Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0186%/8h= −20.3% APRpaid last 24h −0.002%

Price spread now: dYdX against BloFin+0.049%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

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

costs, in and out, $10k−$260.256% of the position

Long on BloFin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now +0.049%, 7d avg +0.019%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.030% dearer against BloFin than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of +0.019%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.037% in total) that is about 5.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,774.3	0.0186	pay 0.0186% / 8h	1h 14m	$284.1M	$194.4M	150x
Short	dYdX ETH-USD	2,775.6	0	get 0.0000% / 1h	14m 00s	$12.7M	$45.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against BloFin. 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 BloFinbpFee dYdXbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$38.97
Price spread: +0.049% → +0.019%: $2.97
Slippage, 4 orders: −$3.64
Fee BloFin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$61.64
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; dYdX: live order book, just now.

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 BloFin live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$750	9.4 bp −$4,715
Sell dYdX live order book, just now	0.54 bp	6.6 bp −$7	11.8 bp −$118	20.1 bp −$2,010	24.3 bp −$12.2K

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	2,775.2	+0.035%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,774	−0.010%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,775	+0.026%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.192%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,774.6	+0.012%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0005%	1h	2,776.7	+0.086%	$29K	$22K	20x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,775.6	+0.049%	$12.7M	$45.6M	50x
Phoenix ETH	0.0000%	1h	2,775.9	+0.058%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775	+0.025%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,774.6	+0.011%	—	$1.19B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0019%	8h	2,773.4	−0.031%	$1.70B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,774.2	−0.003%	$269.9M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,774.7	+0.015%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0031%	1h	2,773.9	−0.013%	$182K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0035%	1h	2,775.6	+0.047%	$258.4M	$222.4M	50x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,773.9	−0.013%	$256.4M	$992.5M	200x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,774	−0.009%	$14.2M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,772.8	−0.053%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0065%	8h	2,773.8	−0.018%	$1.61B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,773.5	−0.027%	$6.43B	$17.21B	150x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,775.6	+0.046%	$8.8M	$32.6M	100x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,773.9	−0.013%	$2.10B	$3.10B	150x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,773.7	−0.021%	$55.2M	$228.9M	40x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,774.5	+0.008%	$3.29B	$9.66B	200x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,774.2	−0.001%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,773.6	−0.025%	$2.52B	$4.62B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,774.3	0.000%	$115.1M	$502.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.8	+0.053%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.1	+0.029%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,774.1	−0.007%	$422.4M	$739.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.8	−0.017%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.8	+0.019%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.7	+0.087%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.3	+0.038%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.8	−0.017%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.7	+0.053%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.167%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.6	+0.011%	$15.2M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.7	+0.017%	$141.6M	$331.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.7	+0.051%	$181.7M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.054%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776	+0.062%	$21.4M	$58.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775	+0.026%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.4	+0.040%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.4	+0.041%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.3	+0.073%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.2	−0.003%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.2	−0.038%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,775.1	+0.030%	$59.8M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,775.6	+0.048%	$8.4M	$680.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,776.7	+0.087%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774.9	+0.024%	$86.1M	$332.4M	100x	as long as short
BloFin ETH-USDTlong	+0.0186%	8h	2,774.3	long leg	$284.1M	$194.4M	150x
Reya ETHRUSDPERP	+0.0193%	1h	2,774	−0.010%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,776.3	+0.071%	$270K	$1.5M	20x	as long as short