Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bullet against Paradex−0.021%7-day average −0.004% · 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−$18as in the Price arb table

costs, in and out, $10k−$160.160% of the position

Long on Paradex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%$0 on $10k

Price spread, last 7 days−0.041%−$4 · spread now −0.021%, 7d avg −0.004%

Together, before fees−0.046%+ Points / potential airdropParadex: Active · farm board−$5 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	86,365.2	0.0100	pay 0.0100% / 8h	1h 05m	$4.8M	$8.5M	50x
Short	Bullet BTC-USD	86,347.2	0.0100	get 0.0013% / 1h	5m 23s	$191K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.021%Rate

Funding earned: $0.03
Price spread: −0.021% → −0.004%: −$1.69
Slippage, 4 orders: −$3.96
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$17.62
Costs to cover: 0.160%
Break-even: 4069.0 days

Slippage from Paradex: live order book, 4 min ago; Bullet: live order book, 4 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, 4 min ago	1.20 bp	3.2 bp −$3	3.2 bp −$32	doesn't fit	doesn't fit
Sell Bullet live order book, 4 min ago	0.41 bp	5.0 bp −$5	7.8 bp −$78	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	−0.0520%	1h	86,389.6	+0.028%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,349	−0.019%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,323	−0.049%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,341.1	−0.028%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,339.4	−0.030%	$502.9M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,338	−0.032%	$849.0M	$713.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,360.5	−0.005%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,337.9	−0.032%	$8.4M	$42.8M	25x	as long as short
dYdX BTC-USD	+0.0008%	1h	86,352	−0.015%	$16.9M	$21.1M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0021%	1h	86,387.8	+0.026%	$917.4M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,342.9	−0.026%	$6.7M	$145.1M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	−0.006%	$332K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0037%	8h	86,334	−0.036%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,356.6	−0.010%	$149.9M	$477.1M	150x	as long as short
Bitget BTCUSDT	+0.0048%	8h	86,349.6	−0.018%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,351.7	−0.016%	$5.13B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,346.9	−0.021%	$2.4M	$1.3M	20x	as long as short
Aftermath Perps BTCUSD	+0.0064%	1h	86,382.9	+0.020%	$80K	$219K	20x	as long as short
Binance BTCUSDT	+0.0065%	8h	86,347.2	−0.021%	$9.41B	$24.48B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,331.1	−0.039%	$5.84B	$10.78B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,334.5	−0.036%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,346.7	−0.021%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,341	−0.028%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0096%	8h	86,346.8	−0.021%	$5.25B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,304	−0.071%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,365.2	long leg	$4.8M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,322.4	−0.050%	$21.7M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,415	+0.058%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,356.8	−0.010%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,351.8	−0.016%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,333	−0.037%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,379.7	+0.017%	$7.8M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.051%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,345.3	−0.023%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	−0.057%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,273.7	−0.106%	$278.9M	$945.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,335.7	−0.034%	$216.9M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,285.8	−0.092%	$141.1M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,324.9	−0.047%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,385.8	+0.024%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,345	−0.023%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,347.2	−0.021%	$191K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,358.2	−0.008%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,381	+0.018%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,332.5	−0.038%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,355	−0.012%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,355.8	−0.011%	$2.29B	$968.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,316.6	−0.056%	$45.6M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,353	−0.014%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,343.1	−0.026%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,394.9	+0.034%	$131.8M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,375.2	+0.012%	$191.9M	$946.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,334	−0.036%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,325.3	−0.046%	$414.6M	$653.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0211%	1h	86,354.3	−0.013%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,381	+0.018%	$9.5M	$736.0M	6.4x	as long as short