Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h −0.009%

Price spread now: Bybit against dYdX−0.067%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$250.245% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 7 days+0.003%$0 · spread now −0.067%, 7d avg +0.005%

Together, before fees−0.170%−$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.072% cheaper against dYdX than usual: you would sell low and buy high (spread −0.067% now, against its 7-day average of +0.005%). If the spread goes back, that is −$7 on $10k: about 8.9 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.173%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,732.6	0	get 0.0000% / 1h	4m 06s	$10.5M	$42.8M	50x
Short	Bybit ETHUSDT	2,730.8	0.0027	get 0.0027% / 8h	1h 04m	$2.33B	$4.38B	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 −0.067%Rate

Funding earned: $5.65
Price spread: −0.067% → +0.005%: −$7.17
Slippage, 4 orders: −$3.51
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.03
Costs to cover: 0.245%
Break-even: 39.2 days

Slippage from dYdX: live order book, 5 min ago; Bybit: live order book, 5 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, 5 min ago	0.37 bp	6.6 bp −$7	13.1 bp −$131	23.3 bp −$2,332	29.2 bp −$14.6K
Sell Bybit live order book, 5 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.6 bp −$662	9.4 bp −$4,704

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
Hotstuff ETH-PERP	−0.0080%	1h	2,734.8	+0.079%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,734.2	+0.058%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.2	−0.054%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,734.4	+0.065%	$814K	$3.0M	25x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,732.6	long leg	$10.5M	$42.8M	50x
Kalshi KXETHPERP	0.0000%	8h	2,731.8	−0.030%	$6.6M	$682.3M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,731.6	−0.037%	$288K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,731.7	−0.033%	$262.5M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.2	−0.054%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,731.6	−0.038%	$191K	$890K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0022%	8h	2,730.3	−0.084%	—	$18.6M	—	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.9	−0.025%	$8.6M	$31.5M	100x	as long as short
Bybit ETHUSDTshort	+0.0027%	8h	2,730.8	−0.067%	$2.33B	$4.38B	150x
HTX ETH-USDT	+0.0029%	8h	2,731	−0.058%	$1.05B	$1.22B	200x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,731.1	−0.056%	$385.9M	$576.7M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,730.6	−0.074%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,730.8	−0.066%	$1.65B	$10.86B	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,731.1	−0.056%	$253.0M	$846.9M	200x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,730.8	−0.066%	$262.9M	$64.5M	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,730.7	−0.071%	$188K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,731	−0.059%	$1.54B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,730.9	−0.064%	$6.33B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.7	−0.034%	$112.7M	$439.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.6	0.000%	$23.5M	$103.5M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,728.5	−0.151%	$4.9M	$171K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.8	−0.067%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.3	+0.135%	$15.4M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.3	−0.049%	$14.2M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.4	+0.028%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.6	0.000%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.3	−0.049%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.8	−0.029%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	−0.030%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.1	−0.055%	$3.31B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.1	−0.056%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.1	−0.056%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.5	−0.004%	$134.3M	$320.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.3	−0.048%	$185.7M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.6	0.000%	$158.8M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.5	+0.032%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.8	+0.008%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732	−0.023%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.9	−0.027%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	0.000%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,730.5	−0.078%	$957K	$10.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,733.1	+0.016%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.8	−0.103%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,731.9	−0.025%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.8	−0.029%	$46.5M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,731.7	−0.034%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0128%	1h	2,734.7	+0.074%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.9	+0.011%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,729.9	−0.098%	$7.3M	$975K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,731.1	−0.056%	$82.1M	$309.7M	100x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,731.7	−0.035%	$281.4M	$176.1M	150x	as long as short