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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC−0.0201%/8h= −22.0% APRnext payment −$0.25 per $10,000 · paid last 24h +0.021%
Price spread now: dYdX against Deribit+0.038%7-day average −0.024% · you sell dearer than you buy
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$280.277% of the position
Long on DeribitShort on dYdX
What this pair did over the last
the charts below follow
Funding, last 7 days+0.132%+$13 on $10k
Price spread, last 3 days (all we have)−0.050%−$5 · spread now +0.038%, 7d avg −0.024%
Together, before fees+0.081%+$8 on $10k · with fees, hour by hour
The price spread pays, funding is against you. dYdX is 0.062% dearer against Deribit than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.024%): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 25 hours. Mind the row above: over the last 7 days funding on this pair paid +0.132%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.132% in total (about 6.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDeribit ETH-PERPETUAL2,748.30.0201pay 0.0025% / 1h4m 38s$258.9M$198.1M50x
ShortdYdX ETH-USD2,749.40get 0.0000% / 1h4m 38s$10.8M$42.0M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

dYdX against Deribit. 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

Funding earned
−$42.21
Price spread: +0.038% → −0.024%
$6.23
Slippage, 4 orders
−$10.74
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee dYdX: 5 bp × 2 orders
−$10
Net
−$63.73
Costs to cover
0.277%
Break-even
never at this rate
Slippage from Deribit: live order book, 5 min ago; dYdX: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Deribit live order book, 5 min ago0.91 bp4.6 bp −$55.4 bp −$549.8 bp −$97717.4 bp −$8,678
Sell dYdX live order book, 5 min ago4.37 bp9.4 bp −$915.1 bp −$15121.6 bp −$2,16430.5 bp −$15.3K

ETH on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,746.6−0.065%$310K$5.8M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,747.2−0.041%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,749.9+0.058%$5.7M$11.2M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,747.3−0.038%$12.1M—200xas long as short
Phoenix ETH−0.0006%1h2,748.4+0.003%$848K$3.1M25xas long as short
dYdX ETH-USDshort0.0000%1h2,749.4+0.038%$10.8M$42.0M50x
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,747.3−0.039%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0040%1h2,750+0.061%$182K$999K50xas long as short
BingX ETH-USDT+0.0041%8h2,749.6+0.045%—$1.17B—as long as short
OKX ETH-USDT-SWAP+0.0052%8h2,749.5+0.043%$1.70B$10.79B100xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin ETHUSDTM+0.0067%8h2,747.7−0.022%$369.8M$605.2M100xas long as short
Aster ETHUSDT+0.0071%8h2,748−0.011%$253.2M$849.8M200xas long as short
HTX ETH-USDT+0.0075%8h2,746.8−0.054%$1.06B$1.19B200xas long as short
ApeX Omni ETHUSDT+0.0077%1h2,745.4−0.106%$8.7M$31.4M100xas long as short
MEXC ETH_USDT+0.0080%8h2,749.2+0.031%$1.58B$2.59B500xas long as short
Aevo ETH-PERP+0.0080%1h2,744.6−0.135%$4.9M$167K20xas long as short
Binance ETHUSDT+0.0081%8h2,749.2+0.031%$6.39B$16.01B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,747.9−0.014%$58.7M$4.31B50xas long as short
Lighter ETH+0.0096%1h2,749.5+0.042%$113.2M$445.4M50xas long as short
Lighter RH ETH+0.0096%1h2,749.7+0.051%$24.8M$108.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,747.3−0.036%—$31.6M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,752.3+0.146%$16.2M$8.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,749+0.024%$477K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,745.9−0.090%$13.9M$108.5M50xas long as short
Hyperliquid ETH+0.0100%1h2,750+0.061%$3.13B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,749.6+0.046%$31.7M$334.3M50xas long as short
Bybit ETHUSDT+0.0100%8h2,749.3+0.036%$2.47B$4.24B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,748.8+0.017%$2.7M$16.9M25xas long as short
Arcus ETH-USD+0.0100%1h2,750+0.059%$2.8M$16.4M25xas long as short
Gate ETH_USDT+0.0100%8h2,749.9+0.055%$3.40B$8.95B200xas long as short
Bitget ETHUSDT+0.0100%8h2,749.6+0.046%$2.08B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,745.9−0.088%$15.0M$41.5M50xas long as short
Variational Omni ETH+0.0100%8h2,746.2−0.079%$132.8M$343.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,745.3−0.112%$181.9M$700.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,743.3−0.183%$159.5M$82.2M50xas long as short
StandX ETH-USD+0.0100%1h2,747.1−0.045%$21.2M$69.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,747.8−0.020%—$849K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,747.6−0.027%$10.7M$8.6M50xas long as short
Bullet ETH-USD+0.0100%1h2,746.9−0.054%$182K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,747−0.049%$21K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,748.7+0.012%$41.6M$29.6M15xas long as short
SunX ETH-USDT+0.0100%8h2,746.3−0.074%$963K$12.1M100xas long as short
SoDEX ETH-USD+0.0100%1h2,746.8−0.056%$54.7M$187.7M40xas long as short
Phemex ETHUSDT+0.0100%8h2,746.9−0.051%$267.5M$65.8M150xas long as short
Bulk ETH-USD+0.0100%1h2,746.2−0.076%$164.3M$302.6M25xas long as short
Aftermath Perps ETHUSD+0.0103%1h2,746.8−0.056%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,748.9+0.021%$30.6M$73.2M50xas long as short
Kalshi KXETHPERP+0.0148%8h2,747.2−0.041%$7.8M$672.4M4.9xas long as short
Orderly PERP_ETH_USDC+0.0179%8h2,749.4+0.037%$32.3M$11.1M100xas long as short
Deribit ETH-PERPETUALlong+0.0201%1h2,748.3long leg$258.9M$198.1M50x
Injective ETH/USDC PERP+0.0209%1h2,744.7−0.132%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0222%1h2,746.7−0.060%$7.3M$1.1M25xas long as short
Hibachi ETH/USDT-P+0.0224%1h2,748.2−0.005%$250K$1.5M20xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,747.7−0.024%$88.2M$315.1M100xas long as short