Funding arb · Price arb /

ETH

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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 +0.025%

Price spread now: dYdX against Bybit+0.109%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 7 days−0.061%−$6 · spread now +0.109%, 7d avg −0.004%

Together, before fees+0.115%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.113% dearer against Bybit than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of −0.004%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days. Mind the row above: over the last 7 days funding on this pair paid +0.176%, 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	Bybit ETHUSDT	2,744.1	0.0100	pay 0.0100% / 8h	5h 58m	$2.47B	$4.18B	150x
Short	dYdX ETH-USD	2,747.1	0	get 0.0000% / 1h	58m 12s	$10.8M	$41.9M	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 +0.109%Rate

Funding earned: −$21
Price spread: +0.109% → −0.004%: $11.32
Slippage, 4 orders: −$5.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$36.18
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; dYdX: live order book, 1 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 Bybit live order book, 1 min ago	0.02 bp	5.5 bp −$6	6.4 bp −$64	7.6 bp −$763	9.6 bp −$4,783
Sell dYdX live order book, 1 min ago	2.73 bp	7.7 bp −$8	13.8 bp −$138	17.5 bp −$1,752	29.8 bp −$14.9K

ETH on 54 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 ETH	−0.0112%	43m	2,746.7	+0.096%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.8	+0.135%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,747.5	+0.124%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.4	+0.048%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.157%	$847K	$2.8M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,747.1	+0.109%	$10.8M	$41.9M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.5	+0.051%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.6	+0.091%	$183K	$981K	50x	as long as short
BingX ETH-USDC	+0.0042%	8h	2,744.5	+0.015%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0054%	8h	2,743.8	−0.010%	$1.70B	$10.60B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,745	+0.032%	$368.7M	$600.1M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,745.2	+0.039%	$252.5M	$842.1M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.6	+0.091%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,743	−0.039%	$4.9M	$159K	20x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.9	+0.031%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,745.2	+0.040%	$54.7M	$187.5M	40x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,745.1	+0.036%	$1.57B	$2.50B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,744.8	+0.024%	$6.38B	$15.76B	150x	as long as short
HTX ETH-USDT	+0.0086%	8h	2,745	+0.033%	$1.06B	$1.18B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0089%	1h	2,746.5	+0.087%	$258.9M	$195.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,746.6	+0.090%	$8.7M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,745.6	+0.056%	$112.9M	$430.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747	+0.107%	$24.7M	$103.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.3	+0.118%	—	$31.0M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.3	+0.081%	$58.6M	$4.28B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750	+0.215%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.2	+0.077%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.9	+0.101%	$13.9M	$106.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747	+0.106%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.7	+0.095%	$31.6M	$334.3M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,744.1	long leg	$2.47B	$4.18B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.6	+0.055%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.6	+0.091%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,745.3	+0.046%	$3.39B	$8.63B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.4	+0.047%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.5	+0.086%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	+0.091%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.8	+0.100%	$181.9M	$701.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	+0.159%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.9	+0.139%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.7	+0.094%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.1	+0.073%	$10.7M	$8.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,745.7	+0.058%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.1	+0.111%	$41.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.7	+0.020%	$963K	$11.9M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.3	+0.043%	$267.2M	$65.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	+0.078%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.6	+0.019%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,747.3	+0.117%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,746.6	+0.091%	$7.9M	$670.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0183%	8h	2,747.9	+0.138%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	+0.069%	$88.1M	$309.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,744.8	+0.027%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,748.3	+0.155%	$250K	$1.4M	20x	as long as short