Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Paradex against Bybit+0.064%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Bybit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$1 on $10k

Price spread, last 7 days−0.064%−$6 · spread now +0.064%, 7d avg +0.009%

Together, before fees−0.049%+ Points / potential airdropParadex: Active · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.055% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,566	0.0100	pay 0.0100% / 8h	3h 20m	$5.18B	$9.86B	150x
Short	Paradex BTC-USD-PERP	85,620.8	0.0100	get 0.0100% / 8h	3h 20m	$5.7M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Bybit. 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 BybitbpFee ParadexbpOrdersPrice spread, now +0.064%Rate

Funding earned: $0
Price spread: +0.064% → +0.009%: $5.53
Slippage, 4 orders: −$2.23
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$11.7
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Paradex: live order book, 4 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 Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$556	7.3 bp −$3,625
Sell Paradex live order book, 4 min ago	0.93 bp	3.3 bp −$3	3.3 bp −$33	177.9 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
Phoenix BTC	−0.0140%	1h	85,468	−0.115%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,553	−0.015%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,529.3	−0.043%	$919.6M	$757.5M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,543.9	−0.026%	$420.0M	$676.3M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,581.2	+0.018%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,536.7	−0.034%	$515.1M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,517.5	−0.057%	$507K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,525.1	−0.048%	$24.5M	$223.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.7	+0.004%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0033%	1h	85,583.7	+0.021%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	−0.016%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0056%	1h	85,542	−0.028%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,558.9	−0.008%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,543.6	−0.026%	$148.6M	$495.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,567.7	+0.002%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,593.4	+0.032%	$872.0M	$1.60B	50x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,569.1	+0.004%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,561.9	−0.005%	$9.45B	$24.43B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,551.7	−0.017%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,548.5	−0.020%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,565	−0.001%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,535.9	−0.035%	$2.8M	$2.2M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,555	−0.013%	$230K	$8.4M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,620.8	+0.064%	$5.7M	$9.4M	50x
Hyperliquid BTC	+0.0100%	1h	85,621	+0.064%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,591	+0.029%	$40.2M	$588.0M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,566	long leg	$5.18B	$9.86B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,585.9	+0.023%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,545	−0.025%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,565.9	0.000%	$4.7M	$99.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,568.6	+0.003%	$5.53B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,536.9	−0.034%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	−0.036%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431.3	−0.157%	$279.0M	$929.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.148%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,456.2	−0.128%	$139.8M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468.5	−0.114%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,583.4	+0.020%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,549	−0.020%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,553.2	−0.015%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,544	−0.026%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,606.6	+0.047%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,541.8	−0.028%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,527.6	−0.045%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,544.7	−0.025%	$2.26B	$949.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.139%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,537.4	−0.033%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,538.7	−0.032%	$45.6M	$234.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,526.8	−0.046%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,577.8	+0.014%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,567.5	+0.002%	$188.0M	$956.9M	100x	as long as short
Kalshi KXBTCPERP	+0.0169%	8h	85,532	−0.040%	$11.5M	$754.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,600	+0.040%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,565.8	0.000%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,488	−0.091%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,515.8	−0.059%	$78K	$222K	20x	as long as short