Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.053%

Price spread now: Paradex against Hotstuff+0.068%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · Paradex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Paradex is 0.068% dearer against Hotstuff than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,442	−0.0080	get 0.0010% / 1h	24m 11s	$8K	$3K	50x
Short	Paradex BTC-USD-PERP	85,500	0.0100	get 0.0100% / 8h	3h 24m	$5.7M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hotstuff. 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 HotstuffbpFee ParadexbpOrdersPrice spread, now +0.068%Rate

Funding earned: $37.8
Price spread: +0.068% → 0.000%: $6.78
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Paradex: 2 bp × 2 orders: −$4
Net: $35.58
Costs to cover: 0.090%
Break-even: 0.4 days

Slippage unknown: Hotstuff: no order-book sample; Paradex: live order book, 5 min ago. Net counts fees only.

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 Hotstuff no order-book sample	—	—	—	—	—
Sell Paradex live order book, 5 min ago	4.15 bp	78.3 bp −$78	204.7 bp −$2,047	doesn't fit	doesn't fit

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	85,490	+0.056%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,442	long leg	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0042%	8h	85,437.1	−0.006%	$918.0M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,435.4	−0.008%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,461.2	+0.022%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,430.9	−0.013%	$514.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,445.6	+0.004%	$501K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,430	−0.014%	$24.5M	$223.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,460.3	+0.021%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0037%	1h	85,485.8	+0.051%	$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	85,514	+0.084%	$339K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0052%	1h	85,490.7	+0.057%	$884.8M	$1.59B	50x	as long as short
SoDEX BTC-USD	+0.0059%	1h	85,443	+0.001%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,464.9	+0.027%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,442.4	0.000%	$148.4M	$495.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,466.9	+0.029%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,464	+0.026%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,461.1	+0.022%	$24.0M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,450	+0.009%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,436.6	−0.006%	$2.7M	$2.0M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,452.1	+0.012%	$9.43B	$24.42B	150x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,456.3	+0.017%	$5.06B	$5.66B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.002%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,500	+0.068%	$5.7M	$9.4M	50x
Hyperliquid BTC	+0.0100%	1h	85,535	+0.109%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,479.5	+0.044%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,452.1	+0.012%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,472.5	+0.036%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,451	+0.011%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,453.8	+0.014%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.088%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,458.2	+0.019%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,453	+0.013%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	+0.013%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	+0.045%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.113%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.066%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,486	+0.052%	$30.2M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,505.1	+0.074%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	+0.009%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,446.8	+0.006%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,438.5	−0.004%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,490.9	+0.057%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,439.4	−0.003%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,418.8	−0.027%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,435.8	−0.007%	$2.26B	$949.0M	200x	as long as short
Reya BTCRUSDPERP	+0.0101%	1h	85,443.9	+0.002%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,419.5	−0.026%	$45.1M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,452.6	+0.012%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,481	+0.046%	$117.1M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,468.7	+0.031%	$187.6M	$954.5M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,484.4	+0.050%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,460.6	+0.022%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,474	+0.037%	$11.7M	$754.1M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,520.9	+0.092%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0256%	1h	85,512.5	+0.082%	$78K	$221K	20x	as long as short