Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Phemex against dYdX−0.209%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phemex is 0.209% cheaper against dYdX than usual: you would sell low and buy high (spread −0.209% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 7.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX FIL-USD	0.9901	0	get 0.0000% / 1h	27m 23s	$58K	$1K	10x
Short	Phemex FILUSDT	0.9880	0.0100	get 0.0100% / 8h	1h 27m	$1.2M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.209%Rate

Funding earned: $21
Price spread: −0.209% → 0.000%: −$20.87
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$21.87
Costs to cover: 0.220%
Break-even: 14.3 days

Slippage unknown: dYdX: no order-book sample; Phemex: live order book, 1 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	10.12 bp	31.2 bp −$31	87.0 bp −$870	doesn't fit	doesn't fit

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

FIL on 29 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
Deribit FIL_USDC-PERPETUAL	−0.0355%	1h	0.9912	+0.115%	$171K	$23K	25x	as long as short
Coinbase International FIL-PERP-INTX	−0.0248%	1h	0.9919	+0.185%	$352K	$2.2M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9888	−0.129%	$26K	—	150x	as long as short
dYdX FIL-USDlong	0.0000%	1h	0.9901	long leg	$58K	$1K	10x
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.461%	$2K	$240K	12x	as long as short
OKX FIL-USDT-SWAP	+0.0048%	8h	0.9905	+0.044%	$17.9M	$109.0M	50x	as long as short
KuCoin FILUSDTM	+0.0057%	8h	0.9901	+0.003%	$7.0M	$8.0M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9900	−0.009%	$148K	$355K	5x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9905	+0.044%	$15.6M	$20.5M	25x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9907	+0.065%	$8.3M	$9.4M	5x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster FILUSDT	+0.0100%	8h	0.9909	+0.086%	$505K	$606K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9907	+0.060%	$55.6M	$187.2M	75x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9906	+0.054%	$8.2M	$16.7M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9900	−0.007%	$230K	$104K	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9904	+0.034%	$11.2M	$20.1M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9906	+0.054%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9885	−0.160%	$439K	$273K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9888	−0.127%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9888	−0.131%	$288K	$1.3M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9890	−0.108%	$27K	$184K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9917	+0.160%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9900	−0.007%	$3K	$1.2M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9906	+0.054%	$482	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9894	−0.067%	$615K	$5.6M	75x	as long as short
Phemex FILUSDTshort	+0.0100%	8h	0.9880	−0.209%	$1.2M	$2.6M	50x
Extended FIL-USD	+0.0104%	1h	0.9904	+0.032%	$693K	$1.4M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9895	−0.057%	$2.7M	$675K	75x	as long as short
Kraken Futures PF_FILUSD	+0.0246%	1h	0.9911	+0.103%	$1.3M	$2.2M	50x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0600% / S −0.0280%	1h	0.9889	−0.123%	$264K	—	100x	as long as short