Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0062%/8h= +6.7% APRpaid last 24h +0.025%

Price spread now: Binance against dYdX+0.027%49s7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as 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 dYdX Short on Binance

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−0.052%−$5 · spread now +0.027%, 7d avg +0.005%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 0.023% dearer against dYdX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.005%. 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	dYdX BTC-USD	86,243.1	0.0022	pay 0.0003% / 1h	15m 51s	$16.9M	$20.5M	50x
Short	Binance BTCUSDT	86,266.6	0.0083	get 0.0083% / 8h	7h 15m	$9.40B	$24.33B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against dYdX. 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 dYdXbpFee BinancebpOrdersPrice spread, now +0.027%Rate

Funding earned: $12.94
Price spread: +0.027% → +0.005%: $2.26
Slippage, 4 orders: −$10.29
Fee dYdX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$15.09
Costs to cover: 0.303%
Break-even: 15.2 days

Slippage from dYdX: live order book, 3 min ago; Binance: live order book, 13 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 dYdX live order book, 3 min ago	1.34 bp	8.0 bp −$8	13.3 bp −$133	19.7 bp −$1,971	25.0 bp −$12.5K
Sell Binance live order book, 13 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$514	7.3 bp −$3,628

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	−0.005%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,206	−0.043%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0065%	1h	86,267.2	+0.028%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,245.6	+0.003%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,263.3	+0.023%	$540K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,249.2	+0.007%	$36.9M	—	200x	as long as short
dYdX BTC-USDlong	+0.0022%	1h	86,243.1	long leg	$16.9M	$20.5M	50x
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.133%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,268.2	+0.029%	$500.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,260.6	+0.020%	$831.3M	$718.5M	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	86,231.2	−0.014%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,267.4	+0.028%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,250.5	+0.009%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,275.1	+0.037%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0075%	1h	86,258	+0.017%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,233.6	−0.011%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,272.6	+0.034%	$5.10B	$5.74B	500x	as long as short
Binance BTCUSDTshort	+0.0083%	8h	86,266.6	+0.027%	$9.40B	$24.33B	150x
Gate BTC_USDT	+0.0093%	8h	86,275.2	+0.037%	$5.77B	$10.61B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,271.6	+0.033%	$170.4M	$990.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,280.8	+0.044%	$23.6M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,239	−0.005%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,220	−0.027%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,278	+0.040%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,250	+0.008%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,347	+0.120%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,280.9	+0.044%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,275.4	+0.037%	$5.25B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,279.7	+0.042%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,234	−0.011%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,268.1	+0.029%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.113%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,244.5	+0.002%	$35.7M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.020%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	+0.036%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.039%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.047%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.5	−0.045%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,278.4	+0.041%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,240	−0.004%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,234.6	−0.010%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,221.5	−0.025%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,262.1	+0.022%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,207.5	−0.041%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,239.1	−0.005%	$2.29B	$959.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,265.8	+0.026%	$155.2M	$473.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,251.5	+0.010%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,210	−0.038%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,300	+0.066%	$132.3M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,294.7	+0.060%	$191.3M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,215.3	−0.032%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,303	+0.069%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,184.8	−0.068%	$415.3M	$641.0M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,277	+0.039%	$10.5M	$765.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,247	+0.005%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,308.4	+0.076%	$902.2M	$1.51B	50x	as long as short