Stop checking 4 DEX dashboards manually. The Scanner finds the best delta-neutral opportunities across all venues in real-time.

Finding Opportunities: The Scanner Explained

Comparing funding rates across 4 DEXs, for dozens of pairs, across multiple time periods — that's what the Scanner does for you, every 5 minutes.

Without it, the alternative is manual: open Hyperliquid, check ETH. Open Paradex, check ETH. Open Lighter, check ETH. Open Extended, check ETH. Now do SOL. Now BTC. Now check whether the spread cost still makes the best APR actually worth entering. By the time you've gone through half the pairs, the data from the first tab is already stale.

The Scanner collapses that into a single view. Every delta-neutral opportunity across all supported DEXs, pre-calculated and ranked, refreshed every 5 minutes. The page is accessible at /opportunities — no account required.

What the Scanner Shows

Each row in the Scanner represents one delta-neutral opportunity: a specific pair on a specific combination of DEXs. For example, "Long Lighter / Short Hyperliquid — ETH" is one opportunity. "Long Extended / Short Paradex — SOL" is a different one. Every combination that produces a meaningful funding differential gets its own row.

Three metrics define each opportunity:

Net APR is the annualized yield you'd expect to earn on the position, calculated from the funding differential between the two legs. If you're short ETH on Hyperliquid earning 0.020% per hour, and long ETH on Lighter paying 0.008% per hour, the net is 0.012% per hour — your actual take after both sides are accounted for. The APR is what that annualizes to.

Spread Cost is what it costs to enter and exit the position — the total bid-ask spread across both legs. This is the "ticket price" for the opportunity. A position with 80% APR and 1.2% spread cost looks very different from one with 50% APR and 0.05% spread cost, depending on how long you plan to hold.

Positive Funding % shows what percentage of hours (over the selected period) the funding direction was favorable — meaning you were earning rather than paying. An opportunity showing 95% positive funding has been consistently rewarding shorts for nearly every hour of the period. One showing 60% has had significant time running against the expected direction.

Together, these three numbers tell you whether an opportunity is worth evaluating further.

Choosing Your Time Period

The Scanner shows Net APR and Spread Cost for four time periods: 1h, 24h, 7d, and 30d. These are independently selectable — you can view APR for 7d while viewing Spread Cost for 30d, or any other combination.

Each period answers a different question.

1h shows what is happening right now. A 1h APR can be dramatically higher or lower than the 30d average because funding rates spike around high-volatility events. This period is useful for confirming that an opportunity is currently active, but relying on it for evaluation leads to bad decisions. A 400% APR over the last hour often means funding just spiked and will normalize within hours.

24h gives you the short-term trend. Is funding running hot today, or is the current 1h spike unusual? The 24h period helps answer that. It's not stable enough to use as a primary evaluation metric, but it usefully contextualizes the 1h number.

7d is a good default for evaluating whether an opportunity is worth entering. A week of data smooths out most one-day anomalies and gives you a realistic picture of what the position has been generating. If the 7d APR looks solid, the opportunity has demonstrated some persistence.

30d is the signal for stability. An opportunity with strong 30d APR has been consistently generating yield for a full month, through multiple market conditions. For conservative strategy construction — positions you plan to hold for weeks — 30d is the most relevant metric. Pairs that look good at 30d and still hold at 7d are worth your closest attention.

The ability to set APR period and spread period independently matters in practice. Spread costs can change as liquidity conditions evolve on a given venue. Viewing a 7d APR alongside a 30d spread cost gives you a sense of both current yield and structural entry cost over time.

Filtering and Sorting

The default view shows every opportunity across all DEXs, sorted by Net APR. Most traders will want to narrow that down quickly.

DEX toggles let you show or hide specific venues. If you don't have an account on Paradex yet, hide it — there's no point evaluating opportunities that require credentials you don't have. Toggling off a DEX removes all rows where it appears as either leg.

Symbol filter lets you search by trading pair. Type "ETH" and the table narrows to ETH opportunities only. This is useful when you already know which assets you want to trade and don't want to evaluate the full list.

Range sliders give you precise control over which opportunities appear:

Minimum APR: filter out low-yield opportunities below your threshold
Maximum Spread Cost: filter out opportunities where entry costs eat too much of the yield
Minimum Positive %: filter out opportunities that have shown unreliable funding direction

Sorting changes the evaluation lens. Sort by Net APR to find the highest-yielding opportunities. Sort by Spread Cost to find the cheapest positions to enter — useful when you're deploying a large notional amount and spread cost compounds significantly. Sort by Positive % to find the most reliable opportunities first.

A practical workflow: set your DEX toggles for the venues you actually use, set a minimum Positive % of 80, sort by Net APR, and read the first page. That's a filtered, reliability-weighted view of your best available opportunities on the venues you can access.

Using Favorites

The Scanner includes a favorites system for tracking opportunities you're watching but aren't ready to enter yet.

Star any row to add it to your favorites. Favorited opportunities appear in a dedicated tab in the Top 5 carousel at the top of the page. Unlike the main table, favorites are always fetched — even if they fall outside your current filter settings. A favorited opportunity won't disappear because you've set a minimum APR filter that the opportunity no longer meets.

This is useful in several ways. If an opportunity looks structurally interesting but the current APR is below your threshold, star it and keep watching. If you're evaluating a position and want to compare a few options before committing, star each one. Favorites serve as a working watchlist for your active evaluation process.

Reading an Opportunity Card

Before acting on a Scanner row, it helps to read all three metrics together rather than treating any single number as the deciding factor.

Net APR is the headline. But APR alone does not tell you whether an opportunity is worth entering. It tells you what the yield has been — not what it will be, and not what you'll net after entry costs.

Spread Cost is the tax on entry and exit. A position with 40% APR and 0.05% spread cost becomes profitable almost immediately after opening. A position with 40% APR and 1.8% spread cost needs to be held for weeks before it recovers the entry cost. When evaluating APR, always ask: how long do I need to hold this for the spread to be covered?

Positive Funding % is the reliability indicator. Funding rate strategies only work when funding stays directional. Below 80% positive means the funding has been running against the expected direction for roughly one in five hours of the selected period — that's significant adverse funding exposure for a supposedly stable strategy.

What makes a strong opportunity: high Net APR relative to Spread Cost, Positive % consistently above 85%, and APR numbers that hold reasonably well when you switch from 7d to 30d. If the 7d looks exceptional but the 30d is mediocre, the recent rate is likely a spike rather than a structural condition.

From Scanner to Action

When the Scanner surfaces an opportunity you want to pursue, two paths are available.

Simulate first. Click through to the Simulator to model the opportunity with your specific position size, entry timing, and holding period. The Simulator pre-fills the DEX pair and symbol from the Scanner row you selected, so you're not starting from scratch. Use this path when you want to project actual dollar returns and understand how spread cost and APR interact over your intended hold time.

Open a position. Click through to the Position Manager to start the execution workflow. The DEX pair and symbol are pre-filled from the Scanner. Use this path when you've already evaluated the opportunity and are ready to act.

The Scanner is the discovery layer. The Simulator and Position Manager are where evaluation and execution happen. The intent is that you stay within a single workflow: find in Scanner, verify in Simulator, execute in Position Manager.

Tips for Getting More Out of the Scanner

Don't chase the highest 1h APR. The 1h number is the most volatile metric on the page. High 1h rates appear constantly — they're usually temporary spikes that normalize within hours. Check whether the opportunity holds over 7d and 30d before considering it.

Low spread + moderate APR often beats high APR + high spread. An opportunity with 45% APR and 0.04% spread cost starts working in your favor almost immediately after entry. An opportunity with 90% APR and 1.5% spread cost requires days of holding before you're net positive. For shorter holding periods, spread cost often determines the better trade.

Take Positive % seriously. A Positive % below 80% means meaningful exposure to adverse funding periods. The APR might look attractive because the positive hours are very positive — but the negative hours are also present, and they erode the yield. Reliability matters more than headline rate for positions intended to hold for weeks.

Refresh manually before executing. The Scanner updates every 5 minutes automatically, but if you're about to open a position, use the manual refresh button to ensure you're looking at the most current data. A 5-minute-old snapshot is fine for scanning; not ideal for final execution decisions.

Use the period independence. Setting APR to 7d and Spread to 30d simultaneously gives you a composite view: current-ish yield against structural entry cost. It's a more complete picture than either metric in isolation.

This guide is part of the ArchiNeutral Guide Series.