Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.031%

Price spread now: Paradex against Hibachi−0.023%7-day average −0.027% · 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−$16as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Hibachi Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.133%−$13 on $10k

Price spread, last 7 days−0.019%−$2 · spread now −0.023%, 7d avg −0.027%

Together, before fees−0.152%+ Points / potential airdropHibachi: Active · Paradex: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,206.5	0.0232	pay 0.0029% / 1h	23m 25s	$687K	$8.0M	30x
Short	Paradex BTC-USD-PERP	85,186.7	0.0100	get 0.0100% / 8h	2h 23m	$5.8M	$9.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hibachi. 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 HibachibpFee ParadexbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$27.73
Price spread: −0.023% → −0.027%: $0.42
Slippage, 4 orders: −$3.18
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$43.49
Costs to cover: 0.162%
Break-even: never at this rate

Slippage from Hibachi: live order book, 1 min ago; Paradex: live order book, 1 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 Hibachi live order book, 1 min ago	0.01 bp	5.5 bp −$6	7.0 bp −$70	44.6 bp −$4,459	doesn't fit
Sell Paradex live order book, 1 min ago	0.07 bp	4.1 bp −$4	4.1 bp −$41	166.9 bp −$16.7K	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
Perpl BTC	−0.0112%	43m	85,115	−0.107%	$525K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.085%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,150	−0.066%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,090	−0.137%	$920.9M	$763.7M	125x	as long as short
BloFin BTC-USDT	−0.0036%	8h	85,188.1	−0.022%	$419.5M	$679.4M	150x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,095	−0.131%	$511.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,119.9	−0.102%	$372K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176	−0.036%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,121.8	−0.099%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.022%	$338K	$26.8M	52x	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	+0.0035%	1h	85,138	−0.080%	$24.7M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,193.3	−0.015%	$186.9M	$953.8M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,098.9	−0.126%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,213.8	+0.009%	$867.5M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,165.6	−0.048%	$147.5M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,172.7	−0.040%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,103.2	−0.121%	$5.04B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,097.8	−0.128%	$2.94B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,105.7	−0.118%	$9.40B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,126.4	−0.094%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,130.6	−0.089%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,101	−0.124%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,218	+0.014%	$116.9M	$5.38B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,075	−0.154%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,186.7	−0.023%	$5.8M	$9.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,181	−0.030%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,151.2	−0.065%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,099.2	−0.126%	$5.14B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,105.9	−0.118%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,107	−0.117%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,109.5	−0.114%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.027%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,115.9	−0.106%	$5.51B	$10.98B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,149.8	−0.067%	$36.3M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.146%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,094.5	−0.131%	$278.9M	$945.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,181.8	−0.029%	$213.9M	$166.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,090.5	−0.136%	$139.1M	$315.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,181.9	−0.029%	$30.1M	$206.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,188.1	−0.022%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,100	−0.125%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,104	−0.120%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,173.2	−0.039%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,217.4	+0.013%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,152.4	−0.063%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,158.9	−0.056%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,182	−0.029%	$59.6M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,158.9	−0.056%	$2.25B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,076.6	−0.152%	$45.2M	$239.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,177.8	−0.034%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,096.4	−0.129%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,173.2	−0.039%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,181	−0.030%	$11.5M	$744.0M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0224%	1h	85,166	−0.047%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-Plong	+0.0232%	1h	85,206.5	long leg	$687K	$8.0M	30x
RISEx BTC/USDC	+0.0257%	1h	85,124.7	−0.096%	$8.7M	$43.2M	25x	as long as short