Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.041%

Price spread now: Bybit against dYdX−0.140%50s7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.140% cheaper against dYdX than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	dYdX IMX-USD	0.1505	0.0154	pay 0.0019% / 1h	8m 50s	$26K	$72	5x
Short	Bybit IMXUSDT	0.1503	0.0100	get 0.0050% / 4h	8m 50s	$3.8M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$11.28
Price spread: −0.140% → 0.000%: −$13.95
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$46.23
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Bybit: 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 dYdX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	6.66 bp	23.8 bp −$24	82.0 bp −$820	doesn't fit	doesn't fit

dYdX: 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.

IMX on 15 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
gTrade (Gains Network) IMX/USD	L −0.0002% / S +0.0004%	1h	0.1506	+0.048%	$6K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.664%	$559	$28K	5.5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1505	0.000%	$3.7M	$5.9M	75x	as long as short
Bybit IMXUSDTshort	+0.0100%	4h	0.1503	−0.140%	$3.8M	$2.2M	75x
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1505	+0.013%	$953K	$1.7M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1502	−0.199%	$648K	$141K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1504	−0.066%	$2.8M	$569K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1505	0.000%	$393K	$129K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1505	0.000%	$1.3M	$414K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1505	0.000%	—	$2.9M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IMX	+0.0100%	4h	0.1501	−0.247%	$94K	$131K	—	as long as short
dYdX IMX-USDlong	+0.0154%	1h	0.1505	long leg	$26K	$72	5x
Hyperliquid IMX	+0.0158%	1h	0.1511	+0.392%	$3.5M	$286K	5x	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1502	−0.199%	$190K	$142K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.1338%	1h	0.1511	+0.404%	$115K	$11K	20x	as long as short