Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: MEXC against Bullet−0.026%7-day average −0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$130.133% of the position

Long on Bullet Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.026%, 7d avg −0.007%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,640	0.0100	pay 0.0013% / 1h	56m 24s	$195K	$3.3M	20x
Short	MEXC BTC_USDT	85,617.9	0.0100	get 0.0100% / 8h	3h 56m	$5.07B	$5.62B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Bullet. 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 BulletbpFee MEXCbpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → −0.007%: −$1.88
Slippage, 4 orders: −$1.35
Fee Bullet: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$15.23
Costs to cover: 0.133%
Break-even: never at this rate

Slippage from Bullet: live order book, 3 min ago; MEXC: live order book, 3 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 Bullet live order book, 3 min ago	0.23 bp	4.5 bp −$5	7.6 bp −$76	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$203	2.4 bp −$1,221

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
Phoenix BTC	−0.0179%	1h	85,646	+0.007%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,643	+0.004%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,627.8	−0.014%	$923.4M	$754.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,624.5	−0.018%	$417.3M	$675.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,628.4	−0.014%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.6	−0.005%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,664.6	+0.029%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,630.1	−0.012%	$516.2M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0026%	1h	85,624	−0.019%	$25.0M	$222.4M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.058%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0063%	8h	85,636	−0.005%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0064%	8h	85,616.4	−0.028%	$148.6M	$489.3M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,665.3	+0.030%	$886.4M	$1.58B	50x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,620.1	−0.023%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0089%	1h	85,621.1	−0.022%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,635.7	−0.005%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,636.5	−0.004%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,621	−0.022%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,622.7	−0.020%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,590	−0.058%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,687.6	+0.056%	$5.2M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,652.6	+0.015%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,647.9	+0.009%	$9.38B	$24.26B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,618.7	−0.025%	$5.19B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,628	−0.014%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,611	−0.034%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,608	−0.037%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.178%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,619.8	−0.024%	$5.52B	$10.72B	200x	as long as short
MEXC BTC_USDTshort	+0.0100%	8h	85,617.9	−0.026%	$5.07B	$5.62B	500x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,615.2	−0.029%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.087%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637	−0.003%	$279.8M	$921.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,666.6	+0.031%	$215.0M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,668.6	+0.033%	$140.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,629.2	−0.013%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,673.2	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,621	−0.022%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,640	long leg	$195K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,625.5	−0.017%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,668.8	+0.034%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,619.7	−0.024%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,613.4	−0.031%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,625	−0.018%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,621.9	−0.021%	$2.27B	$946.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,594.8	−0.053%	$44.9M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,639.1	−0.001%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,661.6	+0.025%	$117.3M	$5.21B	50x	as long as short
Hyperliquid BTC	+0.0106%	1h	85,702	+0.072%	$3.79B	$5.01B	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,646.3	+0.007%	$187.7M	$955.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,645.9	+0.007%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,657.5	+0.020%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,644.1	+0.005%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0239%	8h	85,658	+0.021%	$12.0M	$757.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,664	+0.028%	$702K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,626.5	−0.016%	$500K	$18.8M	6.7x	as long as short