Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h −0.017%

Price spread now: MEXC against Coinbase International−0.032%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$140.140% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.032%, 7d avg −0.046%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,608.9	0.0112	pay 0.0014% / 1h	40m 18s	$130.6M	$5.08B	50x
Short	MEXC BTC_USDT	85,581.7	0.0087	get 0.0087% / 8h	5h 40m	$5.04B	$5.61B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. 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 Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$5.25
Price spread: −0.032% → −0.046%: $1.4
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$17.88
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; MEXC: live order book, 9 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 Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$542	12.5 bp −$6,266
Sell MEXC live order book, 9 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$210	2.6 bp −$1,322

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	−0.0160%	1h	85,485	−0.145%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,596	−0.015%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,579.9	−0.034%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.113%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,549.1	−0.070%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,600.9	−0.009%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,591.1	−0.021%	$22.8M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,563.3	−0.053%	$918.3M	$749.6M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,576.6	−0.038%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,580.5	−0.033%	—	$17.1M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0067%	1h	85,576	−0.038%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,585.6	−0.027%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0071%	8h	85,501.8	−0.125%	$2.26B	$933.1M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.009%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,579.1	−0.035%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,551.4	−0.067%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDTshort	+0.0087%	8h	85,581.7	−0.032%	$5.04B	$5.61B	500x
Binance BTCUSDT	+0.0087%	8h	85,591.2	−0.021%	$9.33B	$23.91B	150x	as long as short
Phemex BTCUSDT	+0.0091%	8h	85,511.7	−0.114%	$148.2M	$478.5M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,578.7	−0.035%	$169.8M	$987.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,580.1	−0.034%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	−0.021%	$8.4M	$52.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0098%	1h	85,617.9	+0.010%	$893.1M	$1.52B	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,620.2	+0.013%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,546	−0.073%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,647	+0.045%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,608.8	0.000%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,599.6	−0.011%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,599.6	−0.011%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	−0.055%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,542.6	−0.077%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.054%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,595.8	−0.015%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.2	−0.106%	$35.0M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.123%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	−0.034%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	−0.021%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	−0.006%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.026%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.7	+0.028%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,572	−0.043%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,591.9	−0.020%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,586.9	−0.026%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,631.8	+0.027%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,587.6	−0.025%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,587	−0.026%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,562.7	−0.054%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,543.4	−0.077%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	85,608.9	long leg	$130.6M	$5.08B	50x
RISEx BTC/USDC	+0.0120%	1h	85,607.3	−0.002%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,600.6	−0.010%	$187.8M	$948.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,589.4	−0.023%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.078%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,592	−0.020%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,576	−0.038%	$10.6M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585	−0.028%	$522K	$19.5M	6.7x	as long as short