Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.018%

Price spread now: Bitget against dYdX−0.098%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 7 days+0.071%+$7 · spread now −0.098%, 7d avg +0.005%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.103% cheaper against dYdX than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of +0.005%). If the spread goes back, that is −$10 on $10k: about 3.4 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.157%, 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	2,730.3	0	get 0.0000% / 1h	54m 07s	$10.5M	$41.8M	50x
Short	Bitget ETHUSDT	2,727.7	0.0100	get 0.0100% / 8h	7h 54m	$2.10B	$2.76B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.098%Rate

Funding earned: $21
Price spread: −0.098% → +0.005%: −$10.26
Slippage, 4 orders: −$5.35
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$16.62
Costs to cover: 0.274%
Break-even: 12.5 days

Slippage from dYdX: live order book, 5 min ago; Bitget: live order book, 5 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, 5 min ago	2.02 bp	8.3 bp −$8	20.0 bp −$200	40.4 bp −$4,039	80.3 bp −$40.1K
Sell Bitget live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$699	doesn't fit

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	2,729.3	−0.038%	$276K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.4	−0.071%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,728.7	−0.060%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.3	−0.074%	$11.9M	—	200x	as long as short
Phemex ETHUSDT	−0.0004%	8h	2,727.4	−0.107%	$262.8M	$64.0M	150x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,730.3	long leg	$10.5M	$41.8M	50x
Kalshi KXETHPERP	0.0000%	8h	2,729.1	−0.046%	$6.7M	$672.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.2	−0.077%	$264.5M	$219.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.8	−0.094%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0043%	8h	2,727.5	−0.105%	$3.30B	$8.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0049%	8h	2,727.6	−0.100%	$2.32B	$4.32B	150x	as long as short
HTX ETH-USDT	+0.0053%	8h	2,727	−0.121%	$1.05B	$1.22B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,727.6	−0.100%	$1.65B	$10.73B	100x	as long as short
01 Exchange ETHUSD	+0.0080%	1h	2,729.9	−0.016%	$191K	$884K	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,727.5	−0.105%	$383.6M	$576.4M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,728.1	−0.084%	$252.1M	$849.3M	200x	as long as short
Hibachi ETH/USDT-P	+0.0088%	1h	2,727.2	−0.117%	$242K	$1.4M	20x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,726.3	−0.147%	$8.4M	$31.2M	100x	as long as short
SunX ETH-USDT	+0.0089%	8h	2,727.3	−0.110%	$954K	$10.7M	100x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,727.6	−0.100%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,727.9	−0.090%	$6.31B	$16.08B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.9	−0.090%	$112.1M	$400.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.3	−0.039%	$23.6M	$95.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,728.3	−0.076%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,725.9	−0.162%	$4.9M	$193K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.4	−0.071%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.5	+0.042%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728	−0.087%	$14.1M	$103.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.5	−0.031%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.5	−0.031%	$32.1M	$332.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.4	−0.071%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.9	−0.055%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.119%	$161.7M	$337.0M	25x	as long as short
Bitget ETHUSDTshort	+0.0100%	8h	2,727.7	−0.098%	$2.10B	$2.76B	150x
BingX ETH-USDC	+0.0100%	8h	2,726.5	−0.140%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.6	−0.099%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.3	−0.111%	$131.3M	$315.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.4	−0.070%	$185.6M	$683.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725.7	−0.172%	$158.4M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.3	−0.038%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.2	−0.005%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	−0.013%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.5	−0.068%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.3	−0.076%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.048%	$40.6M	$29.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.4	−0.108%	$54.3M	$182.6M	40x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,727.2	−0.114%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.8	−0.131%	$30.4M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,727.9	−0.089%	$81.9M	$310.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.4	−0.071%	$46.6M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,729.2	−0.041%	$5.6M	$11.6M	25x	as long as short
BloFin ETH-USDT	+0.0144%	8h	2,726.8	−0.131%	$282.7M	$177.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0175%	1h	2,727.9	−0.091%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,730	−0.012%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,725.2	−0.188%	$117K	$19.3M	52x	as long as short