Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.021%

Price spread now: Hyperliquid against Paradex−0.008%7-day average +0.028% · 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−$150.148% of the position

Long on Paradex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.028%+$3 on $10k

Price spread, last 7 days−0.071%−$7 · spread now −0.008%, 7d avg +0.028%

Together, before fees−0.043%+ Points / potential airdropParadex: Active · Hyperliquid: Season 2 · farm board−$4 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: Hyperliquid is 0.036% cheaper against Paradex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,821.9	0.0100	pay 0.0100% / 8h	2h 21m	$4.8M	$8.2M	50x
Short	Hyperliquid BTC	86,815	0.0100	get 0.0013% / 1h	21m 30s	$3.82B	$5.11B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0.03
Price spread: −0.008% → +0.028%: −$3.63
Slippage, 4 orders: −$1.78
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$18.38
Costs to cover: 0.148%
Break-even: 3867.5 days

Slippage from Paradex: live order book, 3 min ago; Hyperliquid: live order book, 13 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, 3 min ago	0.21 bp	2.9 bp −$3	3.0 bp −$30	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.9 bp −$494	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
Aftermath Perps BTCUSD	−0.0237%	1h	86,727.8	−0.108%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,786.1	−0.041%	$429K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	−0.047%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,726	−0.111%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,773.8	−0.055%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,801.2	−0.024%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,803.7	−0.021%	$933.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,770.7	−0.059%	$849.3M	$707.2M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,789.9	−0.037%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,771.9	−0.058%	$506.8M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,737.6	−0.097%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,768.7	−0.061%	$150.3M	$471.6M	150x	as long as short
BingX BTC-USDT	+0.0026%	8h	86,770.5	−0.059%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0035%	8h	86,749.1	−0.084%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.211%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,768.3	−0.062%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,772.3	−0.057%	$5.19B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,768.3	−0.062%	$9.45B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,775	−0.054%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,776.2	−0.053%	$5.86B	$10.67B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0083%	8h	86,772.9	−0.056%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,763.8	−0.067%	$5.29B	$9.71B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,782.7	−0.045%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,789.7	−0.037%	$24.1M	$153.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,773	−0.056%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.109%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,760	−0.071%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,821.9	long leg	$4.8M	$8.2M	50x
Nado BTC-PERP	+0.0100%	1h	86,773.4	−0.056%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,815	−0.008%	$3.82B	$5.11B	40x
Pacifica BTC	+0.0100%	1h	86,805.1	−0.019%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,785	−0.043%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,837.3	+0.018%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	−0.034%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,768	−0.062%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,783.9	−0.044%	$280.3M	$951.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,756.8	−0.075%	$217.9M	$187.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,768.2	−0.062%	$141.6M	$322.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,768	−0.062%	$30.8M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,823.3	+0.002%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,766	−0.064%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,760.1	−0.071%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,784.9	−0.043%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,798.1	−0.027%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,777	−0.052%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,770.9	−0.059%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,769	−0.061%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,762	−0.069%	$2.30B	$958.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,758.7	−0.073%	$46.3M	$228.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,789.7	−0.037%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,802.9	−0.022%	$188.4M	$933.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,812.6	−0.011%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0139%	8h	86,784	−0.044%	$9.6M	$726.9M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,733.1	−0.102%	$417.1M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,785.8	−0.042%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,784	−0.044%	$698K	$7.1M	30x	as long as short