Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.042%

Price spread now: dYdX against SunX+0.014%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 3 days (all we have)+0.331%+$33 · spread now +0.014%, 7d avg +0.037%

Together, before fees+0.436%+$44 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 0.023% cheaper against SunX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.037%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.105%, 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	SunX ETH-USDT	2,775.5	0.0100	pay 0.0100% / 8h	2h 56m	$973K	$14.4M	100x
Short	dYdX ETH-USD	2,775.9	0	get 0.0000% / 1h	56m 36s	$13.0M	$45.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against SunX. 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 SunXbpFee dYdXbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$21
Price spread: +0.014% → +0.037%: −$2.31
Slippage, 4 orders: −$17.35
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$58.66
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from SunX: live order book, 13 min ago; dYdX: live order book, 3 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 SunX live order book, 13 min ago	1.66 bp	5.7 bp −$6	5.7 bp −$57	7.5 bp −$749	10.4 bp −$5,199
Sell dYdX live order book, 3 min ago	7.02 bp	12.0 bp −$12	12.0 bp −$120	16.0 bp −$1,598	44.6 bp −$22.3K

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	−0.0447%	43m	2,775.6	+0.003%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,773.8	−0.060%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	+0.023%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,772.9	−0.093%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,776.7	+0.044%	$794K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,773	−0.088%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,775.9	+0.014%	$13.0M	$45.3M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.5	+0.036%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,776.8	+0.046%	$267.3M	$66.0M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,773.7	−0.065%	$1.71B	$11.92B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0025%	1h	2,776.1	+0.023%	$55.3M	$228.5M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.3	+0.029%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0032%	1h	2,781.3	+0.209%	$29K	$22K	20x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,774.6	−0.031%	$6.46B	$17.34B	150x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,774.5	−0.034%	$1.61B	$2.61B	500x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,775.9	+0.015%	$256.6M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.2	−0.010%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0053%	8h	2,773.5	−0.071%	$3.29B	$9.51B	200x	as long as short
ApeX Omni ETHUSDT	+0.0054%	1h	2,780.8	+0.193%	$10.5M	$30.9M	100x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,773.1	−0.084%	$2.09B	$3.14B	150x	as long as short
Variational Omni ETH	+0.0093%	8h	2,785.4	+0.359%	$141.2M	$320.4M	—	as long as short
Bullet ETH-USD	+0.0094%	1h	2,775.3	−0.006%	$189K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,776	+0.019%	$115.4M	$506.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.2	+0.064%	$25.5M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.4	+0.034%	—	$46.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.5	+0.003%	$15.9M	$11.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.6	−0.067%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.2	−0.010%	$16.3M	$115.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.1	+0.095%	$3.21B	$2.41B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.6	+0.004%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.7	−0.063%	$2.51B	$4.67B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.7	−0.064%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.2	−0.011%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.182%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,774.9	−0.022%	$427.0M	$750.0M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,773.4	−0.075%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.6	+0.077%	$15.4M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782	+0.234%	$177.9M	$785.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.7	+0.189%	$161.8M	$98.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779.6	+0.149%	$21.5M	$57.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	+0.047%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.3	+0.066%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.1	+0.023%	$21K	$25K	25x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,775.5	long leg	$973K	$14.4M	100x
HTX ETH-USDT	+0.0100%	8h	2,775.3	−0.006%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.3	−0.079%	$31.7M	$76.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.8	+0.084%	$60.4M	$4.67B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,776.4	+0.034%	$8.6M	$673.1M	4.9x	as long as short
Derive ETH-PERP	+0.0115%	1h	2,778.5	+0.108%	$43.0M	$30.0M	15x	as long as short
Orderly PERP_ETH_USDC	+0.0127%	8h	2,778.8	+0.118%	$32.6M	$11.7M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0146%	1h	2,778.2	+0.097%	$258.9M	$224.3M	50x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,775.9	+0.015%	$287.4M	$197.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,774.7	−0.028%	$7.5M	$1.0M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.8	+0.084%	$88.7M	$333.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0344%	1h	2,778.2	+0.100%	$274K	$1.5M	20x	as long as short