Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h +0.010%

Price spread now: dYdX against MEXC+0.017%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$350.347% of the position

Long on MEXC Short on dYdX

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+0.021%+$2 · spread now +0.017%, 7d avg −0.003%

Together, before fees+0.194%+$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.021% dearer against MEXC than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.003%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 18 hours. Mind the row above: over the last 7 days funding on this pair paid +0.173%, 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	MEXC ETH_USDT	2,730.8	0.0094	pay 0.0094% / 8h	42m 34s	$1.56B	$2.56B	500x
Short	dYdX ETH-USD	2,731.3	0	get 0.0000% / 1h	42m 34s	$10.5M	$42.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against MEXC. 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 MEXCbpFee dYdXbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$19.74
Price spread: +0.017% → −0.003%: $2.06
Slippage, 4 orders: −$22.66
Fee MEXC: 1 bp × 2 orders: −$2
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$52.33
Costs to cover: 0.347%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; dYdX: 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 MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.3 bp −$130	3.5 bp −$1,739
Sell dYdX live order book, 2 min ago	6.77 bp	15.4 bp −$15	18.1 bp −$181	28.0 bp −$2,800	54.1 bp −$27.1K

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
BloFin ETH-USDT	−0.0189%	8h	2,730	−0.028%	$281.1M	$177.9M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	+0.048%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,733.5	+0.099%	$811K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.9	+0.005%	$11.9M	—	200x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,731.3	+0.017%	$10.5M	$42.6M	50x
Kalshi KXETHPERP	0.0000%	8h	2,731.3	+0.019%	$6.3M	$680.6M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,731.4	+0.024%	$286K	$5.7M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,730.6	−0.008%	$262.4M	$212.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,730.7	−0.004%	$32.9M	—	200x	as long as short
BingX ETH-USDT	+0.0019%	8h	2,730.9	+0.005%	—	$1.10B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0024%	8h	2,731.8	+0.037%	$2.33B	$4.36B	150x	as long as short
HTX ETH-USDT	+0.0029%	8h	2,729.5	−0.048%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,731.8	+0.037%	$192K	$888K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,732.3	+0.055%	$117K	$20.2M	52x	as long as short
ApeX Omni ETHUSDT	+0.0057%	1h	2,731.2	+0.016%	$8.6M	$31.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,730.2	−0.021%	$82.0M	$309.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,731.1	+0.010%	$384.9M	$576.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0072%	1h	2,731.7	+0.033%	$242K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,731.7	+0.033%	$1.65B	$10.85B	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,732	+0.044%	$253.0M	$849.3M	200x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,731.5	+0.026%	$6.32B	$16.15B	150x	as long as short
MEXC ETH_USDTlong	+0.0094%	8h	2,730.8	long leg	$1.56B	$2.56B	500x
Lighter ETH	+0.0096%	1h	2,731.6	+0.028%	$112.6M	$429.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.7	+0.071%	$23.5M	$102.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.4	−0.125%	$4.9M	$181K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.7	−0.003%	$500K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735.3	+0.166%	$15.4M	$7.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.3	−0.018%	$14.0M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.3	+0.055%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.9	+0.040%	$32.1M	$333.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.2	−0.022%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.8	+0.037%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.5	−0.047%	$162.7M	$356.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.2	+0.016%	$3.31B	$8.86B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.1	+0.048%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.7	−0.038%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.6	+0.031%	$134.1M	$318.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.7	+0.034%	$185.7M	$684.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732	+0.045%	$158.8M	$83.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.5	+0.026%	$21.0M	$70.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.2	+0.088%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.3	+0.092%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,730.6	−0.009%	$184K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.6	−0.005%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.6	+0.031%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,730.3	−0.017%	$958K	$10.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,729.7	−0.040%	$54.4M	$187.1M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,730.9	+0.005%	$263.2M	$64.5M	150x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,731.8	+0.035%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.2	−0.020%	$30.4M	$72.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,731.4	+0.022%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731	+0.008%	$46.5M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,731.4	+0.022%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,731	+0.009%	$7.3M	$975K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,732.3	+0.055%	$32.2M	$11.3M	100x	as long as short