Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h +0.045%

Price spread now: dYdX against Phemex+0.048%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.204%+$20 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now +0.048%, 7d avg +0.023%

Together, before fees+0.286%+$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.025% dearer against Phemex than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of +0.023%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.204%, 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	Phemex ETHUSDT	2,766.1	0.0025	pay 0.0025% / 8h	2h 33m	$266.2M	$66.0M	150x
Short	dYdX ETH-USD	2,767.4	0.0000	get 0.0000% / 1h	33m 47s	$12.7M	$45.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Phemex. 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 PhemexbpFee dYdXbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$5.3
Price spread: +0.048% → +0.023%: $2.46
Slippage, 4 orders: −$11.03
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$35.87
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; dYdX: live order book, just now.

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 Phemex live order book, 5 min ago	0.02 bp	6.2 bp −$6	6.8 bp −$68	9.9 bp −$995	13.8 bp −$6,914
Sell dYdX live order book, just now	5.42 bp	10.4 bp −$10	10.7 bp −$107	19.1 bp −$1,905	33.1 bp −$16.6K

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	−0.0112%	43m	2,768.1	+0.074%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	+0.001%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.9	+0.066%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,767	+0.034%	$171K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0052%	1h	2,767.5	+0.053%	$8.8M	$32.5M	100x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	+0.041%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.4	+0.049%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,767.4	+0.048%	$12.7M	$45.5M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767	+0.034%	$22.3M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0007%	1h	2,767.6	+0.055%	$258.4M	$224.5M	50x	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	+0.0016%	8h	2,766	−0.004%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,766.3	+0.009%	$1.71B	$11.84B	100x	as long as short
Aftermath Perps ETHUSD	+0.0022%	1h	2,767.4	+0.047%	$29K	$21K	20x	as long as short
Phemex ETHUSDTlong	+0.0025%	8h	2,766.1	long leg	$266.2M	$66.0M	150x
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,766.9	+0.031%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,766.3	+0.009%	$255.7M	$995.1M	200x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,766.4	+0.012%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,766.2	+0.004%	$6.42B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,764.1	−0.071%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,766.2	+0.004%	$3.28B	$9.62B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,766.2	+0.003%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,766	−0.003%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,764	−0.074%	$140.6M	$319.6M	—	as long as short
Lighter ETH	+0.0096%	1h	2,766.8	+0.026%	$115.2M	$511.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.1	+0.075%	$25.4M	$122.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,767.7	+0.060%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,766.2	+0.004%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.8	+0.026%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.7	+0.060%	$14.7M	$116.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,768.6	+0.091%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767	+0.034%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,766.5	+0.017%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.7	+0.059%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.4	+0.121%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.019%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,766.1	+0.001%	$424.3M	$741.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,766.5	+0.015%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.078%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.6	+0.055%	$160.9M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.2	−0.031%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.3	+0.046%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768	+0.070%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.4	+0.049%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.6	+0.093%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,765.3	−0.026%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,765.9	−0.006%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.2	+0.005%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,765.6	−0.016%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,767.8	+0.063%	$60.0M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,768.3	+0.081%	$8.6M	$672.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,769.3	+0.115%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,766.1	+0.001%	$285.7M	$194.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,765.3	−0.029%	$7.5M	$995K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,767.3	+0.045%	$87.9M	$329.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,766.2	+0.005%	$280K	$1.5M	20x	as long as short