Bybit vs dYdX Funding Arbitrage
11 shared markets · net of estimated fees · updated every few minutesBybit and dYdX both quote 11 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is ETH — long Bybit / short dYdX at 23.5% net APR — but the median across all shared markets is 8.2%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 6 markets go long on Bybit and 5 on dYdX. 8 markets clear 5% net APR, 4 clear 10%.
How this pair behaves
Bybit pays funding every 8h on 249 markets and every 4h on 204 markets; dYdX pays every 1h on 23 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Bybit quotes 454 perpetual markets in total and dYdX quotes 23; the 11 they share are what this page ranks. Across its own book Bybit runs a median funding rate of 8.1% and dYdX 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 11 of 11 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| ONDO | Bybit | dYdX | 63.2% | 66.1% | +8.2% | $11K |
| ETH | Bybit | dYdX | 23.5% | 26.2% | +7.3% | $64.7M |
| LTC | Bybit | dYdX | 23.3% | 26.2% | +12.4% | $18K |
| BNB | Bybit | dYdX | 12.0% | 14.7% | +1.6% | $30K |
| XMR | dYdX | Bybit | 8.2% | 10.9% | -81.1% | $35K |
| XRP | dYdX | Bybit | 8.2% | 10.9% | +2.3% | $24K |
| WLFI | dYdX | Bybit | 7.8% | 10.9% | -82.4% | $24K |
| NEAR | dYdX | Bybit | 6.5% | 9.4% | +0.2% | $24K |
| SEI | Bybit | dYdX | 4.7% | 7.6% | +33.6% | $13K |
| BTC | dYdX | Bybit | 4.5% | 7.2% | +4.5% | $7.3M |
| SOL | Bybit | dYdX | 3.2% | 6.0% | -0.7% | $769K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Coverage note: Bybit and dYdX share 11 markets, 2 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
Bybit vs dYdX — FAQ
How many markets can you arbitrage between Bybit and dYdX?
11 perpetual markets are quoted on both Bybit and dYdX right now. 8 of them show a net spread of at least 5% APR after estimated fees, and 2 have at least $1M of 24h volume on the smaller leg.
What is the best Bybit / dYdX funding spread right now?
ETH: long Bybit and short dYdX for about 23.5% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 11 shared markets is 8.2%, so the top of the list is not typical.
Which side pays on the Bybit / dYdX pair?
It varies by market: Bybit is the long (funding-receiving) leg in 6 of the shared markets and dYdX in the other 5. The direction is set per market by which venue currently prices funding lower.
Trading the Bybit / dYdX spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Bybit funding rates · dYdX funding rates; the full calculation is in the methodology.