Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0095%/8h= −10.5% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Paradex+0.006%7-day average −0.015% · 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−$13as in the Price arb table

costs, in and out, $10k−$150.147% of the position

Long on Paradex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.085%−$8 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now +0.006%, 7d avg −0.015%

Together, before fees−0.087%+ Points / potential airdropParadex: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.021% dearer against Paradex than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.015%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,356.8	0.0100	pay 0.0100% / 8h	7h 50m	$4.8M	$8.5M	50x
Short	gTrade (Gains Network) BTC/USD	86,361.7	L +0.0005% / S −0.0004%	get 0.0001% / 1h	50m 15s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.006%Rate

Funding earned: −$20.05
Price spread: +0.006% → −0.015%: $2.07
Slippage, 4 orders: −$3.68
Fee Paradex: 2 bp × 2 orders: −$4
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$32.66
Costs to cover: 0.147%
Break-even: never at this rate

Slippage from Paradex: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 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	1.32 bp	3.3 bp −$3	3.3 bp −$33	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.0 bp −$40	4.5 bp −$446	6.4 bp −$3,181

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	−0.0129%	1h	86,441	+0.097%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,306	−0.059%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,329.5	−0.032%	$362K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,345.2	−0.013%	$460K	$22.2M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	86,307.1	−0.058%	$16.9M	$20.6M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,361.7	+0.006%	$36.9M	—	200x
Aster BTCUSDT	+0.0014%	8h	86,321.8	−0.041%	$500.6M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.300%	$333K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	86,317.7	−0.045%	$903.1M	$1.51B	50x	as long as short
KuCoin XBTUSDTM	+0.0030%	8h	86,340.6	−0.019%	$830.0M	$723.8M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0041%	1h	86,338.3	−0.021%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0047%	8h	86,327	−0.035%	—	$15.4M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,345.8	−0.013%	$8.3M	$42.9M	25x	as long as short
SoDEX BTC-USD	+0.0059%	1h	86,284	−0.084%	$60.4M	$338.2M	40x	as long as short
Bitget BTCUSDT	+0.0060%	8h	86,276.5	−0.093%	$2.96B	$5.09B	150x	as long as short
ApeX Omni BTCUSDT	+0.0069%	1h	86,448.9	+0.107%	$141.6M	$323.3M	100x	as long as short
Bluefin BTC-PERP	+0.0072%	1h	86,300.2	−0.066%	$140K	$663K	40x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,459.2	+0.119%	$2.5M	$1.5M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,341.9	−0.017%	$5.13B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,342.6	−0.016%	$9.41B	$24.51B	150x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,344.7	−0.014%	$5.82B	$10.48B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,335.4	−0.025%	$170.0M	$981.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,330.6	−0.030%	$23.7M	$148.7M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,431.6	+0.087%	$216.9M	$167.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,333	−0.028%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,303	−0.062%	$207K	$7.1M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,356.8	long leg	$4.8M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,310.6	−0.054%	$22.1M	$232.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,417	+0.070%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,353.8	−0.004%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,287.8	−0.080%	$5.25B	$9.76B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,285.3	−0.083%	$2.56B	$12.63B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,338	−0.022%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,358.9	+0.002%	$7.3M	$95.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.193%	$572.9M	$12.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,298.1	−0.068%	$37.5M	$155.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,309.8	−0.054%	$157.9M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,419.2	+0.072%	$279.1M	$949.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,300	−0.066%	$30.6M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,377.1	+0.023%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	−0.019%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,343.5	−0.015%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,278.6	−0.091%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,301.8	−0.064%	$30.4M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,304.4	−0.061%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,280.3	−0.089%	$2.29B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,318	−0.045%	$152.9M	$478.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,248.1	−0.126%	$45.9M	$224.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,336.6	−0.023%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,332.4	−0.028%	$132.5M	$5.57B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,317.9	−0.045%	$192.3M	$951.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,423.8	+0.078%	$76K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,388.4	+0.037%	$714K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,301	−0.065%	$414.7M	$654.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0215%	1h	86,352.2	−0.005%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,319	−0.044%	$9.6M	$759.8M	6.4x	as long as short