OKX vs Paragon Funding Arbitrage
10 shared markets · net of estimated fees · updated every few minutesOKX and Paragon both quote 10 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread right now is NET — long Paragon / short OKX at 477.0% net APR — but the median across all shared markets is 20.3%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 5 markets go long on OKX and 5 on Paragon. 8 markets clear 5% net APR, 7 clear 10%.
How this pair behaves
OKX pays funding every 8h on 209 markets and every 4h on 176 markets; Paragon pays every 1h on 17 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. OKX quotes 386 perpetual markets in total and Paragon quotes 17; the 10 they share are what this page ranks. Across its own book OKX runs a median funding rate of 0.0% and Paragon 6.6% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 10 of 10 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| NET | Paragon | OKX | 477.0% | 495.1% | -4.5% | $48K |
| RDDT | Paragon | OKX | 122.8% | 142.5% | -6.0% | $16K |
| COHR | OKX | Paragon | 89.1% | 97.2% | +30.9% | $185K |
| CRDO | OKX | Paragon | 48.0% | 57.0% | +2.4% | $72K |
| SMH | Paragon | OKX | 24.5% | 31.0% | -24.0% | $43K |
| AVGO | OKX | Paragon | 16.1% | 22.3% | +12.3% | $12K |
| VST | OKX | Paragon | 15.9% | 24.9% | +9.8% | $17K |
| CRWD | Paragon | OKX | 8.0% | 18.5% | +14.2% | $39K |
| AAOI | OKX | Paragon | 1.9% | 10.8% | +11.2% | $225K |
| SMCI | Paragon | OKX | 1.0% | 10.8% | — | $122K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Coverage note: OKX and Paragon share 10 markets, 0 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
OKX vs Paragon — FAQ
How many markets can you arbitrage between OKX and Paragon?
10 perpetual markets are quoted on both OKX and Paragon right now. 8 of them show a net spread of at least 5% APR after estimated fees, and 0 have at least $1M of 24h volume on the smaller leg.
What is the best OKX / Paragon funding spread right now?
NET: long Paragon and short OKX for about 477.0% net APR after estimated fees. The median across all 10 shared markets is 20.3%, so the top of the list is not typical.
Which side pays on the OKX / Paragon pair?
It varies by market: OKX is the long (funding-receiving) leg in 5 of the shared markets and Paragon in the other 5. The direction is set per market by which venue currently prices funding lower.
Trading the OKX / Paragon spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: OKX funding rates · Paragon funding rates; the full calculation is in the methodology.