Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: Extended against Paradex−0.104%7-day average −0.045% · 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−$110.106% of the position

Long on Paradex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+0.087%+$9 · spread now −0.104%, 7d avg −0.045%

Together, before fees+0.084%+ Points / potential airdropParadex: Active · Extended: Active · farm board+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.059% cheaper against Paradex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,738.7	0.0100	pay 0.0100% / 8h	6h 42m	$3.8M	$8.7M	50x
Short	Extended BTC-USD	85,649.5	0.0104	get 0.0013% / 1h	42m 16s	$44.9M	$227.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.104%Rate

Funding earned: $0.85
Price spread: −0.104% → −0.045%: −$5.89
Slippage, 4 orders: −$1.56
Fee Paradex: 2 bp × 2 orders: −$4
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$15.6
Costs to cover: 0.106%
Break-even: 135.4 days

Slippage from Paradex: live order book, 2 min ago; Extended: live order book, 2 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, 2 min ago	0.72 bp	2.7 bp −$3	2.7 bp −$27	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.7 bp −$272	9.0 bp −$4,498

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	−0.0144%	1h	85,767	+0.033%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,711	−0.032%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.133%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,692.1	−0.054%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,738.2	−0.001%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,735.8	−0.003%	$510K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,684.9	−0.063%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.083%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0039%	8h	85,706.4	−0.038%	$497.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,678.3	−0.070%	$893.6M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,703.6	−0.041%	$8.1M	$42.5M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,685.5	−0.062%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,694.6	−0.051%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,693.2	−0.053%	$2.95B	$5.14B	150x	as long as short
HTX BTC-USDT	+0.0072%	8h	85,655.3	−0.097%	$2.27B	$969.7M	200x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.081%	$140.3M	$320.9M	100x	as long as short
Nado BTC-PERP	+0.0078%	1h	85,687.6	−0.060%	$22.7M	$229.6M	50x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,680.1	−0.068%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,665.2	−0.086%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,670.5	−0.080%	$9.33B	$24.59B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,681.3	−0.067%	$169.4M	$980.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,686.4	−0.061%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,699	−0.046%	$8.4M	$52.5M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	85,700.5	−0.045%	$5.65B	$10.39B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,671	−0.079%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,738.7	long leg	$3.8M	$8.7M	50x
Hyperliquid BTC	+0.0100%	1h	85,766	+0.032%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,731	−0.009%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,691	−0.056%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,709.4	−0.034%	$2.55B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,692	−0.054%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,675.9	−0.073%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.9	−0.072%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	+0.052%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.057%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	+0.002%	$215.2M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,805.4	+0.078%	$30.4M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,767.7	+0.034%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,701	−0.044%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,671.8	−0.078%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,671.7	−0.078%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,709.9	−0.034%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,682.5	−0.066%	$29.9M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,638.1	−0.117%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,672	−0.078%	$60.0M	$337.8M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.4	−0.080%	$154.0M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.077%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USDshort	+0.0104%	1h	85,649.5	−0.104%	$44.9M	$227.5M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,716.7	−0.026%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,706	−0.038%	$131.3M	$5.26B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0130%	1h	85,710.8	−0.033%	$892.9M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,832.3	+0.109%	$709K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,691.7	−0.055%	$188.7M	$970.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	85,794.3	+0.065%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,678.9	−0.070%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,728	−0.012%	$10.0M	$770.4M	6.4x	as long as short