Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h −0.021%

Price spread now: Binance against dYdX−0.040%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$390.395% of the position

Long on dYdX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.175%−$17 on $10k

Price spread, last 7 days−0.010%−$1 · spread now −0.040%, 7d avg +0.006%

Together, before fees−0.185%−$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.046% cheaper against dYdX than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.006%). If the spread goes back, that is −$5 on $10k: about 2.0 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.175%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,727.7	0.0006	pay 0.0001% / 1h	1m 46s	$10.7M	$42.1M	50x
Short	Binance ETHUSDT	2,726.6	0.0082	get 0.0082% / 8h	3h 01m	$6.32B	$15.96B	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 −0.040%Rate

Funding earned: $16
Price spread: −0.040% → +0.006%: −$4.59
Slippage, 4 orders: −$19.46
Fee dYdX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$28.05
Costs to cover: 0.395%
Break-even: 19.3 days

Slippage from dYdX: live order book, 2 min ago; Binance: live order book, 12 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, 2 min ago	7.13 bp	12.8 bp −$13	20.0 bp −$200	43.1 bp −$4,307	67.8 bp −$33.9K
Sell Binance live order book, 12 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$598	8.3 bp −$4,156

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	−0.0335%	43m	2,726.9	−0.027%	$290K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.5	−0.006%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0021%	8h	2,725.8	−0.069%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.7	−0.036%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.9	+0.155%	$816K	$2.9M	25x	as long as short
dYdX ETH-USDlong	+0.0006%	1h	2,727.7	long leg	$10.7M	$42.1M	50x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.8	−0.031%	$28.0M	—	200x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,726.4	−0.049%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0036%	8h	2,726.7	−0.037%	$2.36B	$4.40B	150x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,726.3	−0.050%	$179K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,726.9	−0.028%	$186K	$785K	50x	as long as short
SunX ETH-USDT	+0.0057%	8h	2,725.4	−0.084%	$955K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,726.5	−0.043%	$378.0M	$575.1M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,726.5	−0.042%	$252.4M	$842.7M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,723.9	−0.140%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,726.6	−0.040%	$1.55B	$2.59B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0082%	8h	2,726.9	−0.028%	$1.67B	$10.73B	100x	as long as short
Binance ETHUSDTshort	+0.0082%	8h	2,726.6	−0.040%	$6.32B	$15.96B	150x
Phemex ETHUSDT	+0.0088%	8h	2,726.2	−0.055%	$264.1M	$63.9M	150x	as long as short
ApeX Omni ETHUSDT	+0.0091%	1h	2,728.3	+0.022%	$8.7M	$31.2M	100x	as long as short
Aftermath Perps ETHUSD	+0.0091%	1h	2,728.9	+0.045%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,727.1	−0.021%	$112.0M	$437.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.1	+0.014%	$23.4M	$105.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727.1	−0.020%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,728.9	+0.045%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.2	−0.054%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.7	+0.039%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.7	−0.035%	$13.8M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.5	+0.030%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.6	−0.003%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.6	−0.039%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.8	−0.031%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.5	−0.045%	$3.33B	$8.98B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726	−0.062%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726	−0.061%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730	+0.084%	$134.8M	$322.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729	+0.048%	$183.6M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.5	+0.067%	$158.8M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.9	+0.118%	$21.0M	$72.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.1	+0.015%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728	+0.012%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727	−0.027%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.9	+0.009%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.4	−0.047%	$54.3M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.027%	$164.5M	$309.8M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.9	−0.101%	$30.6M	$73.7M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,726.8	−0.034%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,727.5	−0.006%	$6.4M	$688.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,727	−0.025%	$50.4M	$4.28B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0124%	1h	2,727.6	−0.002%	$258.4M	$202.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,726.9	−0.029%	$82.8M	$316.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,728.5	+0.029%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,726	−0.061%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,732.2	+0.165%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0330%	8h	2,726.9	−0.027%	$281.7M	$174.5M	150x	as long as short