Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0014%/8h= +1.5% APRpaid last 24h −0.009%

Price spread now: Perpl against dYdX−0.023%7-day average +0.021% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.452%+$45 on $10k

Price spread, last 7 days+0.103%+$10 · spread now −0.023%, 7d avg +0.021%

Together, before fees+0.555%+ Points / potential airdropPerpl: Active · farm board+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.044% cheaper against dYdX than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.021%). If the spread goes back, that is −$4 on $10k: about 10 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.452% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	86,635.5	−0.0014	get 0.0002% / 1h	43m 09s	$17.5M	$20.3M	50x
Short	Perpl BTC	86,615.3	0	get 0.0000% / 43m	13m 09s	$420K	$24.0M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.023%Rate

Funding earned: $2.95
Price spread: −0.023% → +0.021%: −$4.43
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$25.28
Costs to cover: 0.238%
Break-even: 66.9 days

Slippage unknown: dYdX: live order book, 1 min ago; Perpl: no order-book sample. Net counts fees only.

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, 1 min ago	3.06 bp	19.5 bp −$19	69.4 bp −$694	86.6 bp −$8,657	111.0 bp −$55.5K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1210%	1h	86,637.4	+0.002%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0175%	1h	86,597.5	−0.044%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,603	−0.038%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	−0.014%	$9K	$3K	50x	as long as short
dYdX BTC-USDlong	−0.0014%	1h	86,635.5	long leg	$17.5M	$20.3M	50x
Aster BTCUSDT	−0.0007%	8h	86,624.3	−0.013%	$505.6M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.7	+0.013%	$359K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,615.3	−0.023%	$420K	$24.0M	6.7x
Deribit BTC-PERPETUAL	0.0000%	1h	86,653.3	+0.020%	$925.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,621.7	−0.016%	$852.5M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,640	+0.005%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,629.6	−0.007%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,621.3	−0.016%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.088%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,619.6	−0.018%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,629.6	−0.007%	$734K	$8.1M	30x	as long as short
BingX BTC-USDT	+0.0031%	8h	86,618	−0.020%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,617.1	−0.021%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.1	−0.026%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,638.5	+0.003%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,638.4	+0.003%	$9.43B	$24.31B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,623.1	−0.014%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,639.5	+0.005%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,629.7	−0.007%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,641.1	+0.006%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,625	−0.012%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,614	−0.025%	$60.5M	$336.9M	40x	as long as short
Nado BTC-PERP	+0.0099%	1h	86,606.4	−0.034%	$21.8M	$233.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,613	−0.026%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,669.4	+0.039%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,703	+0.078%	$3.81B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.1	+0.020%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,640	+0.005%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,640	+0.005%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,702.2	+0.077%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.125%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,594.2	−0.048%	$38.4M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.087%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	−0.060%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.029%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.014%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	−0.048%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,673	+0.043%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,633	−0.003%	$11.1M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	−0.017%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,624.3	−0.013%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,617.3	−0.021%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.5	−0.023%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	−0.021%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,599.6	−0.041%	$46.4M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,620.2	−0.018%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,664.3	+0.033%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,654.1	+0.021%	$191.5M	$936.4M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	−0.019%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,635.5	0.000%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	86,649	+0.016%	$9.6M	$726.4M	6.4x	as long as short