Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Paradex against SoDEX−0.028%7-day average +0.035% · 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−$23as in the Price arb table

costs, in and out, $10k−$170.168% of the position

Long on SoDEX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.033%+$3 on $10k

Price spread, last 4 days (all we have)+0.222%+$22 · spread now −0.028%, 7d avg +0.035%

Together, before fees+0.255%+ Points / potential airdropParadex: Active · farm board+$26 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: Paradex is 0.062% cheaper against SoDEX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,863	0.0100	pay 0.0013% / 1h	21m 17s	$60.1M	$296.7M	40x
Short	Paradex BTC-USD-PERP	85,839.3	0.0100	get 0.0100% / 8h	7h 21m	$5.8M	$9.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against SoDEX. 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 SoDEXbpFee ParadexbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$0.01
Price spread: −0.028% → +0.035%: −$6.21
Slippage, 4 orders: −$4.77
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$22.98
Costs to cover: 0.168%
Break-even: never at this rate

Slippage from SoDEX: live order book, 3 min ago; Paradex: live order book, 3 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 SoDEX live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.8 bp −$481	40.4 bp −$20.2K
Sell Paradex live order book, 3 min ago	2.29 bp	4.4 bp −$4	4.4 bp −$44	189.5 bp −$19.0K	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
Bluefin BTC-PERP	−0.0738%	1h	85,914.7	+0.060%	$195K	$785K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,771	−0.107%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,866.8	+0.004%	$425.8M	$628.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,824	−0.045%	$307K	$26.5M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,817.5	−0.053%	$354K	$2.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,818	−0.052%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,858	−0.006%	$944.7M	$751.9M	125x	as long as short
Aster BTCUSDT	+0.0039%	8h	85,881.5	+0.022%	$505.2M	$1.05B	200x	as long as short
dYdX BTC-USD	+0.0049%	1h	85,830.4	−0.038%	$16.8M	$20.7M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,895.9	+0.038%	$186.5M	$901.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,520	−0.399%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,840.7	−0.026%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0083%	1h	85,810.8	−0.061%	$24.3M	$213.0M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,871.2	+0.010%	$172.3M	$954.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,868	+0.006%	$23.3M	$136.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,805	−0.068%	$8.7M	$55.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,861.2	−0.002%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,786	−0.090%	$266K	$8.6M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,839.3	−0.028%	$5.8M	$9.3M	50x
Pacifica BTC	+0.0100%	1h	85,800.1	−0.073%	$40.4M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,850.8	−0.014%	$9.43B	$24.30B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,853.6	−0.011%	$5.09B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,856.3	−0.008%	$2.62B	$11.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,793	−0.082%	$3.9M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,834.2	−0.034%	$4.7M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.652%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,857.9	−0.006%	$5.51B	$10.00B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,851.6	−0.013%	$5.09B	$5.80B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,855.4	−0.009%	$2.99B	$4.72B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,801.4	−0.072%	$37.8M	$191.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,352.3	−0.595%	$155.8M	$535.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,616.9	−0.287%	$286.2M	$966.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,675.9	−0.218%	$215.1M	$156.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,662.5	−0.234%	$136.9M	$310.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,736.4	−0.147%	$30.2M	$217.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,893.2	+0.035%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,830	−0.038%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,849.2	−0.016%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,873.2	+0.012%	$2.6M	$9.5M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.487%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,867.8	+0.006%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	85,863	long leg	$60.1M	$296.7M	40x
HTX BTC-USDT	+0.0100%	8h	85,861.4	−0.002%	$2.27B	$924.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,877.8	+0.017%	$166.1M	$504.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,851.7	−0.013%	$45.8M	$234.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,779	−0.098%	—	$102.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,899.9	+0.043%	$112.5M	$5.36B	50x	as long as short
Reya BTCRUSDPERP	+0.0151%	1h	85,829.5	−0.039%	$6.6M	$135.6M	40x	as long as short
Hyperliquid BTC	+0.0156%	1h	85,926.9	+0.074%	$3.86B	$4.75B	40x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,828	−0.041%	$10.8M	$732.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,776.3	−0.101%	$9.0M	$41.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	85,863.9	+0.001%	$12.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,920.9	+0.067%	$833.1M	$1.64B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,806.4	−0.066%	$701K	$7.5M	30x	as long as short
Aftermath Perps BTCUSD	+0.0355%	1h	85,623.2	−0.279%	$81K	$261K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,815.3	−0.056%	$463K	$17.3M	6.7x	as long as short