Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.023%

Price spread now: Paradex against Phoenix+0.009%46s7-day average −0.044% · 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—prices read too far apart to compare

costs, in and out, $10k−$130.127% of the position

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.106%+$11 on $10k

Price spread, last 7 days−0.059%−$6 · spread now +0.009%, 7d avg −0.044%

Together, before fees+0.046%+ Points / potential airdropParadex: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Paradex is 0.052% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.044%. The two prices were read 46 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	Phoenix BTC	85,538	−0.0144	get 0.0018% / 1h	54m 07s	$2.1M	$10.3M	40x
Short	Paradex BTC-USD-PERP	85,545.6	0.0099	get 0.0099% / 8h	5h 54m	$3.8M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Phoenix. 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 PhoenixbpFee ParadexbpOrdersPrice spread, now +0.009%Rate

Funding earned: $51.17
Price spread: +0.009% → −0.044%: $5.25
Slippage, 4 orders: −$1.73
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $43.69
Costs to cover: 0.127%
Break-even: 1.0 days

Slippage from Phoenix: live order book, 5 min ago; Paradex: live order book, 5 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 Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,202	doesn't fit
Sell Paradex live order book, 5 min ago	0.57 bp	2.6 bp −$3	2.6 bp −$26	183.2 bp −$18.3K	doesn't fit

BTC on 55 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 BTClong	−0.0144%	1h	85,538	long leg	$2.1M	$10.3M	40x
ApeX Omni BTCUSDT	−0.0123%	1h	85,466.5	−0.084%	$139.7M	$316.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,516	−0.026%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,490.7	−0.055%	$364K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0016%	1h	85,519.9	−0.021%	$22.5M	$222.5M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,532.4	−0.007%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,505.8	−0.038%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,481.8	−0.066%	$515.3M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,492.6	−0.053%	$898.5M	$745.4M	125x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,498.4	−0.046%	—	$1.54B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0058%	8h	85,496.9	−0.048%	$2.27B	$929.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0064%	1h	85,482.5	−0.065%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,487.9	−0.059%	$2.94B	$5.01B	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	85,515	−0.027%	$59.9M	$336.4M	40x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,478.4	−0.070%	$2.9M	$6.2M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.092%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,505.5	−0.038%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,506.3	−0.037%	$5.07B	$5.57B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,502.9	−0.041%	$9.33B	$23.83B	150x	as long as short
Popdex BTCUSDT	+0.0088%	1h	85,493	−0.053%	$8.4M	$51.5M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,515.1	−0.027%	$169.5M	$982.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,512.3	−0.030%	$23.9M	$147.0M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0099%	8h	85,545.6	+0.009%	$3.8M	$8.3M	50x
Katana Perps BTC-USD	+0.0100%	8h	85,475	−0.074%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,568	+0.035%	$3.76B	$4.90B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.3	−0.006%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,502.3	−0.042%	$5.32B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,501.8	−0.042%	$2.56B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,508	−0.035%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,466.1	−0.084%	$7.1M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,482.5	−0.065%	$608.2M	$317.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,508.1	−0.035%	$5.56B	$10.39B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487	−0.060%	$34.7M	$169.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,577.1	+0.046%	$153.7M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,470.5	−0.079%	$278.0M	$927.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,468	−0.082%	$214.5M	$161.4M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,571	+0.039%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,548.9	+0.013%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,484	−0.063%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,491	−0.055%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,504.6	−0.039%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,540.4	+0.003%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,505	−0.039%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,506.6	−0.037%	$149.1M	$478.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,486.1	−0.061%	$44.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,509.6	−0.033%	—	$103.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,547.6	+0.011%	$130.6M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,524.3	−0.016%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,540.4	+0.003%	$187.0M	$949.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0192%	1h	85,561.1	+0.027%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,621	+0.097%	$683K	$7.8M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0195%	1h	85,559.5	+0.025%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,500.7	−0.044%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,544	+0.007%	$10.4M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,538.1	0.000%	$510K	$19.6M	6.7x	as long as short