Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.034%

Price spread now: MEXC against dYdX−0.027%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 7 days−0.068%−$7 · spread now −0.027%, 7d avg +0.001%

Together, before fees−0.261%−$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.028% cheaper against dYdX than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.001%). If the spread goes back, that is −$3 on $10k: about 40 hours of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.193%, 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	2,781.6	0	get 0.0000% / 1h	42m 23s	$12.7M	$45.5M	50x
Short	MEXC ETH_USDT	2,780.8	0.0056	get 0.0056% / 8h	1h 42m	$1.62B	$2.64B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.027%Rate

Funding earned: $11.76
Price spread: −0.027% → +0.001%: −$2.77
Slippage, 4 orders: −$5.07
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$8.08
Costs to cover: 0.171%
Break-even: 11.8 days

Slippage from dYdX: live order book, 2 min ago; MEXC: live order book, 2 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, 2 min ago	0.90 bp	5.9 bp −$6	16.7 bp −$167	25.0 bp −$2,503	31.8 bp −$15.9K
Sell MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.1 bp −$114	3.5 bp −$1,768

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	2,780.5	−0.037%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.4	−0.041%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.1	−0.124%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	−0.210%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,781.1	−0.016%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0030%	1h	2,775.9	−0.202%	$29K	$22K	20x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,781.6	long leg	$12.7M	$45.5M	50x
Phoenix ETH	0.0000%	1h	2,774.2	−0.264%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.7	+0.006%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0012%	8h	2,777	−0.163%	$267.4M	$65.7M	150x	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	+0.0017%	8h	2,780.4	−0.041%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,780.8	−0.027%	$1.71B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,781.6	0.000%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,780.2	−0.048%	$257.0M	$989.7M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,780.6	−0.035%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0039%	1h	2,780.1	−0.054%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDTshort	+0.0056%	8h	2,780.8	−0.027%	$1.62B	$2.64B	500x
Aevo ETH-PERP	+0.0056%	1h	2,778.6	−0.107%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,781	−0.021%	$6.46B	$17.10B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,781	−0.020%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0079%	8h	2,780.7	−0.030%	$3.30B	$9.56B	200x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,777.4	−0.149%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,780.5	−0.039%	$115.1M	$497.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,782.9	+0.047%	$25.5M	$120.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,781.5	−0.002%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,781.2	−0.013%	$2.53B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,781	−0.019%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,780.6	−0.034%	$482K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,782.7	+0.042%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,780.9	−0.024%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.3	−0.081%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782.2	+0.024%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.394%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,780.4	−0.042%	$426.7M	$737.5M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.8	−0.101%	$15.2M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.278%	$135.8M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.5	−0.217%	$179.9M	$780.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	−0.181%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	−0.180%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	−0.192%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,780.4	−0.042%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	+0.002%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781.5	−0.002%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.4	+0.065%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.3	−0.044%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,781	−0.020%	$55.4M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.5	−0.038%	$31.4M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	−0.096%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.5	+0.032%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,778.2	−0.121%	$8.6M	$672.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,782.5	+0.034%	$258.4M	$221.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,783.6	+0.075%	$32.7M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.2	+0.021%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,778	−0.129%	$285.6M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,780.6	−0.035%	$7.4M	$1.1M	25x	as long as short