Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.025%

Price spread now: dYdX against Bybit−0.120%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$280.275% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

Price spread, last 7 days+0.203%+$20 · spread now −0.120%, 7d avg −0.002%

Together, before fees+0.381%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.118% cheaper against Bybit than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.002%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.178%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,768.1	0.0100	pay 0.0100% / 8h	7h 18m	$2.51B	$4.33B	150x
Short	dYdX ETH-USD	2,764.7	0	get 0.0000% / 1h	18m 12s	$12.2M	$43.2M	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 −0.120%Rate

Funding earned: −$21
Price spread: −0.120% → −0.002%: −$11.78
Slippage, 4 orders: −$6.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$60.33
Costs to cover: 0.275%
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	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.1 bp −$705	10.1 bp −$5,043
Sell dYdX live order book, 1 min ago	2.35 bp	9.2 bp −$9	16.9 bp −$169	26.4 bp −$2,644	37.9 bp −$18.9K

ETH on 55 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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.319%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,763.6	−0.161%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,764.2	−0.138%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,764.2	−0.139%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,764.2	−0.139%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.142%	$873K	$3.7M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,764.7	−0.120%	$12.2M	$43.2M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,766.7	−0.050%	$22.3M	—	200x	as long as short
Bullet ETH-USD	+0.0018%	1h	2,765.5	−0.092%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,768	−0.002%	$1.70B	$11.14B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0028%	1h	2,766.6	−0.053%	$55.1M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,766.3	−0.063%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,765.2	−0.102%	$256.1M	$886.0M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,768	−0.003%	$3.38B	$9.06B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,765.9	−0.078%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,767.8	−0.011%	$6.47B	$16.26B	150x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,768	−0.003%	$1.61B	$2.65B	500x	as long as short
Aftermath Perps ETHUSD	+0.0069%	1h	2,770	+0.069%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,768.1	+0.003%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769	+0.034%	$60.3M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,764.7	−0.121%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,767.3	−0.029%	$420.3M	$604.6M	100x	as long as short
HTX ETH-USDT	+0.0086%	8h	2,767	−0.038%	$1.07B	$1.25B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,767.6	−0.018%	$114.9M	$458.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.9	+0.029%	$25.6M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	+0.005%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.1	−0.070%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,764.2	−0.139%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,763	−0.181%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.4	+0.085%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.2	−0.139%	$31.1M	$328.0M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,768.1	long leg	$2.51B	$4.33B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,763.5	−0.165%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,764.3	−0.137%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.163%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,768	−0.003%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.7	−0.012%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	+0.018%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	+0.002%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.026%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.9	−0.006%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,764.4	−0.132%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.7	−0.012%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.7	+0.023%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,765.3	−0.101%	$969K	$13.0M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,767.8	−0.008%	$269.4M	$67.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.2	−0.069%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,765.8	−0.083%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,765.7	−0.085%	$8.1M	$677.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.2	+0.040%	$97.8M	$320.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,769.3	+0.044%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,769.8	+0.061%	$32.6M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,768.8	+0.025%	$259.1M	$203.4M	50x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,763.6	−0.163%	$287.3M	$178.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,764.4	−0.132%	$7.3M	$1.1M	25x	as long as short