Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.026%

Price spread now: Paradex against Deribit+0.010%7-day average −0.019% · 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−$11as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Deribit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now +0.010%, 7d avg −0.019%

Together, before fees−0.034%+ Points / potential airdropParadex: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 0.030% dearer against Deribit than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.019%): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,252	0.0116	pay 0.0015% / 1h	16m 33s	$839.9M	$1.67B	50x
Short	Paradex BTC-USD-PERP	85,260.8	0.0100	get 0.0100% / 8h	16m 33s	$5.8M	$9.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Deribit. 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 DeribitbpFee ParadexbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$3.41
Price spread: +0.010% → −0.019%: $2.98
Slippage, 4 orders: −$2.73
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$14.17
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	5.6 bp −$560	11.9 bp −$5,948
Sell Paradex live order book, 3 min ago	1.21 bp	3.2 bp −$3	3.2 bp −$32	167.9 bp −$16.8K	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
Hotstuff BTC-PERP	−0.0080%	1h	85,229	−0.027%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	−0.074%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,211.5	−0.047%	$421.2M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0014%	8h	85,203.6	−0.057%	$926.9M	$778.2M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,228.7	−0.027%	$343K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	85,206.3	−0.054%	$509.0M	$1.09B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,210.5	−0.049%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0012%	1h	85,231.4	−0.024%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,239.1	−0.015%	$185.7M	$955.4M	100x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,209.9	−0.049%	—	$1.58B	—	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	+0.0067%	1h	85,222	−0.035%	$302K	$25.4M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,205.1	−0.055%	$5.10B	$10.04B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	−0.013%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,218.8	−0.039%	$24.0M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,230.2	−0.026%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,221	−0.036%	$23.6M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,214	−0.045%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,204.8	−0.055%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0097%	8h	85,204.8	−0.055%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,191	−0.072%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,260.8	+0.010%	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,302	+0.059%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,237.4	−0.017%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,211.7	−0.047%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,212.5	−0.046%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,215	−0.043%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,228.6	−0.027%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,212.5	−0.046%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,219.1	−0.039%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,211.4	−0.048%	$36.9M	$189.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.136%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,211.2	−0.048%	$282.6M	$958.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	−0.009%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,228.6	−0.027%	$30.0M	$212.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,278.5	+0.031%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,214	−0.045%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,209	−0.050%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,214.1	−0.044%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,247.1	−0.006%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,209.5	−0.050%	$29.2M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,206	−0.054%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,216	−0.042%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,205.8	−0.054%	$2.25B	$974.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,216.3	−0.042%	$158.7M	$516.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.014%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,184.8	−0.079%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,214.6	−0.044%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,256	+0.005%	$111.8M	$5.48B	50x	as long as short
Deribit BTC-PERPETUALlong	+0.0116%	1h	85,252	long leg	$839.9M	$1.67B	50x
Reya BTCRUSDPERP	+0.0142%	1h	85,194.7	−0.067%	$6.6M	$142.9M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,235	−0.020%	$12.1M	$737.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,233.4	−0.022%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,210.1	−0.049%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,250.5	−0.002%	$692K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,242.5	−0.011%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,230.6	−0.025%	$461K	$18.4M	6.7x	as long as short