Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.023%

Price spread now: OKX against dYdX−0.025%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

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

costs, in and out, $10k−$240.241% of the position

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 7 days0.000%$0 · spread now −0.025%, 7d avg +0.006%

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

Funding pays, the price is against you. OKX is 0.031% cheaper against dYdX than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.006%). If the spread goes back, that is −$3 on $10k: about 25 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,517.7	0.0001	pay 0.0000% / 1h	21m 10s	$16.8M	$21.2M	50x
Short	OKX BTC-USDT-SWAP	85,496.2	0.0100	get 0.0100% / 8h	1h 21m	$2.60B	$12.27B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $20.82
Price spread: −0.025% → +0.006%: −$3.12
Slippage, 4 orders: −$4.1
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$6.4
Costs to cover: 0.241%
Break-even: 9.2 days

Slippage from dYdX: live order book, 3 min ago; OKX: 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 dYdX live order book, 3 min ago	0.06 bp	7.9 bp −$8	10.5 bp −$105	14.2 bp −$1,422	20.9 bp −$10.5K
Sell OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$551	6.9 bp −$3,462

BTC 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
Phoenix BTC	−0.0082%	1h	85,446	−0.084%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,442	−0.088%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,496.9	−0.024%	$928.0M	$773.4M	125x	as long as short
BloFin BTC-USDT	−0.0025%	8h	85,495.3	−0.026%	$420.7M	$684.5M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,480.6	−0.043%	$513.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,509.6	−0.009%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,511.6	−0.007%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USDlong	+0.0001%	1h	85,517.7	long leg	$16.8M	$21.2M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,512.3	−0.006%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,479	−0.045%	$24.4M	$222.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.316%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0072%	8h	85,489.4	−0.033%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,503	−0.017%	$186.2M	$960.1M	100x	as long as short
Bitget BTCUSDT	+0.0090%	8h	85,493	−0.029%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,489.8	−0.033%	$5.02B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,491.6	−0.030%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,505.3	−0.014%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,507.1	−0.012%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,497	−0.024%	$8.4M	$56.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,489.5	−0.033%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,485.7	−0.037%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,479	−0.045%	$244K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,552.3	+0.041%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,577	+0.069%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.2	+0.018%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,496.2	−0.025%	$2.60B	$12.27B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,509	−0.010%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,490.8	−0.031%	$5.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.021%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,499.9	−0.021%	$5.56B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487.7	−0.035%	$37.4M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,436.8	−0.095%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.9	−0.094%	$279.9M	$951.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,445.2	−0.085%	$214.5M	$164.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,447.2	−0.082%	$139.7M	$313.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,458.6	−0.069%	$30.1M	$205.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,553.1	+0.041%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,499	−0.022%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,500.9	−0.020%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,493.4	−0.028%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,534.1	+0.019%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,481.6	−0.042%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,489	−0.034%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,487.4	−0.035%	$2.26B	$966.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,490.5	−0.032%	$153.5M	$511.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,474.7	−0.050%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,501.3	−0.019%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,525.7	+0.009%	$114.7M	$5.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,484	−0.039%	$6.6M	$147.7M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0139%	1h	85,533.4	+0.018%	$861.8M	$1.64B	50x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,519	+0.002%	$11.7M	$741.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,515.4	−0.003%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,503	−0.017%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,498.8	−0.022%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,457.7	−0.070%	$79K	$230K	20x	as long as short