Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.034%

Price spread now: Phoenix against Paradex−0.027%7-day average +0.040% · 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−$20as in the Price arb table

costs, in and out, $10k−$140.135% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.112%−$11 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.027%, 7d avg +0.040%

Together, before fees−0.040%+ Points / potential airdropParadex: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.067% cheaper against Paradex than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,512.9	0.0100	pay 0.0100% / 8h	3h 22m	$5.7M	$9.4M	50x
Short	Phoenix BTC	85,490	−0.0140	pay 0.0018% / 1h	22m 59s	$2.1M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$50.42
Price spread: −0.027% → +0.040%: −$6.65
Slippage, 4 orders: −$2.5
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$70.57
Costs to cover: 0.135%
Break-even: never at this rate

Slippage from Paradex: live order book, 1 min ago; Phoenix: live order book, 6 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, 1 min ago	0.93 bp	2.9 bp −$3	2.9 bp −$29	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.3 bp −$1,135	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
Phoenix BTCshort	−0.0140%	1h	85,490	−0.027%	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,442	−0.083%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,428.6	−0.099%	$918.2M	$757.6M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,438.7	−0.087%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,461	−0.061%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,425.7	−0.102%	$514.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,460.8	−0.061%	$505K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,438.9	−0.087%	$24.5M	$223.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,466.7	−0.054%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0036%	1h	85,485.8	−0.032%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,514	+0.001%	$339K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0052%	1h	85,493.7	−0.023%	$884.7M	$1.59B	50x	as long as short
SoDEX BTC-USD	+0.0057%	1h	85,448	−0.076%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,422.5	−0.106%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,451.2	−0.072%	$148.5M	$495.5M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,438.5	−0.087%	$2.95B	$5.11B	150x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,437	−0.089%	$9.43B	$24.42B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,462.5	−0.059%	$172.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,462.6	−0.059%	$24.0M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,445	−0.079%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,439.2	−0.086%	$2.7M	$2.0M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,440.6	−0.085%	$5.06B	$5.66B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,450	−0.074%	$225K	$8.3M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,512.9	long leg	$5.7M	$9.4M	50x
Hyperliquid BTC	+0.0100%	1h	85,528	+0.018%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,500.4	−0.015%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,432	−0.095%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,448.8	−0.075%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,448	−0.076%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,454.8	−0.068%	$4.7M	$100.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,439.2	−0.086%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,440.5	−0.085%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	−0.070%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	−0.038%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.086%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	−0.017%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440.7	−0.084%	$30.2M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,510.9	−0.002%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	−0.074%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,449.5	−0.074%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,442.4	−0.082%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,496.1	−0.020%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,441.4	−0.084%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,428.4	−0.099%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,446.5	−0.078%	$2.26B	$949.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.077%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0101%	1h	85,444.4	−0.080%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,409.6	−0.121%	$45.1M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,459.5	−0.062%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,485.3	−0.032%	$117.3M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,470.4	−0.050%	$187.6M	$955.6M	100x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,487	−0.030%	$11.7M	$753.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,483.5	−0.034%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,465.9	−0.055%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,483.6	−0.034%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0256%	1h	85,504.6	−0.010%	$78K	$221K	20x	as long as short