Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h −0.001%

Price spread now: BloFin against dYdX+0.007%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$260.261% of the position

Long on dYdX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.141%+$14 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.007%, 7d avg −0.017%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.024% dearer against dYdX than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.017%): +$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 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.141%, 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	dYdX BTC-USD	85,494.9	0.0002	pay 0.0000% / 1h	8m 40s	$16.8M	$21.4M	50x
Short	BloFin BTC-USDT	85,500.9	−0.0024	pay 0.0024% / 8h	2h 08m	$417.8M	$683.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$5.44
Price spread: +0.007% → −0.017%: $2.43
Slippage, 4 orders: −$4.12
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$29.12
Costs to cover: 0.261%
Break-even: never at this rate

Slippage from dYdX: live order book, 1 min ago; BloFin: live order book, 6 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 dYdX live order book, 1 min ago	0.64 bp	7.0 bp −$7	15.3 bp −$153	18.0 bp −$1,797	18.7 bp −$9,331
Sell BloFin live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.6 bp −$656	8.0 bp −$3,999

BTC on 56 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 BTC	−0.0112%	43m	85,539.4	+0.052%	$524K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,557	+0.073%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,497	+0.002%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0052%	8h	85,505.5	+0.012%	$927.9M	$769.6M	125x	as long as short
BloFin BTC-USDTshort	−0.0024%	8h	85,500.9	+0.007%	$417.8M	$683.2M	150x
Aster BTCUSDT	−0.0008%	8h	85,505.5	+0.012%	$514.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,532.7	+0.044%	$355K	$2.4M	50x	as long as short
dYdX BTC-USDlong	+0.0002%	1h	85,494.9	long leg	$16.8M	$21.4M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,509.6	+0.017%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.171%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0044%	1h	85,509.4	+0.017%	$24.7M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,482.7	−0.014%	$187.7M	$953.3M	100x	as long as short
BingX BTC-USDT	+0.0069%	8h	85,519.2	+0.028%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,467.4	−0.032%	$148.5M	$506.4M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0082%	1h	85,519.7	+0.029%	$866.6M	$1.62B	50x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,514.2	+0.023%	$2.96B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,524.7	+0.035%	$171.6M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,480.4	−0.017%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,508	+0.015%	$8.4M	$55.8M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,518.3	+0.027%	$5.01B	$5.76B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,485	−0.012%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,500	+0.006%	$117.2M	$5.44B	50x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,507.4	+0.015%	$9.46B	$24.90B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,491	−0.005%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,568.7	+0.086%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,559	+0.075%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,542.6	+0.056%	$40.0M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,517.6	+0.027%	$5.15B	$9.97B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,522.9	+0.033%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,517	+0.026%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,522.3	+0.032%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	+0.008%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,519.6	+0.029%	$5.52B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,457.7	−0.044%	$36.5M	$178.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,517.5	+0.026%	$155.0M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.1	+0.021%	$280.1M	$951.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.7	+0.065%	$214.8M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,544.6	+0.058%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,519.9	+0.029%	$30.2M	$207.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,580.6	+0.100%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,506	+0.013%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517.3	+0.026%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,495.9	+0.001%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,530.3	+0.041%	$207K	$781K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,469	−0.030%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,490.9	−0.005%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,472	−0.027%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,475	−0.023%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,492.7	−0.003%	$44.5M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,547.4	+0.061%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0119%	1h	85,501.3	+0.007%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,522.5	+0.032%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,534	+0.046%	$11.4M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,489	−0.007%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,564.2	+0.081%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,541.5	+0.055%	$8.7M	$43.2M	25x	as long as short