Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.025%

Price spread now: dYdX against Binance+0.047%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 7 days−0.030%−$3 · spread now +0.047%, 7d avg −0.005%

Together, before fees−0.153%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.052% dearer against Binance than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.005%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	85,457.2	0.0098	pay 0.0098% / 8h	4h 20m	$9.36B	$24.15B	150x
Short	dYdX BTC-USD	85,497.7	0.0014	get 0.0002% / 1h	20m 17s	$16.7M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Binance. 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 BinancebpFee dYdXbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$17.65
Price spread: +0.047% → −0.005%: $5.24
Slippage, 4 orders: −$7.95
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$40.36
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; dYdX: live order book, 4 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 Binance live order book, 9 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$525	6.9 bp −$3,451
Sell dYdX live order book, 4 min ago	3.45 bp	8.4 bp −$8	11.7 bp −$117	14.6 bp −$1,462	36.1 bp −$18.1K

BTC on 56 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
Phoenix BTC	−0.0179%	1h	85,530	+0.085%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,477	+0.023%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,454.9	−0.003%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,466.9	+0.011%	$416.3M	$667.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0022%	8h	85,433	−0.028%	$918.3M	$751.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,468.6	+0.013%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,441.7	−0.018%	$515.1M	$1.10B	200x	as long as short
dYdX BTC-USDshort	+0.0014%	1h	85,497.7	+0.047%	$16.7M	$21.2M	50x
Nado BTC-PERP	+0.0019%	1h	85,477.5	+0.024%	$25.3M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,470.3	+0.015%	$4.4M	$98.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,452.4	−0.006%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,455.2	−0.002%	$147.5M	$488.1M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,447.8	−0.011%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,445.4	−0.014%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,468	+0.013%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,470.5	+0.016%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,456	−0.001%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,455.1	−0.002%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,457.4	0.000%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDTlong	+0.0098%	8h	85,457.2	long leg	$9.36B	$24.15B	150x
Katana Perps BTC-USD	+0.0100%	8h	85,438	−0.022%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,553.3	+0.112%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,535	+0.091%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,513.2	+0.066%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,448.5	−0.010%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,459.7	+0.003%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,467	+0.012%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.069%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,458.7	+0.002%	$5.51B	$10.73B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,454	−0.004%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	−0.016%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.055%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.065%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.075%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512.1	+0.064%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,518.2	+0.071%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,446	−0.013%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,458.7	+0.002%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,458.2	+0.001%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,497.9	+0.048%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,448.4	−0.010%	$29.9M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,445.7	−0.013%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,462	+0.006%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450.1	−0.008%	$2.26B	$942.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,438	−0.022%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,465.2	+0.009%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,496.9	+0.047%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	85,503	+0.054%	$891.3M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.021%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,479	+0.026%	$187.6M	$955.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,506	+0.057%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,466.4	+0.011%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,549.5	+0.108%	$703K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0216%	1h	85,532.2	+0.088%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,497	+0.047%	$10.3M	$756.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,478.3	+0.025%	$498K	$18.8M	6.7x	as long as short