Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h −0.013%

Price spread now: HTX against dYdX−0.041%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on dYdX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.137%−$14 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.041%, 7d avg −0.037%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,736	0.0005	pay 0.0001% / 1h	2m 43s	$10.5M	$42.9M	50x
Short	HTX ETH-USDT	2,734.9	0.0011	get 0.0011% / 8h	2h 02m	$1.05B	$1.22B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.041%Rate

Funding earned: $1.24
Price spread: −0.041% → −0.037%: −$0.47
Slippage, 4 orders: −$3.15
Fee dYdX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$24.37
Costs to cover: 0.251%
Break-even: 144.1 days

Slippage from dYdX: live order book, 1 min ago; HTX: 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 dYdX live order book, 1 min ago	0.37 bp	6.6 bp −$7	9.4 bp −$94	11.9 bp −$1,190	40.7 bp −$20.4K
Sell HTX live order book, 1 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.3 bp −$734	10.4 bp −$5,187

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	2,734.4	−0.058%	$294K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.5	+0.017%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735.2	−0.031%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736.9	+0.032%	$817K	$3.0M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,736.5	+0.016%	$259.4M	$210.0M	50x	as long as short
dYdX ETH-USDlong	+0.0005%	1h	2,736	long leg	$10.5M	$42.9M	50x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735.2	−0.030%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.023%	$117K	$22.5M	52x	as long as short
HTX ETH-USDTshort	+0.0011%	8h	2,734.9	−0.041%	$1.05B	$1.22B	200x
BingX ETH-USDC	+0.0036%	8h	2,734.2	−0.067%	—	$18.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0044%	8h	2,734.3	−0.062%	$2.35B	$4.42B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,735.7	−0.012%	$191K	$883K	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,735.1	−0.035%	$375.9M	$577.8M	100x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,734.8	−0.044%	$184K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0084%	1h	2,735.8	−0.007%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,734.7	−0.048%	$959K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,735.7	−0.012%	$112.6M	$438.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.6	+0.022%	$23.5M	$104.3M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,733	−0.109%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0098%	8h	2,734.3	−0.062%	$1.66B	$10.94B	100x	as long as short
Aster ETHUSDT	+0.0098%	8h	2,735	−0.038%	$253.1M	$848.5M	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,735.2	−0.030%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.7	+0.136%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.7	−0.049%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.9	+0.032%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.6	+0.020%	$32.1M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,735	−0.038%	$6.34B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,735.2	−0.030%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.9	−0.006%	$1.5M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.1	−0.035%	$3.28B	$9.10B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,735.4	−0.024%	$1.53B	$2.61B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.5	−0.058%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.6	−0.016%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.1	+0.041%	$135.0M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.6	+0.023%	$185.6M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	+0.076%	$159.3M	$87.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.5	+0.018%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.2	+0.006%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.5	+0.019%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736.2	+0.006%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.1	+0.001%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.3	+0.045%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,735.5	−0.019%	$54.5M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.1	+0.002%	$263.9M	$65.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735.9	−0.004%	$162.8M	$321.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.3	−0.063%	$30.3M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,735.6	−0.017%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,737.1	+0.039%	$50.3M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,735.7	−0.011%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,735.4	−0.023%	$6.8M	$693.3M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0175%	1h	2,736.5	+0.016%	$83.6M	$311.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,737.8	+0.066%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,734	−0.074%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,737.4	+0.051%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,735.6	−0.017%	$280.0M	$175.3M	150x	as long as short