Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0069%/8h= +7.6% APRpaid last 24h −0.030%

Price spread now: Binance against dYdX−0.041%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on dYdX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 7 days−0.059%−$6 · spread now −0.041%, 7d avg +0.004%

Together, before fees−0.246%−$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.045% cheaper against dYdX than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.004%). If the spread goes back, that is −$4 on $10k: about 2.1 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.188%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,780.7	0	get 0.0000% / 1h	42m 39s	$12.7M	$45.9M	50x
Short	Binance ETHUSDT	2,779.6	0.0069	get 0.0069% / 8h	42m 39s	$6.46B	$17.32B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.041%Rate

Funding earned: $14.56
Price spread: −0.041% → +0.004%: −$4.46
Slippage, 4 orders: −$9.01
Fee dYdX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$18.91
Costs to cover: 0.290%
Break-even: 16.1 days

Slippage from dYdX: live order book, 2 min ago; Binance: live order book, 17 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, 2 min ago	3.95 bp	10.0 bp −$10	10.3 bp −$103	17.0 bp −$1,698	62.0 bp −$31.0K
Sell Binance live order book, 17 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$623	8.4 bp −$4,186

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
Perpl ETH	−0.0447%	43m	2,784.2	+0.124%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,779.3	−0.049%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.043%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,780	−0.025%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0043%	1h	2,784.9	+0.149%	$8.9M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,779.9	−0.029%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0007%	1h	2,783.7	+0.107%	$29K	$22K	20x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,780.7	long leg	$12.7M	$45.9M	50x
Phoenix ETH	+0.0003%	1h	2,783.8	+0.111%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,783.4	+0.095%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,779.6	−0.041%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,779.2	−0.055%	$1.70B	$11.92B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,781.5	+0.027%	$271.1M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,783.2	+0.088%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,780.2	−0.020%	$257.4M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0061%	1h	2,782.5	+0.064%	$183K	$1.7M	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,779.5	−0.044%	$2.10B	$3.11B	150x	as long as short
Binance ETHUSDTshort	+0.0069%	8h	2,779.6	−0.041%	$6.46B	$17.32B	150x
Gate ETH_USDT	+0.0070%	8h	2,779.5	−0.045%	$3.30B	$9.62B	200x	as long as short
MEXC ETH_USDT	+0.0070%	8h	2,779.4	−0.048%	$1.60B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,780.1	−0.021%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,780.7	0.000%	$55.4M	$229.1M	40x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,779.9	−0.029%	$423.0M	$740.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,781.8	+0.039%	$60.2M	$4.62B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,779.6	−0.041%	$2.52B	$4.64B	150x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,782.1	+0.051%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,780.1	−0.021%	$116.1M	$496.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781.6	+0.032%	$25.5M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,783.1	+0.086%	—	$42.0M	500x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,783.6	+0.106%	—	$1.1M	50x	as long as short
Nado ETH-PERP	+0.0098%	1h	2,782.5	+0.065%	$14.4M	$118.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,779.2	−0.054%	$16.0M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,779.8	−0.033%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.8	+0.039%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,780	−0.024%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.7	−0.036%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,780.8	+0.003%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.126%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.1	+0.013%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,783.3	+0.092%	$147.8M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,784.6	+0.141%	$183.5M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.3	+0.130%	$161.9M	$89.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784	+0.118%	$21.5M	$58.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,783.8	+0.111%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,782.7	+0.071%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.7	+0.106%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.3	−0.016%	$974K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778.9	−0.066%	$32.7M	$77.8M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0113%	1h	2,782.7	+0.071%	$258.9M	$223.1M	50x	as long as short
Kalshi KXETHPERP	+0.0122%	8h	2,784.3	+0.129%	$8.4M	$684.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,781.9	+0.041%	$86.7M	$333.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,784.1	+0.120%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0190%	8h	2,780.6	−0.003%	$285.1M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,782.6	+0.067%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,784.6	+0.142%	$271K	$1.5M	20x	as long as short