Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bybit against dYdX+0.039%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 7 days−0.057%−$6 · spread now +0.039%, 7d avg +0.005%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.034% dearer against dYdX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,713.3	0.0000	pay 0.0000% / 1h	8m 29s	$16.7M	$21.2M	50x
Short	Bybit BTCUSDT	85,747	0.0100	get 0.0100% / 8h	5h 08m	$5.33B	$9.57B	150x

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 +0.039%Rate

Funding earned: $21
Price spread: +0.039% → +0.005%: $3.44
Slippage, 4 orders: −$7.26
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$3.82
Costs to cover: 0.283%
Break-even: 8.3 days

Slippage from dYdX: live order book, 1 min ago; Bybit: 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	1.52 bp	6.5 bp −$7	10.1 bp −$101	14.4 bp −$1,442	45.8 bp −$22.9K
Sell Bybit live order book, 6 min ago	0.01 bp	5.8 bp −$6	6.2 bp −$62	6.6 bp −$660	7.5 bp −$3,768

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
Bluefin BTC-PERP	−0.0535%	1h	85,773.6	+0.070%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,805	+0.107%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,730	+0.020%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,731.1	+0.021%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,764.5	+0.060%	$415.9M	$666.1M	150x	as long as short
dYdX BTC-USDlong	0.0000%	1h	85,713.3	long leg	$16.7M	$21.2M	50x
KuCoin XBTUSDTM	+0.0004%	8h	85,712.6	−0.001%	$919.5M	$751.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,755.1	+0.049%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0015%	1h	85,728.9	+0.018%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,734.2	+0.024%	$516.6M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0057%	8h	85,720.9	+0.009%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,715	+0.002%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,716.3	+0.004%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.109%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,727.3	+0.016%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0082%	8h	85,768.2	+0.064%	$149.2M	$479.9M	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,724.3	+0.013%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,739.5	+0.031%	$9.35B	$23.90B	150x	as long as short
HTX BTC-USDT	+0.0092%	8h	85,759	+0.053%	$2.27B	$936.5M	200x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,770	+0.066%	$60.1M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,746.8	+0.039%	$174.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,749.3	+0.042%	$23.9M	$149.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,729	+0.018%	$8.4M	$52.3M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,780.9	+0.079%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,699	−0.017%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,810.1	+0.113%	$3.75B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,764	+0.059%	$40.2M	$576.5M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,747	+0.039%	$5.33B	$9.57B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,750.9	+0.044%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,700	−0.015%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,706.8	−0.008%	$6.8M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.102%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,748	+0.041%	$5.55B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,755.4	+0.049%	$35.3M	$173.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	+0.075%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,754.5	+0.048%	$280.1M	$916.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,809.7	+0.113%	$215.5M	$165.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,774.1	+0.071%	$140.3M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,831.8	+0.138%	$30.3M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,781.6	+0.080%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,724	+0.013%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,730.5	+0.020%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,733.9	+0.024%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,766.8	+0.063%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,752.5	+0.046%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,697.9	−0.018%	$44.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,732.7	+0.023%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,813	+0.116%	$124.5M	$5.11B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0112%	1h	85,812.2	+0.115%	$891.4M	$1.53B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,758.3	+0.053%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,790	+0.090%	$189.3M	$953.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,853.1	+0.163%	$704K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,739.6	+0.031%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0205%	1h	85,785.6	+0.084%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,816	+0.120%	$10.6M	$758.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,722.4	+0.011%	$501K	$19.2M	6.7x	as long as short