Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0121%/8h= +13.3% APRpaid last 24h +0.024%

Price spread now: Binance against dYdX−0.033%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on dYdX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.033%, 7d avg +0.005%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.038% cheaper against dYdX than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.005%). If the spread goes back, that is −$4 on $10k: about 25 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.119% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	86,591.4	−0.0063	get 0.0008% / 1h	6m 00s	$17.6M	$20.6M	50x
Short	Binance BTCUSDT	86,562.6	0.0059	get 0.0059% / 8h	2h 06m	$9.42B	$24.38B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.033%Rate

Funding earned: $25.49
Price spread: −0.033% → +0.005%: −$3.8
Slippage, 4 orders: −$15.11
Fee dYdX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$13.43
Costs to cover: 0.351%
Break-even: 10.7 days

Slippage from dYdX: live order book, 3 min ago; Binance: live order book, 8 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, 3 min ago	3.87 bp	9.6 bp −$10	9.6 bp −$96	23.2 bp −$2,319	63.0 bp −$31.5K
Sell Binance live order book, 8 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	5.8 bp −$584	7.2 bp −$3,600

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
Aftermath Perps BTCUSD	−0.0252%	1h	86,648.9	+0.066%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,570.3	−0.024%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.091%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,552	−0.045%	$9K	$3K	50x	as long as short
dYdX BTC-USDlong	−0.0063%	1h	86,591.4	long leg	$17.6M	$20.6M	50x
Aster BTCUSDT	−0.0001%	8h	86,553.5	−0.044%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,576.8	−0.017%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,602.6	+0.013%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,583.3	−0.009%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,547.5	−0.051%	$847.6M	$708.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,541.5	−0.058%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,555	−0.042%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,563	−0.033%	$149.6M	$471.9M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,559	−0.037%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.206%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,560.6	−0.036%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,562.6	−0.033%	$5.19B	$5.72B	500x	as long as short
Binance BTCUSDTshort	+0.0059%	8h	86,562.6	−0.033%	$9.42B	$24.38B	150x
RISEx BTC/USDC	+0.0063%	1h	86,573.7	−0.020%	$8.9M	$42.6M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,564.6	−0.031%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,560.8	−0.035%	$5.27B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0095%	8h	86,573.4	−0.021%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,575.2	−0.019%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,583.3	−0.009%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,550	−0.048%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,541	−0.058%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,599.3	+0.009%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,554	−0.043%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,631	+0.046%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,593.7	+0.003%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,551	−0.047%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,627.7	+0.042%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.105%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,563	−0.033%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.094%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.035%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.025%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,617.4	+0.030%	$141.4M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,649	+0.067%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,612.7	+0.025%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	−0.036%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,554.6	−0.042%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.8	−0.024%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,587.5	−0.004%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,569.9	−0.025%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,566.6	−0.029%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,563	−0.033%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,550	−0.048%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,551.7	−0.046%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,579.9	−0.013%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,597.5	+0.007%	$187.1M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,616	+0.028%	$131.7M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,593	+0.002%	$9.5M	$727.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,552.7	−0.045%	$416.4M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,578.1	−0.015%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,620.2	+0.033%	$778K	$7.9M	30x	as long as short