Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Ondo Perps against Paradex−0.003%7-day average −0.002% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days−0.268%−$27 · spread now −0.003%, 7d avg −0.002%

Together, before fees−0.267%+ Points / potential airdropParadex: Active · Ondo Perps: Active · farm board−$27 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	86,106.6	0.0100	pay 0.0100% / 8h	7h 04m	$4.2M	$8.5M	50x
Short	Ondo Perps BTC-USD.P	86,104	0.0100	get 0.0013% / 1h	4m 48s	$3.9M	$17.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0.01
Price spread: −0.003% → −0.002%: −$0.09
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$9.08
Costs to cover: 0.090%
Break-even: 12510.2 days

Slippage unknown: Paradex: live order book, 4 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	0.59 bp	2.6 bp −$3	2.6 bp −$26	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	86,215	+0.126%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,090	−0.019%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,075.2	−0.037%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,110	+0.004%	$580K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,098.5	−0.009%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.300%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,108.9	+0.003%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,102	−0.005%	$499.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,123.4	+0.019%	$827.7M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0050%	1h	86,069.7	−0.043%	$6.7M	$145.8M	40x	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	+0.0052%	1h	86,084.8	−0.025%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	86,116.4	+0.011%	—	$1.57B	—	as long as short
HTX BTC-USDT	+0.0059%	8h	86,059	−0.055%	$2.28B	$957.9M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,120.4	+0.016%	$2.97B	$5.06B	150x	as long as short
SoDEX BTC-USD	+0.0070%	1h	86,076	−0.036%	$60.3M	$338.3M	40x	as long as short
Bluefin BTC-PERP	+0.0076%	1h	86,106.8	0.000%	$144K	$666K	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,066.4	−0.047%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,127.7	+0.024%	$9.37B	$24.27B	150x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,128	+0.025%	$5.11B	$5.77B	500x	as long as short
Phemex BTCUSDT	+0.0086%	8h	86,070	−0.043%	$155.3M	$473.4M	150x	as long as short
Gate BTC_USDT	+0.0090%	8h	86,127.5	+0.024%	$5.77B	$10.67B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,133	+0.031%	$169.5M	$996.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,146.4	+0.046%	$23.5M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,080	−0.031%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,056	−0.059%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,106.6	long leg	$4.2M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,081.5	−0.029%	$22.0M	$225.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,176	+0.081%	$3.77B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,118.5	+0.014%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,122.4	+0.018%	$5.24B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,132.9	+0.030%	$2.56B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,104	−0.003%	$3.9M	$17.9M	25x
Arcus BTC-USD	+0.0100%	1h	86,099	−0.009%	$7.2M	$95.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,059.9	−0.054%	$35.4M	$161.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	−0.032%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.009%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.080%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.102%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,117.1	+0.012%	$30.6M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,127.1	+0.024%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,080	−0.031%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,077.8	−0.033%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,073.4	−0.039%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,090.9	−0.018%	$30.2M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,055.4	−0.060%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.040%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,045	−0.072%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,105	−0.002%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,103.7	−0.003%	$132.4M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,108	+0.002%	$190.3M	$953.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,112.1	+0.006%	$725K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,188	+0.095%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,079.9	−0.031%	$415.6M	$640.3M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,107	0.000%	$10.4M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,095.4	−0.013%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0211%	1h	86,131.9	+0.029%	$902.8M	$1.51B	50x	as long as short