Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.006%

Price spread now: MEXC against Bulk+0.128%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$2as in the Price arb table

costs, in and out, $10k−$110.110% of the position

Long on Bulk Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$2 on $10k

Price spread, last 7 days−0.127%−$13 · spread now +0.128%, 7d avg −0.001%

Together, before fees−0.142%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.130% dearer against Bulk than usual: you sell high and buy low (spread +0.128% now, against its 7-day average of −0.001%): +$13 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 3 days (−0.015% in total) that is about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,527.4	0.0100	pay 0.0013% / 1h	43m 13s	$571.7M	$19.3M	40x
Short	MEXC BTC_USDT	86,638.5	0.0059	get 0.0059% / 8h	1h 43m	$5.19B	$5.63B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Bulk. 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 BulkbpFee MEXCbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$8.61
Price spread: +0.128% → −0.001%: $12.96
Slippage, 4 orders: −$0.04
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$6.69
Costs to cover: 0.110%
Break-even: from the start

Slippage from Bulk: live order book, 1 min ago; MEXC: live order book, 1 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 Bulk live order book, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.2 bp −$2,076
Sell MEXC live order book, 1 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$201	2.5 bp −$1,229

BTC on 56 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
Bluefin BTC-PERP	−0.1210%	1h	86,637.4	+0.127%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0175%	1h	86,597.5	+0.081%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,603	+0.087%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	+0.110%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,635.5	+0.125%	$17.5M	$20.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,624.3	+0.112%	$505.6M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.7	+0.138%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,615.3	+0.102%	$420K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,653.3	+0.145%	$925.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,621.7	+0.109%	$852.5M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,640	+0.130%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,629.6	+0.118%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,621.3	+0.108%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.036%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,619.6	+0.107%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,629.6	+0.118%	$734K	$8.1M	30x	as long as short
BingX BTC-USDT	+0.0031%	8h	86,618	+0.105%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,617.1	+0.104%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.1	+0.099%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDTshort	+0.0059%	8h	86,638.5	+0.128%	$5.19B	$5.63B	500x
Binance BTCUSDT	+0.0060%	8h	86,638.4	+0.128%	$9.43B	$24.31B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,623.1	+0.111%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,639.5	+0.130%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,629.7	+0.118%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,641.1	+0.131%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,625	+0.113%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,614	+0.100%	$60.5M	$336.9M	40x	as long as short
Nado BTC-PERP	+0.0099%	1h	86,606.4	+0.091%	$21.8M	$233.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,613	+0.099%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,669.4	+0.164%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,703	+0.203%	$3.81B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.1	+0.145%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,640	+0.130%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,640	+0.130%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,702.2	+0.202%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,527.4	long leg	$571.7M	$19.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,594.2	+0.077%	$38.4M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	+0.038%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	+0.064%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	+0.096%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	+0.111%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	+0.077%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,673	+0.168%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,633	+0.122%	$11.1M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	+0.108%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,624.3	+0.112%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,617.3	+0.104%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.5	+0.102%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	+0.104%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,599.6	+0.083%	$46.4M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,620.2	+0.107%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,664.3	+0.158%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,654.1	+0.146%	$191.5M	$936.4M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	+0.106%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,635.5	+0.125%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	86,649	+0.140%	$9.6M	$726.4M	6.4x	as long as short