Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.042%

Price spread now: BingX against dYdX−0.104%49s7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as 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−$280.279% of the position

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 7 days−0.012%−$1 · spread now −0.104%, 7d avg −0.038%

Together, before fees−0.199%−$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.066% cheaper against dYdX than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of −0.038%). If the spread goes back, that is −$7 on $10k: about 14 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.187%, so the current rate has only just turned in your favour. 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 ETH-USD	2,776.1	0	get 0.0000% / 1h	33m 52s	$12.7M	$45.9M	50x
Short	BingX ETH-USDC	2,773.2	0.0016	get 0.0016% / 8h	33m 52s	—	$17.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.104%Rate

Funding earned: $3.36
Price spread: −0.104% → −0.038%: −$6.55
Slippage, 4 orders: −$7.92
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$31.11
Costs to cover: 0.279%
Break-even: 71.8 days

Slippage from dYdX: live order book, just now; BingX: 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 dYdX live order book, just now	3.60 bp	8.6 bp −$9	8.6 bp −$86	26.2 bp −$2,620	62.4 bp −$31.2K
Sell BingX live order book, 4 min ago	0.22 bp	5.5 bp −$6	6.0 bp −$60	7.3 bp −$733	10.5 bp −$5,237

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
Perpl ETH	−0.0447%	43m	2,774.6	−0.053%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,774.3	−0.066%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.210%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.9	−0.042%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,776.9	+0.031%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.7	−0.049%	$168K	$1.2M	50x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,776.1	long leg	$12.7M	$45.9M	50x
Phoenix ETH	+0.0003%	1h	2,778.6	+0.091%	$879K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.8	−0.046%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0008%	1h	2,778.3	+0.079%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDCshort	+0.0016%	8h	2,773.2	−0.104%	—	$17.5M	—
OKX ETH-USDT-SWAP	+0.0019%	8h	2,774	−0.076%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,774.5	−0.055%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,774.1	−0.073%	$270.4M	$69.0M	150x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,773.6	−0.089%	$256.4M	$1.00B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0042%	1h	2,775.4	−0.024%	$259.0M	$222.4M	50x	as long as short
Bullet ETH-USD	+0.0048%	1h	2,773.8	−0.081%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0050%	1h	2,773.7	−0.085%	$55.2M	$229.1M	40x	as long as short
MEXC ETH_USDT	+0.0063%	8h	2,773.8	−0.084%	$1.59B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,773.7	−0.084%	$6.46B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,771.7	−0.157%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,774	−0.076%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,774.1	−0.070%	$3.30B	$9.63B	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,774.1	−0.072%	$421.6M	$739.7M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,775	−0.037%	$59.9M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,773.9	−0.078%	$2.51B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,774.2	−0.068%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,774.8	−0.045%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,774.9	−0.041%	$116.0M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.9	−0.008%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.2	−0.030%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.1	−0.070%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.3	−0.064%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.7	−0.084%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.5	+0.015%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775	−0.039%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.2	−0.067%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.7	−0.012%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.065%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.3	−0.063%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.8	−0.011%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	+0.024%	$182.3M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.015%	$161.4M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.5	+0.052%	$21.5M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.3	−0.064%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.2	−0.033%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.5	+0.014%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.3	−0.099%	$973K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.5	−0.092%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,775.4	−0.024%	$8.3M	$685.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.9	−0.041%	$86.5M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,776.7	+0.023%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0184%	8h	2,775	−0.039%	$286.5M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,773.7	−0.085%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,776.6	+0.019%	$252K	$1.6M	20x	as long as short