Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h −0.003%

Price spread now: Backpack against Paradex−0.027%7-day average −0.012% · 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−$17as in the Price arb table

costs, in and out, $10k−$150.151% of the position

Long on Paradex Short on Backpack

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 7 days−0.396%−$40 · spread now −0.027%, 7d avg −0.012%

Together, before fees−0.483%+ Points / potential airdropParadex: Active · farm board−$48 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,715.4	0.0099	pay 0.0099% / 8h	5h 33m	$3.8M	$8.2M	50x
Short	Backpack BTC_USDC_PERP	85,692.2	0.0100	get 0.0013% / 1h	33m 14s	$35.5M	$172.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0.11
Price spread: −0.027% → −0.012%: −$1.54
Slippage, 4 orders: −$1.13
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$16.57
Costs to cover: 0.151%
Break-even: 1072.1 days

Slippage from Paradex: live order book, 1 min ago; Backpack: 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 Paradex live order book, 1 min ago	0.56 bp	2.6 bp −$3	2.6 bp −$26	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$591	30.3 bp −$15.1K

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	−0.0160%	1h	85,662	−0.062%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,709	−0.007%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,682.9	−0.038%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,695.3	−0.023%	$416.8M	$664.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,685.8	−0.035%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.5	−0.016%	$36.6M	—	200x	as long as short
Bluefin BTC-PERP	+0.0010%	1h	85,726.5	+0.013%	$196K	$722K	40x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,695.9	−0.023%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,681.5	−0.040%	$918.2M	$753.0M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,684.7	−0.036%	$516.3M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,706.1	−0.011%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,697	−0.021%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,692.9	−0.026%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0070%	8h	85,690.8	−0.029%	$2.27B	$935.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.160%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,691.9	−0.027%	$147.9M	$479.0M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,686.5	−0.034%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,675.7	−0.046%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,697.8	−0.020%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,703.6	−0.014%	$9.36B	$23.90B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,733.2	+0.021%	$892.7M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,702.9	−0.015%	$170.2M	$989.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,704.3	−0.013%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,696	−0.023%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERPlong	+0.0099%	8h	85,715.4	long leg	$3.8M	$8.2M	50x
Katana Perps BTC-USD	+0.0100%	8h	85,662	−0.062%	$196K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,761	+0.053%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,707.5	−0.009%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,711.2	−0.005%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,708.9	−0.008%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,668	−0.055%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,646.7	−0.080%	$7.2M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,702.7	−0.015%	$5.56B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,692.2	−0.027%	$35.5M	$172.5M	75x
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.108%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,599.5	−0.135%	$279.3M	$929.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,645.6	−0.081%	$214.9M	$166.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.113%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,651	−0.075%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.6	+0.024%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,691	−0.028%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,700	−0.018%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,693.2	−0.026%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,685.6	−0.035%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,696	−0.023%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.118%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,667.9	−0.055%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.7	−0.037%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,736.2	+0.024%	$130.7M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,716.9	+0.002%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,721.5	+0.007%	$188.9M	$949.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0193%	1h	85,629.2	−0.101%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,683.2	−0.037%	$701K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,700	−0.018%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,712	−0.004%	$10.5M	$760.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,682	−0.039%	$519K	$19.4M	6.7x	as long as short