Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against Bybit+0.053%50s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as 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−$370.369% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.053%, 7d avg −0.005%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.058% dearer against Bybit than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of −0.005%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 46 hours. The two prices were read 50 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	Bybit BTCUSDT	85,514.8	0.0100	pay 0.0100% / 8h	4h 47m	$5.32B	$9.58B	150x
Short	dYdX BTC-USD	85,559.9	0	get 0.0000% / 1h	47m 54s	$16.7M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$21
Price spread: +0.053% → −0.005%: $5.77
Slippage, 4 orders: −$15.85
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$52.08
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.01 bp	6.2 bp −$6	6.5 bp −$65	7.4 bp −$741	8.5 bp −$4,273
Sell dYdX live order book, 1 min ago	3.39 bp	14.4 bp −$14	14.5 bp −$145	27.3 bp −$2,732	62.6 bp −$31.3K

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	−0.1202%	1h	85,559.5	+0.052%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,568	+0.062%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,576	+0.072%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,531.7	+0.020%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,528.7	+0.016%	$417.9M	$665.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0003%	8h	85,504.8	−0.012%	$918.2M	$749.4M	125x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,559.9	+0.053%	$16.7M	$21.2M	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,536.9	+0.026%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,508.4	−0.007%	$515.3M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,531.1	+0.019%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0056%	1h	85,533.9	+0.022%	$22.5M	$218.7M	50x	as long as short
BingX BTC-USDT	+0.0059%	8h	85,516.9	+0.002%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,520.1	+0.006%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0077%	1h	85,521.4	+0.008%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,519.5	+0.006%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,518.8	+0.005%	$5.04B	$5.58B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,512.8	−0.002%	$9.33B	$23.98B	150x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,514	−0.001%	$59.9M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,524	+0.011%	$173.7M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,531.2	+0.019%	$23.8M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,546	+0.036%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,571.6	+0.066%	$3.9M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,524	+0.011%	$232K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,594	+0.093%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,553.7	+0.046%	$40.1M	$575.8M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,514.8	long leg	$5.32B	$9.58B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,531.2	+0.019%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,529	+0.017%	$3.9M	$17.9M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.213%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,516.4	+0.002%	$5.53B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,507.1	−0.009%	$35.8M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	+0.081%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637.5	+0.144%	$279.7M	$917.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,650.2	+0.158%	$214.9M	$165.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,590.3	+0.088%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,595.3	+0.094%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,591.3	+0.089%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,525	+0.012%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,529	+0.017%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,513.6	−0.001%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,517.8	+0.004%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,514.1	−0.001%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,514.1	−0.001%	$2.26B	$939.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,514.9	0.000%	$151.0M	$482.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,496.9	−0.021%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,530.8	+0.019%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,547.9	+0.039%	$117.5M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,497	−0.021%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,539.4	+0.029%	$188.4M	$952.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0173%	1h	85,564.9	+0.059%	$893.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,535.8	+0.025%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,584	+0.081%	$694K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,574.5	+0.070%	$8.4M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,630.6	+0.135%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,555	+0.047%	$10.5M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,542.5	+0.032%	$494K	$18.9M	6.7x	as long as short