Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0246%/8h= −27.0% APRpaid last 24h +0.002%

Price spread now: dYdX against BloFin+0.110%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on BloFin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.110%, 7d avg +0.014%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.096% dearer against BloFin than usual: you sell high and buy low (spread +0.110% now, against its 7-day average of +0.014%): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 7 days (−0.114% in total) that is about 5.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.114% in total (about -5.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	86,733.1	0.0177	pay 0.0177% / 8h	2h 23m	$417.1M	$654.9M	150x
Short	dYdX BTC-USD	86,828.6	−0.0069	pay 0.0009% / 1h	23m 11s	$17.6M	$20.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against BloFin. 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 BloFinbpFee dYdXbpOrdersPrice spread, now +0.110%Rate

Funding earned: −$51.75
Price spread: +0.110% → +0.014%: $9.57
Slippage, 4 orders: −$2.85
Fee BloFin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$67.03
Costs to cover: 0.249%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; dYdX: live order book, 1 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 BloFin live order book, 6 min ago	0.03 bp	6.1 bp −$6	6.1 bp −$61	6.2 bp −$620	7.5 bp −$3,737
Sell dYdX live order book, 1 min ago	0.23 bp	6.4 bp −$6	16.1 bp −$161	19.4 bp −$1,938	23.2 bp −$11.6K

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
Aftermath Perps BTCUSD	−0.0235%	1h	86,720.9	−0.014%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,780.5	+0.055%	$430K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	+0.055%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,801	+0.078%	$9K	$3K	50x	as long as short
dYdX BTC-USDshort	−0.0069%	1h	86,828.6	+0.110%	$17.6M	$20.6M	50x
01 Exchange BTCUSD	0.0000%	1h	86,785.2	+0.060%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,767.1	+0.039%	$934.0M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,751.7	+0.021%	$848.8M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,766.5	+0.039%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,749.1	+0.018%	$506.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,740.5	+0.008%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,741	+0.009%	$150.2M	$471.6M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,748.8	+0.018%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0034%	8h	86,734.3	+0.001%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.108%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,744	+0.013%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,745.3	+0.014%	$5.18B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,731.2	−0.002%	$9.44B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.8	+0.034%	$9.2M	$41.9M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0080%	8h	86,750	+0.019%	$2.56B	$12.74B	100x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,751.6	+0.021%	$5.86B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,745.3	+0.014%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,743.5	+0.012%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,748.6	+0.018%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,755	+0.025%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.007%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,754	+0.024%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,847	+0.131%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,810.2	+0.089%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,836	+0.119%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,831.6	+0.114%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,753	+0.023%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,829.4	+0.111%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.179%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,808.6	+0.087%	$38.2M	$148.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.091%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.065%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.053%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,775.2	+0.049%	$30.8M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,829	+0.111%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,762	+0.033%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,748.3	+0.018%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,760.8	+0.032%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,769.5	+0.042%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,750.2	+0.020%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,735.3	+0.003%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,732	−0.001%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,729.4	−0.004%	$2.30B	$958.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,722.6	−0.012%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,768.2	+0.040%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,754.5	+0.025%	$188.5M	$933.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,779.2	+0.053%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0139%	8h	86,815	+0.094%	$9.6M	$726.5M	6.4x	as long as short
BloFin BTC-USDTlong	+0.0177%	8h	86,733.1	long leg	$417.1M	$654.9M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,756.7	+0.027%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	+0.057%	$618K	$7.1M	30x	as long as short