Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.4% APRpaid last 24h −0.024%

Price spread now: dYdX against OKX+0.068%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

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

costs, in and out, $10k−$300.303% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.127%−$13 on $10k

Price spread, last 7 days−0.033%−$3 · spread now +0.068%, 7d avg −0.006%

Together, before fees−0.160%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.074% dearer against OKX than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of −0.006%): +$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 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BTC-USDT-SWAP	85,525.6	0.0100	pay 0.0100% / 8h	3h 19m	$2.59B	$12.13B	100x
Short	dYdX BTC-USD	85,583.7	0.0033	get 0.0004% / 1h	19m 41s	$16.8M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against OKX. 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 OKXbpFee dYdXbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$14.17
Price spread: +0.068% → −0.006%: $7.36
Slippage, 4 orders: −$10.28
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$37.09
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from OKX: live order book, 5 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 OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	6.3 bp −$3,156
Sell dYdX live order book, 4 min ago	1.75 bp	13.5 bp −$14	18.5 bp −$185	21.5 bp −$2,153	29.6 bp −$14.8K

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	−0.0140%	1h	85,468	−0.067%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,553	+0.032%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,541.4	+0.018%	$920.4M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,543.9	+0.021%	$420.0M	$676.3M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,581.2	+0.065%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,508.1	−0.020%	$514.9M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,560.5	+0.041%	$507K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,530.1	+0.005%	$24.5M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,576.6	+0.060%	$36.6M	—	200x	as long as short
dYdX BTC-USDshort	+0.0033%	1h	85,583.7	+0.068%	$16.8M	$21.2M	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.031%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0053%	1h	85,545	+0.023%	$59.9M	$336.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0063%	1h	85,592.8	+0.079%	$872.0M	$1.60B	50x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,549.9	+0.028%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,542.2	+0.019%	$148.6M	$496.0M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,540.9	+0.018%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,520.2	−0.006%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,528.8	+0.004%	$9.45B	$24.43B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,550.6	+0.029%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,551.1	+0.030%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,565	+0.046%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,546.2	+0.024%	$2.8M	$2.2M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,555	+0.034%	$230K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,565.3	+0.046%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,626	+0.117%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,562.6	+0.043%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,513.9	−0.014%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,525.6	long leg	$2.59B	$12.13B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,545	+0.023%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,565.9	+0.047%	$4.7M	$99.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,555.7	+0.035%	$5.54B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,531.6	+0.007%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	+0.011%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431.3	−0.110%	$279.0M	$929.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.101%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,456.2	−0.081%	$139.8M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,525.5	0.000%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,611.7	+0.101%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,568	+0.050%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,561.6	+0.042%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,557.5	+0.037%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,611	+0.100%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,548.1	+0.026%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,545.7	+0.024%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,543	+0.020%	$2.26B	$949.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.092%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,559.9	+0.040%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,526.3	+0.001%	$45.7M	$234.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,556.6	+0.036%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,579.7	+0.063%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,565.4	+0.047%	$188.0M	$957.0M	100x	as long as short
Kalshi KXBTCPERP	+0.0169%	8h	85,601	+0.088%	$11.5M	$754.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,600	+0.087%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,578.6	+0.062%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,593.2	+0.079%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,522.6	−0.004%	$78K	$222K	20x	as long as short