Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h −0.069%

Price spread now: Gate against dYdX+0.022%46s7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.362% of the position

Long on dYdX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.234%−$23 on $10k

Price spread, last 7 days−0.116%−$12 · spread now +0.022%, 7d avg 0.000%

Together, before fees−0.350%−$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Gate is 0.022% dearer against dYdX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of 0.000%. Mind the row above: over the last 7 days funding on this pair cost −0.234%, so the current rate has only just turned in your favour. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,777.1	0.0000	pay 0.0000% / 1h	21m 47s	$12.7M	$45.5M	50x
Short	Gate ETH_USDT	2,777.7	0.0073	get 0.0073% / 8h	2h 21m	$3.29B	$9.67B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.022%Rate

Funding earned: $15.32
Price spread: +0.022% → 0.000%: $2.21
Slippage, 4 orders: −$11.2
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$18.67
Costs to cover: 0.362%
Break-even: 15.5 days

Slippage from dYdX: live order book, 2 min ago; Gate: live order book, 2 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	5.22 bp	10.9 bp −$11	13.1 bp −$131	19.1 bp −$1,911	47.3 bp −$23.6K
Sell Gate live order book, 2 min ago	0.02 bp	7.5 bp −$8	7.8 bp −$78	10.6 bp −$1,059	20.5 bp −$10.2K

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	−0.0112%	43m	2,776.2	−0.031%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	−0.049%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.5	−0.021%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.8	−0.010%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.132%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.7	−0.015%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,777.1	long leg	$12.7M	$45.5M	50x
Aftermath Perps ETHUSD	+0.0004%	1h	2,773.9	−0.113%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.1	+0.038%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,777	−0.002%	$267.4M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0018%	1h	2,771.4	−0.206%	$8.8M	$32.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,777.5	+0.016%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,778.1	+0.037%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,777.4	+0.012%	$256.9M	$995.9M	200x	as long as short
MEXC ETH_USDT	+0.0047%	8h	2,777.7	+0.022%	$1.61B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.9	−0.041%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0048%	8h	2,777.6	+0.020%	$6.44B	$17.24B	150x	as long as short
Gate ETH_USDTshort	+0.0073%	8h	2,777.7	+0.022%	$3.29B	$9.67B	200x
Bitget ETHUSDT	+0.0074%	8h	2,777.8	+0.025%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,777.4	+0.012%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.105%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777.8	+0.025%	$115.4M	$514.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.1	+0.073%	$25.4M	$122.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.2	+0.041%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776	−0.038%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.1	−0.035%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.2	−0.030%	$15.3M	$117.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.7	+0.095%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.9	−0.006%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,777.8	+0.026%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.6	−0.053%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.3	+0.044%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.402%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.9	+0.030%	$423.2M	$742.1M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,777.6	+0.019%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	+0.021%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.9	−0.221%	$178.1M	$791.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.8	−0.152%	$161.3M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	−0.031%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.021%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.6	+0.055%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.021%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.088%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.6	−0.052%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,777.1	+0.001%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,777.2	+0.004%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776	−0.039%	$31.4M	$76.0M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.9	+0.064%	$60.3M	$4.63B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0121%	1h	2,778.9	+0.065%	$258.5M	$224.9M	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,777.6	+0.019%	$8.6M	$673.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,780	+0.104%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0167%	8h	2,776.3	−0.029%	$285.2M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,777.5	+0.014%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.4	+0.049%	$87.0M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,779.2	+0.076%	$284K	$1.5M	20x	as long as short