Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.011%

Price spread now: dYdX against BingX+0.105%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

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

Long on BingX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days−0.042%−$4 · spread now +0.105%, 7d avg +0.036%

Together, before fees−0.132%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.069% dearer against BingX than usual: you sell high and buy low (spread +0.105% now, against its 7-day average of +0.036%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDC	85,300.7	0.0070	pay 0.0070% / 8h	1h 55m	—	$17.5M	—
Short	dYdX BTC-USD	85,390	0	get 0.0000% / 1h	55m 29s	$16.7M	$21.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against BingX. 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 BingXbpFee dYdXbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$14.7
Price spread: +0.105% → +0.036%: $6.91
Slippage, 4 orders: −$7.45
Fee BingX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$35.24
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from BingX: live order book, 13 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 BingX live order book, 13 min ago	0.02 bp	5.0 bp −$5	5.7 bp −$57	6.5 bp −$652	7.7 bp −$3,868
Sell dYdX live order book, 4 min ago	0.64 bp	10.3 bp −$10	14.4 bp −$144	24.8 bp −$2,483	65.1 bp −$32.5K

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	−0.0111%	1h	85,444	+0.168%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	+0.160%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0049%	8h	85,318.8	+0.021%	$926.8M	$772.1M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,384.4	+0.098%	$420.4M	$683.7M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,320.7	+0.023%	$513.0M	$1.09B	200x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,390	+0.105%	$16.7M	$21.5M	50x
01 Exchange BTCUSD	0.0000%	1h	85,350.7	+0.059%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,364.3	+0.075%	$528K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,368.6	+0.080%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0034%	1h	85,354.8	+0.063%	$24.5M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.122%	$339K	$26.8M	52x	as long as short
BingX BTC-USDClong	+0.0070%	8h	85,300.7	long leg	—	$17.5M	—
Bitget BTCUSDT	+0.0087%	8h	85,326.4	+0.030%	$2.95B	$5.18B	150x	as long as short
Phemex BTCUSDT	+0.0088%	8h	85,361.2	+0.071%	$149.4M	$508.1M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,362.9	+0.073%	$187.8M	$955.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,369.1	+0.080%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,370.1	+0.081%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,349	+0.057%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,348.9	+0.056%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,322.5	+0.026%	$9.42B	$24.99B	150x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,330.1	+0.034%	$5.01B	$5.72B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,394.6	+0.110%	$866.8M	$1.63B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,315	+0.017%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,408.5	+0.126%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,414	+0.133%	$3.75B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,386	+0.100%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,320	+0.023%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,322.1	+0.025%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,339	+0.045%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,353.4	+0.062%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,325.1	+0.029%	$5.50B	$10.95B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,343.3	+0.050%	$36.8M	$179.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,340.9	+0.047%	$155.1M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.2	+0.083%	$279.6M	$950.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,385.1	+0.099%	$214.3M	$167.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,382.8	+0.096%	$139.6M	$314.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,377.3	+0.090%	$30.1M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,404.4	+0.122%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,328	+0.032%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,361.9	+0.072%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,329.3	+0.034%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,396.4	+0.112%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,335.3	+0.041%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,368.5	+0.079%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,351	+0.059%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,366.5	+0.077%	$2.26B	$960.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.207%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,313.4	+0.015%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,364.6	+0.075%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,392.5	+0.108%	$117.0M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0122%	1h	85,323.2	+0.026%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,333.6	+0.039%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,360.4	+0.070%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,394	+0.109%	$11.5M	$743.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,420.3	+0.140%	$690K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0241%	1h	85,429.6	+0.151%	$79K	$229K	20x	as long as short