Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0174%/8h= +19.1% APRpaid last 24h +0.032%

Price spread now: Bybit against dYdX−0.016%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 7 days−0.007%−$1 · spread now −0.016%, 7d avg +0.004%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.020% cheaper against dYdX than usual: you would sell low and buy high (spread −0.016% now, against its 7-day average of +0.004%). If the spread goes back, that is −$2 on $10k: about 9 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.106% in total) that is about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	86,676.5	−0.0095	get 0.0012% / 1h	37m 35s	$17.6M	$20.5M	50x
Short	Bybit BTCUSDT	86,662.6	0.0079	get 0.0079% / 8h	2h 37m	$5.28B	$9.66B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.016%Rate

Funding earned: $36.62
Price spread: −0.016% → +0.004%: −$2.03
Slippage, 4 orders: −$3.07
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $10.52
Costs to cover: 0.241%
Break-even: 5.0 days

Slippage from dYdX: live order book, 2 min ago; Bybit: live order book, 2 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, 2 min ago	1.50 bp	6.5 bp −$7	11.9 bp −$119	17.4 bp −$1,744	41.8 bp −$20.9K
Sell Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.7 bp −$573	7.6 bp −$3,785

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
Perpl BTC	−0.0223%	43m	86,671.9	−0.005%	$428K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0221%	1h	86,594.9	−0.094%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.159%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USDlong	−0.0095%	1h	86,676.5	long leg	$17.6M	$20.5M	50x
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.188%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,628.6	−0.055%	$845.3M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,675.5	−0.001%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,609.6	−0.077%	$936.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,592.2	−0.097%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,644	−0.038%	$505.9M	$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	86,659.3	−0.020%	$6.8M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,656.3	−0.023%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0028%	8h	86,660.7	−0.018%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,570.1	−0.123%	$149.6M	$470.7M	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,576	−0.116%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.064%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,658.3	−0.021%	$5.19B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,670.5	−0.007%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,678.3	+0.002%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0068%	8h	86,663.4	−0.015%	$5.87B	$10.61B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0068%	8h	86,667.7	−0.010%	$2.57B	$12.70B	100x	as long as short
Bybit BTCUSDTshort	+0.0079%	8h	86,662.6	−0.016%	$5.28B	$9.66B	150x
Variational Omni BTC	+0.0091%	8h	86,619.6	−0.066%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,667.9	−0.010%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,652.1	−0.028%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,667	−0.011%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,714	+0.043%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,655	−0.025%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,635.2	−0.048%	$21.6M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,733	+0.065%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,678.3	+0.002%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,676	−0.001%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,737.8	+0.071%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.080%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,586.3	−0.104%	$38.1M	$148.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.121%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	−0.065%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	−0.052%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,531.1	−0.168%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,703.8	+0.031%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,669	−0.009%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,667.2	−0.011%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,586.6	−0.104%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,597.5	−0.091%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,578.2	−0.113%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,573.5	−0.119%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,574	−0.118%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,564.2	−0.130%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,657.8	−0.022%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,561	−0.133%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,612.5	−0.074%	$189.4M	$930.4M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,571	−0.122%	$8.9M	$723.2M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,622.9	−0.062%	$131.9M	$5.86B	50x	as long as short
BloFin BTC-USDT	+0.0171%	8h	86,555	−0.140%	$416.9M	$646.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,588	−0.102%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,585.9	−0.105%	$614K	$7.1M	30x	as long as short