Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h −0.025%

Price spread now: dYdX against Binance−0.030%49s7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.303% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 7 days+0.054%+$5 · spread now −0.030%, 7d avg −0.005%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.025% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.005%). Swap the legs. The two prices were read 49 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	Binance BTCUSDT	86,313.9	0.0084	pay 0.0084% / 8h	7h 14m	$9.41B	$24.32B	150x
Short	dYdX BTC-USD	86,288.1	0.0023	get 0.0003% / 1h	14m 48s	$16.9M	$20.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$12.87
Price spread: −0.030% → −0.005%: −$2.52
Slippage, 4 orders: −$10.29
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$45.68
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; dYdX: live order book, 4 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 Binance live order book, 14 min ago	0.01 bp	5.0 bp −$5	5.2 bp −$52	5.8 bp −$584	6.6 bp −$3,293
Sell dYdX live order book, 4 min ago	1.34 bp	12.3 bp −$12	17.7 bp −$177	18.2 bp −$1,823	24.9 bp −$12.4K

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 BTC	−0.0129%	1h	86,239	−0.087%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,299	−0.017%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0049%	1h	86,329.8	+0.018%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,286.3	−0.032%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,286.3	−0.032%	$538K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,307.7	−0.007%	$36.9M	—	200x	as long as short
dYdX BTC-USDshort	+0.0023%	1h	86,288.1	−0.030%	$16.9M	$20.5M	50x
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.051%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,309.4	−0.005%	$500.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,308.8	−0.006%	$831.6M	$718.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,289	−0.029%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,318.8	+0.006%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,287.3	−0.031%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,313.5	0.000%	$2.98B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,305	−0.010%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,292.5	−0.025%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,310.3	−0.004%	$5.09B	$5.74B	500x	as long as short
Binance BTCUSDTlong	+0.0084%	8h	86,313.9	long leg	$9.41B	$24.32B	150x
Lighter BTC	+0.0096%	1h	86,337.7	+0.028%	$170.4M	$990.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,341.8	+0.032%	$23.7M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,283	−0.036%	$8.4M	$52.1M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	86,315.9	+0.002%	$5.77B	$10.61B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,259	−0.064%	$196K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,308.5	−0.006%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,275.1	−0.045%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,387	+0.085%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,315.1	+0.001%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,320	+0.007%	$5.26B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,326.4	+0.014%	$2.57B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,280	−0.039%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,304.8	−0.011%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.195%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,292.9	−0.024%	$35.7M	$160.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.102%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.2	−0.132%	$278.4M	$953.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,212.1	−0.118%	$216.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,240.1	−0.085%	$141.3M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,233.9	−0.093%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,318.1	+0.005%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,288	−0.030%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,295.1	−0.022%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,294.9	−0.022%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,318.4	+0.005%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,257.2	−0.066%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,274.7	−0.045%	$2.29B	$959.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,305.1	−0.010%	$155.2M	$473.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,294.9	−0.022%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,278.2	−0.041%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,345.8	+0.037%	$132.3M	$5.32B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,337.2	+0.027%	$191.4M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,254.4	−0.069%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,314.8	+0.001%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,310	−0.005%	$10.6M	$765.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	−0.020%	$416.1M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,303.2	−0.012%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0226%	1h	86,352.3	+0.045%	$902.2M	$1.51B	50x	as long as short