Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h −0.040%

Price spread now: HTX against dYdX−0.091%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on dYdX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now −0.091%, 7d avg −0.035%

Together, before fees−0.132%−$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.056% cheaper against dYdX than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of −0.035%). If the spread goes back, that is −$6 on $10k: about 2.1 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.152%, 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	2,772.4	0	get 0.0000% / 1h	10m 04s	$12.7M	$45.6M	50x
Short	HTX ETH-USDT	2,769.9	0.0090	get 0.0090% / 8h	1h 10m	$1.08B	$1.32B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.091%Rate

Funding earned: $18.93
Price spread: −0.091% → −0.035%: −$5.62
Slippage, 4 orders: −$3.64
Fee dYdX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$12.33
Costs to cover: 0.256%
Break-even: 11.6 days

Slippage from dYdX: live order book, 4 min ago; HTX: 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, 4 min ago	0.54 bp	7.0 bp −$7	9.8 bp −$98	15.7 bp −$1,566	29.9 bp −$14.9K
Sell HTX live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$698	10.5 bp −$5,243

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	2,770.5	−0.071%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,770	−0.086%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.5	−0.033%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.259%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.7	−0.062%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,774.4	+0.072%	$29K	$22K	20x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,772.4	long leg	$12.7M	$45.6M	50x
Phoenix ETH	0.0000%	1h	2,773.5	+0.039%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771	−0.051%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0015%	8h	2,771.1	−0.049%	—	$17.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0018%	8h	2,771.3	−0.041%	$1.70B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.9	−0.056%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,771	−0.049%	$269.7M	$68.7M	150x	as long as short
Bullet ETH-USD	+0.0027%	1h	2,770	−0.087%	$180K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,771.6	−0.029%	$255.7M	$993.4M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,772	−0.014%	$258.5M	$222.5M	50x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,770.2	−0.079%	$14.2M	$118.1M	50x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,771.6	−0.030%	$6.43B	$17.22B	150x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,771.4	−0.038%	$1.61B	$2.68B	500x	as long as short
ApeX Omni ETHUSDT	+0.0062%	1h	2,772.2	−0.009%	$8.7M	$32.6M	100x	as long as short
SoDEX ETH-USD	+0.0063%	1h	2,770.4	−0.073%	$55.2M	$228.9M	40x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,768	−0.160%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,771.4	−0.035%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,771.6	−0.029%	$3.29B	$9.67B	200x	as long as short
HTX ETH-USDTshort	+0.0090%	8h	2,769.9	−0.091%	$1.08B	$1.32B	200x
Bybit ETHUSDT	+0.0092%	8h	2,771.8	−0.023%	$2.51B	$4.62B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.035%	$114.9M	$502.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.8	+0.015%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.4	−0.037%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0096%	8h	2,770.1	−0.084%	$421.8M	$738.9M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770	−0.088%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.8	−0.058%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774	+0.057%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.8	−0.060%	$31.2M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.2	−0.080%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.9	−0.019%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.057%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.8	−0.021%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.9	−0.056%	$144.7M	$334.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.6	+0.008%	$181.5M	$779.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.5	+0.003%	$161.3M	$91.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.7	+0.010%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.3	−0.040%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.2	−0.045%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.7	+0.011%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.6	−0.100%	$972K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.1	−0.048%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.8	−0.093%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.7	−0.027%	$59.7M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,771.4	−0.036%	$8.3M	$681.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,773.1	+0.023%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.7	−0.026%	$85.9M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0183%	8h	2,770.8	−0.059%	$284.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,769.6	−0.102%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,773.9	+0.053%	$270K	$1.5M	20x	as long as short