Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h −0.039%

Price spread now: MEXC against Deribit−0.022%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$110.111% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now −0.022%, 7d avg −0.052%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.030% dearer against Deribit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,314.5	0.0056	pay 0.0007% / 1h	10m 02s	$917.7M	$1.49B	50x
Short	MEXC BTC_USDT	86,295.6	0.0063	get 0.0063% / 8h	1h 10m	$5.13B	$5.71B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.022%Rate

Funding earned: $1.53
Price spread: −0.022% → −0.052%: $3.01
Slippage, 4 orders: −$0.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$6.53
Costs to cover: 0.111%
Break-even: 36.9 days

Slippage from Deribit: live order book, 4 min ago; MEXC: live order book, 4 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.8 bp −$38	6.5 bp −$651	12.1 bp −$6,045
Sell MEXC live order book, 4 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$203	2.1 bp −$1,064

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	−0.0609%	1h	86,288.3	−0.030%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	+0.048%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,314	−0.001%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,304.3	−0.012%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,293.7	−0.024%	$502.9M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,286	−0.033%	$850.2M	$712.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,290.8	−0.027%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,353.5	+0.045%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,302.3	−0.014%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,257.5	−0.066%	$6.7M	$145.0M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.053%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,299.9	−0.017%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0043%	8h	86,295	−0.023%	$150.0M	$476.8M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,293.2	−0.025%	$2.94B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0048%	1h	86,397.1	+0.096%	$80K	$219K	20x	as long as short
Deribit BTC-PERPETUALlong	+0.0056%	1h	86,314.5	long leg	$917.7M	$1.49B	50x
MEXC BTC_USDTshort	+0.0063%	8h	86,295.6	−0.022%	$5.13B	$5.71B	500x
Binance BTCUSDT	+0.0064%	8h	86,299.9	−0.017%	$9.41B	$24.46B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,264.2	−0.058%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,298.4	−0.019%	$5.84B	$10.76B	200x	as long as short
Bybit BTCUSDT	+0.0094%	8h	86,308.8	−0.007%	$5.25B	$9.79B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,298.9	−0.018%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,310	−0.005%	$24.0M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,298	−0.019%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,281	−0.039%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,336.9	+0.026%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,321	+0.008%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,362.4	+0.056%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,338.3	+0.028%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,308.7	−0.007%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,299	−0.018%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,359.5	+0.052%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	+0.007%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,284.8	−0.034%	$37.8M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	+0.002%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,350.3	+0.042%	$279.1M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	+0.051%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	+0.045%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332.2	+0.021%	$30.6M	$204.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,350.2	+0.041%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,285	−0.034%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,279	−0.041%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,280.9	−0.039%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,294.7	−0.023%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,300.4	−0.016%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,277	−0.043%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,268.1	−0.054%	$2.29B	$968.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,257.3	−0.066%	$45.6M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,315.3	+0.001%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,328.8	+0.017%	$420K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,322	+0.009%	$131.1M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	86,390.4	+0.088%	$719K	$8.1M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,314.2	0.000%	$191.0M	$945.5M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,337.9	+0.027%	$414.2M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0209%	1h	86,284.5	−0.035%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,321	+0.008%	$9.8M	$735.1M	6.4x	as long as short