52.4M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,504.8	−0.024%	$13.0M	—	200x	as long as short
Hyperliquid BTC	+0.0177%	1h	85,536	+0.013%	$3.83B	$5.20B	40x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,480	−0.053%	$10.6M	$738.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,463	−0.072%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0199%	1h	85,481.9	−0.050%	$828.2M	$1.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0302%	1h	85,503.9	−0.025%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,536.9	+0.014%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.2	−0.062%	$467K	$18.3M	6.7x	as long as short