Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.046%

Price spread now: Perpl against Paradex0.000%45s7-day average +0.007% · you buy dearer than you sell

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

Long on Paradex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.069%+$7 on $10k

Price spread, last 7 days+0.095%+$9 · spread now 0.000%, 7d avg +0.007%

Together, before fees+0.164%+ Points / potential airdropParadex: Active · Perpl: Active · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.069%, so the current rate has only just turned against you. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,392	0.0100	pay 0.0100% / 8h	7h 29m	$4.2M	$8.6M	50x
Short	Perpl BTC	86,391.9	0	get 0.0000% / 43m	8m 35s	$482K	$21.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Paradex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$20.99
Price spread: 0.000% → +0.007%: −$0.75
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$39.54
Costs to cover: 0.178%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 5 min ago; Perpl: 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, 5 min ago	1.04 bp	3.0 bp −$3	3.0 bp −$30	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Bluefin BTC-PERP	−0.0419%	1h	86,411.7	+0.023%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,337	−0.064%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,378	−0.016%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,370	−0.025%	$361K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,391.9	0.000%	$482K	$21.6M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,392	0.000%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0022%	8h	86,374.1	−0.021%	$500.9M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.039%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,382.2	−0.011%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	86,388	−0.005%	$831.5M	$720.7M	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	+0.0045%	1h	86,359.6	−0.037%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,367	−0.029%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,372.5	−0.023%	$8.3M	$42.5M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0061%	1h	86,419.2	+0.031%	$902.6M	$1.51B	50x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,357.4	−0.040%	$2.97B	$5.04B	150x	as long as short
Phemex BTCUSDT	+0.0074%	8h	86,381.2	−0.013%	$154.3M	$473.6M	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,360.4	−0.037%	$5.13B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	86,370.2	−0.025%	$9.41B	$24.29B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,370.3	−0.025%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0081%	8h	86,365.3	−0.031%	$2.29B	$964.6M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,378.5	−0.016%	$170.5M	$985.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,391.1	−0.001%	$23.7M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,358	−0.039%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,380	−0.014%	$60.4M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,338	−0.063%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,392	long leg	$4.2M	$8.6M	50x
Nado BTC-PERP	+0.0100%	1h	86,375.1	−0.020%	$22.0M	$228.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,444	+0.060%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,400.7	+0.010%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,370.8	−0.025%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,367.8	−0.028%	$2.56B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,406	+0.016%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,392.7	+0.001%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.051%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,366.4	−0.030%	$5.80B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,399.7	+0.009%	$37.5M	$157.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,377.3	−0.017%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.8	−0.035%	$278.9M	$951.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	+0.009%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,356.3	−0.041%	$141.6M	$321.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,327	−0.075%	$30.6M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,409.2	+0.020%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,366	−0.030%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,375.6	−0.019%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,374.1	−0.021%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,403.8	+0.014%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,359.4	−0.038%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,345.4	−0.054%	$45.9M	$222.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,380.1	−0.014%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,425.8	+0.039%	$132.2M	$5.40B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,413.4	+0.025%	$192.4M	$942.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,401.9	+0.011%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,433.2	+0.048%	$711K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,370.5	−0.025%	$415.9M	$645.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0219%	1h	86,389.4	−0.003%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,398	+0.007%	$10.2M	$763.5M	6.4x	as long as short