Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.041%

Price spread now: dYdX against OKX−0.126%50s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$7as 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−$250.255% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 7 days+0.165%+$17 · spread now −0.126%, 7d avg −0.001%

Together, before fees+0.346%+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and dYdX is 0.125% cheaper against OKX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.001%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.181%, so the current rate has only just turned against you. The two prices were read 50 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	OKX ETH-USDT-SWAP	2,751.5	0.0044	pay 0.0044% / 8h	6h 29m	$1.69B	$11.03B	100x
Short	dYdX ETH-USD	2,748	0	get 0.0000% / 1h	29m 51s	$10.8M	$41.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against OKX. 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 OKXbpFee dYdXbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$9.29
Price spread: −0.126% → −0.001%: −$12.51
Slippage, 4 orders: −$5.46
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$47.26
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; dYdX: 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 OKX live order book, 4 min ago	0.02 bp	5.2 bp −$5	5.6 bp −$56	6.5 bp −$653	8.5 bp −$4,231
Sell dYdX live order book, 4 min ago	1.82 bp	8.5 bp −$8	15.0 bp −$150	21.3 bp −$2,133	31.6 bp −$15.8K

ETH on 54 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	2,749.7	−0.066%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.079%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	−0.048%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.238%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750	−0.054%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.184%	$847K	$3.1M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,748	−0.126%	$10.8M	$41.8M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,750.2	−0.048%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.4	−0.039%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,750.5	−0.034%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAPlong	+0.0044%	8h	2,751.5	long leg	$1.69B	$11.03B	100x
HTX ETH-USDT	+0.0046%	8h	2,749.9	−0.058%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0063%	8h	2,751.2	−0.010%	$253.1M	$859.0M	200x	as long as short
MEXC ETH_USDT	+0.0072%	8h	2,751.8	+0.011%	$1.57B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,748.3	−0.114%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,751	−0.018%	$381.5M	$605.9M	100x	as long as short
Binance ETHUSDT	+0.0074%	8h	2,751.6	+0.004%	$6.36B	$16.23B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,751.9	+0.016%	$59.1M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,751.4	−0.003%	$2.08B	$2.85B	150x	as long as short
Gate ETH_USDT	+0.0095%	8h	2,751.6	+0.004%	$3.40B	$8.86B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,751.4	−0.001%	$113.0M	$442.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753	+0.055%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.7	−0.100%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753.3	+0.068%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.2	−0.083%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.5	−0.108%	$14.0M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.6	+0.077%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.7	−0.064%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.4	−0.004%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748	−0.126%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.5	−0.035%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.6	−0.031%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.146%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.258%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.206%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749	−0.090%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.6	−0.068%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.7	−0.064%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.6	−0.031%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.9	+0.014%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749	−0.090%	$963K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.5	−0.035%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,750.4	−0.039%	$267.3M	$66.6M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.274%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.4	−0.038%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,747.3	−0.151%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.7	−0.027%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0138%	8h	2,749.9	−0.057%	$7.9M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0168%	8h	2,752.9	+0.053%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,750.7	−0.028%	$250K	$1.5M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0201%	1h	2,752	+0.020%	$258.5M	$200.4M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	−0.115%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,749.4	−0.074%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	+0.007%	$90.0M	$316.5M	100x	as long as short