Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.022%

Price spread now: Paradex against Injective+0.034%7-day average +0.011% · 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−$9as in the Price arb table

costs, in and out, $10k−$110.111% of the position

Long on Injective Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.087%+$9 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now +0.034%, 7d avg +0.011%

Together, before fees+0.133%+ Points / potential airdropParadex: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paradex is 0.024% dearer against Injective than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,360	0.0024	pay 0.0003% / 1h	8m 27s	$332K	$26.8M	52x
Short	Paradex BTC-USD-PERP	86,389.7	0.0100	get 0.0100% / 8h	1h 08m	$4.8M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Injective. 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 InjectivebpFee ParadexbpOrdersPrice spread, now +0.034%Rate

Funding earned: $15.96
Price spread: +0.034% → +0.011%: $2.39
Slippage, 4 orders: −$7.09
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: $7.24
Costs to cover: 0.111%
Break-even: 3.8 days

Slippage from Injective: 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 Injective live order book, 1 min ago	1.62 bp	1.9 bp −$2	10.0 bp −$100	doesn't fit	doesn't fit
Sell Paradex live order book, 1 min ago	1.20 bp	3.2 bp −$3	3.2 bp −$32	doesn't fit	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	−0.0586%	1h	86,358	−0.002%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	−0.005%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,338	−0.025%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,325	−0.041%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,332.6	−0.032%	$503.1M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,300.4	−0.069%	$850.9M	$712.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,297.5	−0.072%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0006%	1h	86,341.1	−0.022%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,312.4	−0.055%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,262.2	−0.113%	$6.7M	$145.0M	40x	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 PERPlong	+0.0024%	1h	86,360	long leg	$332K	$26.8M	52x
BingX BTC-USDC	+0.0037%	8h	86,331.8	−0.033%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,340.7	−0.022%	$150.2M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0047%	8h	86,271.8	−0.102%	$2.95B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0056%	1h	86,377.2	+0.020%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,284	−0.088%	$5.11B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,318.2	−0.048%	$9.41B	$24.48B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,331.6	−0.033%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	86,377.6	+0.020%	$917.6M	$1.49B	50x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,311.7	−0.056%	$5.84B	$10.76B	200x	as long as short
Bybit BTCUSDT	+0.0095%	8h	86,290.1	−0.081%	$5.25B	$9.79B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,353.3	−0.008%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,365.5	+0.006%	$24.0M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,309	−0.059%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,288	−0.083%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	86,389.7	+0.034%	$4.8M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,348.4	−0.013%	$21.7M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,350	−0.012%	$3.79B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,377.1	+0.020%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,278.4	−0.094%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,347	−0.015%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,366.5	+0.008%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.045%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,335.4	−0.028%	$37.8M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	−0.051%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,321.8	−0.044%	$279.0M	$944.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	−0.002%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	−0.007%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332.2	−0.032%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,345.7	−0.017%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,285	−0.087%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,286.1	−0.086%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,345.1	−0.017%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,361.5	+0.002%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,293.8	−0.077%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,340	−0.023%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,317.5	−0.049%	$2.29B	$968.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,291.2	−0.080%	$45.6M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,345.5	−0.017%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,353.8	−0.007%	$421K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,380.8	+0.024%	$131.3M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,365.9	+0.007%	$191.3M	$945.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,374.7	+0.017%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,339.6	−0.024%	$414.4M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0209%	1h	86,346.7	−0.015%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,335	−0.029%	$9.8M	$735.1M	6.4x	as long as short