Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h −0.028%

Price spread now: dYdX against Bybit+0.008%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days−0.008%−$1 · spread now +0.008%, 7d avg −0.006%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,882.2	0.0058	pay 0.0058% / 8h	5h 06m	$5.13B	$8.04B	150x
Short	dYdX BTC-USD	85,889.3	0.0001	get 0.0000% / 1h	6m 45s	$16.8M	$13.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$11.93
Price spread: +0.008% → −0.006%: $1.42
Slippage, 4 orders: −$7.23
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$38.73
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 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 Bybit live order book, 6 min ago	0.01 bp	5.5 bp −$6	5.9 bp −$59	7.1 bp −$710	8.2 bp −$4,086
Sell dYdX live order book, just now	3.61 bp	8.6 bp −$9	12.3 bp −$123	18.1 bp −$1,812	30.4 bp −$15.2K

BTC on 56 exchanges

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
Phoenix BTC	−0.0133%	1h	85,779	−0.120%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,196	+0.365%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0044%	8h	85,849.3	−0.038%	$421.8M	$550.0M	150x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,839.3	−0.050%	$367K	$1.9M	50x	as long as short
SoDEX BTC-USD	−0.0007%	1h	85,855	−0.032%	$65.8M	$187.7M	40x	as long as short
Perpl BTC	0.0000%	43m	85,830.6	−0.060%	$467K	$13.5M	6.7x	as long as short
dYdX BTC-USDshort	+0.0001%	1h	85,889.3	+0.008%	$16.8M	$13.6M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,829.1	−0.062%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,828	−0.063%	$320K	$30.6M	52x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,870.8	−0.013%	$511.2M	$846.4M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,876	−0.007%	$192.1M	$750.4M	100x	as long as short
BingX BTC-USDC	+0.0040%	8h	85,856.9	−0.029%	—	$16.1M	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,838	−0.051%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	85,875	−0.008%	$941.2M	$636.1M	125x	as long as short
Bybit BTCUSDTlong	+0.0058%	8h	85,882.2	long leg	$5.13B	$8.04B	150x
Phemex BTCUSDT	+0.0066%	8h	85,868.7	−0.016%	$169.9M	$476.0M	150x	as long as short
HTX BTC-USDT	+0.0069%	8h	85,825	−0.067%	$2.27B	$786.7M	200x	as long as short
Gate BTC_USDT	+0.0074%	8h	85,884.4	+0.003%	$5.51B	$9.05B	200x	as long as short
MEXC BTC_USDT	+0.0076%	8h	85,878	−0.005%	$5.16B	$4.91B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	85,879.9	−0.003%	$9.40B	$20.28B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,835.8	−0.054%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,881.6	−0.001%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,792.9	−0.104%	$215.6M	$132.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,891.9	+0.011%	$172.8M	$876.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,897.3	+0.018%	$23.7M	$121.8M	50x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,859	−0.027%	$211K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0099%	1h	85,839.3	−0.050%	$23.0M	$190.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,815	−0.078%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,860	−0.026%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,911	+0.034%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,891.9	+0.011%	$2.63B	$9.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,809	−0.085%	$3.9M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,839.8	−0.049%	$4.9M	$91.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,846.4	−0.042%	$713.8M	$100.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,851.6	−0.036%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,758.6	−0.144%	$155.2M	$472.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,755.6	−0.147%	$289.3M	$738.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,805	−0.090%	$137.8M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,810	−0.084%	$30.2M	$226.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,885.6	+0.004%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,838	−0.051%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,846	−0.042%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,877.4	−0.006%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.017%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,844.7	−0.044%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,849.1	−0.039%	$47.0M	$192.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,846.4	−0.042%	—	$79.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,914.2	+0.037%	$112.4M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0149%	1h	85,972	+0.105%	$3.94B	$4.17B	40x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,861	−0.025%	$12.0M	$735.7M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,807	−0.087%	$6.6M	$128.9M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,862.2	−0.023%	$9.0M	$35.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,869.3	−0.015%	$15.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0223%	1h	85,902.2	+0.023%	$820.3M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,836.4	−0.053%	$690K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0360%	1h	85,842.5	−0.046%	$79K	$228K	20x	as long as short