Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.002%

Price spread now: dYdX against Paradex−0.133%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$260.262% of the position

Long on Paradex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.246%+$25 on $10k

Price spread, last 7 days+0.096%+$10 · spread now −0.133%, 7d avg −0.063%

Together, before fees+0.342%+ Points / potential airdropParadex: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.070% cheaper against Paradex than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.063%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.246%, 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	Paradex ETH-USD-PERP	2,740.7	0.0100	pay 0.0100% / 8h	7h 22m	$15.4M	$6.9M	50x
Short	dYdX ETH-USD	2,737	0	get 0.0000% / 1h	22m 27s	$10.6M	$41.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Paradex. 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 ParadexbpFee dYdXbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$20.99
Price spread: −0.133% → −0.063%: −$7.04
Slippage, 4 orders: −$12.22
Fee Paradex: 2 bp × 2 orders: −$4
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$54.26
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Paradex: 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 Paradex live order book, 2 min ago	3.09 bp	5.1 bp −$5	5.1 bp −$51	doesn't fit	doesn't fit
Sell dYdX live order book, 2 min ago	2.20 bp	7.2 bp −$7	11.2 bp −$112	14.1 bp −$1,412	39.1 bp −$19.5K

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	−0.0154%	8h	2,735	−0.206%	$282.6M	$176.7M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,734	−0.245%	$275K	$5.5M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.9	−0.247%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0064%	8h	2,734.9	−0.210%	$1.05B	$1.19B	200x	as long as short
Bybit ETHUSDT	−0.0061%	8h	2,735.4	−0.191%	$2.32B	$4.26B	150x	as long as short
Phemex ETHUSDT	−0.0048%	8h	2,734.3	−0.232%	$263.3M	$62.5M	150x	as long as short
SunX ETH-USDT	−0.0019%	8h	2,734.4	−0.230%	$942K	$10.4M	100x	as long as short
ApeX Omni ETHUSDT	−0.0015%	1h	2,724.3	−0.599%	$8.3M	$31.0M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,724.7	−0.583%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.8	−0.214%	$11.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USDshort	0.0000%	1h	2,737	−0.133%	$10.6M	$41.8M	50x
Kalshi KXETHPERP	0.0000%	8h	2,732.8	−0.287%	$6.6M	$667.3M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,734.6	−0.222%	$33.0M	—	200x	as long as short
Hibachi ETH/USDT-P	+0.0008%	1h	2,734.3	−0.233%	$239K	$1.4M	20x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,736.1	−0.167%	$195K	$883K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0032%	1h	2,736	−0.169%	$266.0M	$220.3M	50x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,735	−0.207%	$54.5M	$182.3M	40x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,736.9	−0.137%	$3.28B	$8.31B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,736.5	−0.152%	$253.3M	$836.5M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,735.9	−0.173%	$1.66B	$10.49B	100x	as long as short
MEXC ETH_USDT	+0.0076%	8h	2,736.6	−0.147%	$1.57B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,736.1	−0.166%	$6.32B	$15.84B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,733.6	−0.257%	$4.9M	$190K	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,736.5	−0.153%	$383.8M	$559.6M	100x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,736.7	−0.145%	$177K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,737.9	−0.101%	$113.0M	$403.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.2	−0.090%	$23.7M	$96.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.4	−0.301%	—	$30.3M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.4	−0.156%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,740.7	long leg	$15.4M	$6.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,736.5	−0.151%	$14.3M	$100.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.3	−0.086%	$3.12B	$1.95B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.3	−0.122%	$32.1M	$331.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.6	−0.148%	$2.7M	$16.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737	−0.133%	$1.6M	$15.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,720.7	−0.730%	$164.6M	$337.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.2	−0.162%	$2.12B	$2.68B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,736	−0.170%	—	$18.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.3	−0.232%	$15.1M	$38.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.3	−0.671%	$131.5M	$313.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.4	−0.595%	$185.4M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725	−0.570%	$158.5M	$81.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.6	−0.440%	$20.9M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.4	−0.119%	—	$437K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736.7	−0.145%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.596%	$40.5M	$29.1M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.7	−0.180%	$30.3M	$70.4M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,735.9	−0.175%	$82.1M	$307.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,727.6	−0.476%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,736.5	−0.153%	$45.9M	$4.19B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,737.2	−0.125%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0170%	1h	2,735.7	−0.180%	$7.3M	$961K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,736.9	−0.138%	$32.3M	$10.8M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,732.5	−0.298%	$117K	$22.1M	52x	as long as short
Bluefin ETH-PERP	+0.1166%	1h	2,734.7	−0.219%	$20K	$23K	25x	as long as short