Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.021%

Price spread now: dYdX against edgeX−0.008%51s7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as 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−$260.261% of the position

Long on edgeX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 7 days+0.065%+$7 · spread now −0.008%, 7d avg +0.035%

Together, before fees+0.127%+ Points / potential airdropedgeX: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.043% cheaper against edgeX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.035%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.062%, so the current rate has only just turned against you. The two prices were read 51 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	edgeX BTCUSDC	85,455.6	0.0100	pay 0.0050% / 4h	3h 10m	$279.2M	$930.7M	100x
Short	dYdX BTC-USD	85,448.7	0.0028	get 0.0004% / 1h	10m 17s	$16.8M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against edgeX. 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 edgeXbpFee dYdXbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$15.06
Price spread: −0.008% → +0.035%: −$4.33
Slippage, 4 orders: −$7.11
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$45.49
Costs to cover: 0.261%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; dYdX: live order book, 4 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 edgeX live order book, 4 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$467	5.6 bp −$2,807
Sell dYdX live order book, 4 min ago	3.04 bp	9.0 bp −$9	15.7 bp −$157	29.1 bp −$2,914	48.9 bp −$24.4K

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	−0.0140%	1h	85,504	+0.057%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	0.000%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,421.5	−0.040%	$919.2M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,443.4	−0.014%	$420.3M	$675.4M	150x	as long as short
Aster BTCUSDT	−0.0009%	8h	85,426.2	−0.034%	$514.4M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,454.2	−0.002%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,450.5	−0.006%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,430.1	−0.030%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,449.2	−0.007%	$36.5M	—	200x	as long as short
dYdX BTC-USDshort	+0.0028%	1h	85,448.7	−0.008%	$16.8M	$21.2M	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.113%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0045%	1h	85,436	−0.023%	$59.9M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0058%	1h	85,479	+0.027%	$872.1M	$1.60B	50x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,416.5	−0.046%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,437.9	−0.021%	$148.6M	$497.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,437.5	−0.021%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,424.5	−0.036%	$2.8M	$3.6M	20x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,430.1	−0.030%	$5.07B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,436.2	−0.023%	$9.44B	$24.47B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,450.3	−0.006%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,450.1	−0.006%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,431	−0.029%	$8.4M	$55.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	−0.045%	$229K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,490	+0.040%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,521	+0.077%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,468.6	+0.015%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,426.7	−0.034%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,443.8	−0.014%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,438	−0.021%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,437.3	−0.021%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	0.000%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,439	−0.019%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.2	−0.019%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,415.2	−0.047%	$154.4M	$565.2M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,455.6	long leg	$279.2M	$930.7M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	+0.017%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,468.6	+0.015%	$139.7M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468	+0.014%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,496.3	+0.048%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,434	−0.025%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,435.2	−0.024%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.6	−0.032%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.4	+0.027%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,417.8	−0.044%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,412.8	−0.050%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	−0.036%	$2.26B	$949.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,406.8	−0.057%	$45.8M	$234.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,450	−0.007%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,477.4	+0.026%	$117.5M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,423.8	−0.037%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,460.5	+0.006%	$187.7M	$956.8M	100x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,463	+0.009%	$11.4M	$753.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,469.4	+0.016%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,447.4	−0.010%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,481.3	+0.030%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,495.3	+0.046%	$78K	$222K	20x	as long as short