Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h +0.029%

Price spread now: dYdX against Binance+0.062%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days+0.023%+$2 · spread now +0.062%, 7d avg −0.003%

Together, before fees+0.202%+$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.065% dearer against Binance than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of −0.003%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.179%, 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	Binance ETHUSDT	2,769.3	0.0055	pay 0.0055% / 8h	7h 35m	$6.46B	$16.39B	150x
Short	dYdX ETH-USD	2,771	0	get 0.0000% / 1h	35m 07s	$12.2M	$45.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$11.58
Price spread: +0.062% → −0.003%: $6.49
Slippage, 4 orders: −$14.11
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$39.2
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; dYdX: live order book, 4 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 Binance live order book, 9 min ago	0.02 bp	5.0 bp −$5	5.4 bp −$54	6.7 bp −$666	8.3 bp −$4,136
Sell dYdX live order book, 4 min ago	7.04 bp	12.0 bp −$12	12.0 bp −$120	28.5 bp −$2,849	78.8 bp −$39.4K

ETH 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
Injective ETH/USDC PERP	−0.0752%	1h	2,762.9	−0.231%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.2	−0.003%	$5.6M	$11.3M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,768.5	−0.030%	$320K	$6.4M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.5	+0.152%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.3	0.000%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	+0.080%	$876K	$3.7M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,771	+0.062%	$12.2M	$45.9M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.9	+0.021%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0009%	8h	2,768.8	−0.018%	$269.5M	$67.4M	150x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,768.8	−0.017%	$183K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0024%	8h	2,770	+0.025%	$1.71B	$11.22B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,769.5	+0.007%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0037%	1h	2,769.3	0.000%	$55.2M	$187.9M	40x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,769.4	+0.004%	$256.6M	$886.7M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,769.8	+0.019%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDTlong	+0.0055%	8h	2,769.3	long leg	$6.46B	$16.39B	150x
Aevo ETH-PERP	+0.0056%	1h	2,766.9	−0.088%	$5.0M	$165K	20x	as long as short
HTX ETH-USDT	+0.0062%	8h	2,769.1	−0.008%	$1.08B	$1.26B	200x	as long as short
Aftermath Perps ETHUSD	+0.0062%	1h	2,772.6	+0.120%	$31K	$23K	20x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,770.2	+0.032%	$2.10B	$2.89B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0071%	1h	2,770.7	+0.052%	$259.1M	$207.4M	50x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,770.3	+0.035%	$3.35B	$8.97B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.2	+0.034%	$60.3M	$4.45B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,769.2	−0.004%	$420.0M	$633.5M	100x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,770.2	+0.031%	—	$878K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,769.7	+0.016%	$115.2M	$457.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.2	+0.070%	$25.8M	$111.2M	50x	as long as short
SunX ETH-USDT	+0.0098%	8h	2,771.9	+0.092%	$973K	$13.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.3	+0.037%	$15.9M	$8.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.6	+0.011%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769	−0.009%	$14.8M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.4	+0.114%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.5	+0.045%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.2	+0.033%	$2.51B	$4.39B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.8	+0.018%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.1	+0.029%	$2.7M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	+0.020%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.3	+0.035%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.3	+0.036%	$15.2M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.3	+0.108%	$142.1M	$343.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773	+0.132%	$182.0M	$786.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.079%	$161.2M	$84.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,772.1	+0.101%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	+0.120%	$21.4M	$61.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.8	−0.018%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.2	+0.034%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.4	+0.076%	$42.6M	$29.0M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.8	−0.017%	$31.3M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.7	+0.013%	—	$37.0M	500x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,770.6	+0.047%	$7.9M	$683.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.5	+0.044%	$93.3M	$317.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0149%	8h	2,772	+0.098%	$32.6M	$11.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,773.9	+0.165%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,768.4	−0.031%	$287.6M	$185.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,768.9	−0.016%	$7.3M	$1.2M	25x	as long as short