Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC+0.0447%/8h= +48.9% APRpaid last 24h +0.056%

Price spread now: dYdX against Perpl−0.048%7-day average −0.021% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 7 days+0.142%+$14 · spread now −0.048%, 7d avg −0.021%

Together, before fees+0.196%+ Points / potential airdropPerpl: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.027% cheaper against Perpl than usual: you would sell low and buy high (spread −0.048% now, against its 7-day average of −0.021%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.054% in total) that is about 3.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.054% in total (about 2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,775.7	−0.0447	get 0.0040% / 43m	42m 08s	$290K	$6.9M	8.3x
Short	dYdX ETH-USD	2,774.4	0	get 0.0000% / 1h	55m 08s	$13.0M	$45.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Perpl. 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 PerplbpFee dYdXbpOrdersPrice spread, now −0.048%Rate

Funding earned: $93.77
Price spread: −0.048% → −0.021%: −$2.67
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee dYdX: 5 bp × 2 orders: −$10
Net: $67.3
Costs to cover: 0.238%
Break-even: 2.0 days

Slippage unknown: Perpl: no order-book sample; dYdX: live order book, 4 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell dYdX live order book, 4 min ago	7.02 bp	12.0 bp −$12	12.0 bp −$120	16.0 bp −$1,598	44.6 bp −$22.3K

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 ETHlong	−0.0447%	43m	2,775.7	long leg	$290K	$6.9M	8.3x
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.089%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	−0.037%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	+0.013%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,776.2	+0.017%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,776.7	+0.035%	$799K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,775.6	−0.003%	$5.9M	$12.0M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,774.4	−0.048%	$13.0M	$45.3M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778	+0.080%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,777	+0.047%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,777.1	+0.048%	$267.2M	$66.0M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,776.7	+0.035%	$1.71B	$11.93B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.9	+0.077%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0029%	1h	2,779.4	+0.133%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,775.4	−0.012%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,777.4	+0.061%	$6.47B	$17.27B	150x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,777.3	+0.055%	$1.61B	$2.61B	500x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,776.9	+0.043%	$256.7M	$998.6M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,777.2	+0.052%	$3.29B	$9.51B	200x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,777.1	+0.049%	$55.3M	$228.5M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,777.1	+0.048%	$2.10B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,776.9	+0.042%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	0.000%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777.6	+0.066%	$115.4M	$506.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779	+0.118%	$25.5M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.5	−0.046%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776	+0.010%	$15.9M	$11.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.7	+0.035%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.7	0.000%	$16.2M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.7	+0.143%	$3.21B	$2.41B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.3	−0.015%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,776.9	+0.043%	$2.52B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.7	−0.073%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.2	+0.053%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.172%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.2	+0.054%	$427.0M	$748.8M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.1	+0.085%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.2	−0.019%	$177.5M	$786.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.6	−0.004%	$161.5M	$98.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.042%	$21.4M	$57.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	+0.037%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.4	+0.096%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.072%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.7	+0.145%	$43.0M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.8	+0.040%	$973K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,777	+0.046%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.9	+0.041%	$31.6M	$76.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779	+0.116%	$60.4M	$4.67B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,776.6	+0.031%	$8.5M	$671.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,780.1	+0.159%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,777.1	+0.048%	$287.5M	$197.2M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0171%	1h	2,779.2	+0.126%	$258.9M	$223.2M	50x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,776.3	+0.020%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.7	+0.108%	$88.8M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0352%	1h	2,775	−0.027%	$273K	$1.5M	20x	as long as short