Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0087%/8h= +9.6% APRpaid last 24h +0.025%

Price spread now: MEXC against dYdX+0.021%47s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.186% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 7 days−0.029%−$3 · spread now +0.021%, 7d avg +0.004%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,751.5	0.0003	pay 0.0000% / 1h	25m 49s	$16.8M	$20.9M	50x
Short	MEXC BTC_USDT	85,769.3	0.0090	get 0.0090% / 8h	6h 25m	$5.07B	$5.73B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against dYdX. 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 dYdXbpFee MEXCbpOrdersPrice spread, now +0.021%Rate

Funding earned: $18.37
Price spread: +0.021% → +0.004%: $1.69
Slippage, 4 orders: −$4.62
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $1.44
Costs to cover: 0.186%
Break-even: 6.5 days

Slippage from dYdX: 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 dYdX live order book, 3 min ago	1.63 bp	6.6 bp −$7	8.9 bp −$89	10.4 bp −$1,044	46.5 bp −$23.2K
Sell MEXC live order book, 3 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$210	2.6 bp −$1,294

BTC on 55 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	−0.0144%	1h	85,735	−0.019%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,748	−0.004%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,771.6	+0.023%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,796.7	+0.053%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USDlong	+0.0003%	1h	85,751.5	long leg	$16.8M	$20.9M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,810.3	+0.069%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.071%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,777.7	+0.030%	$902.7M	$753.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,783.3	+0.037%	$516.8M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,798.5	+0.055%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,774.9	+0.027%	—	$1.57B	—	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,793	+0.048%	$6.7M	$146.3M	40x	as long as short
Nado BTC-PERP	+0.0058%	1h	85,740	−0.014%	$22.6M	$227.8M	50x	as long as short
HTX BTC-USDT	+0.0068%	8h	85,788.7	+0.043%	$2.27B	$947.6M	200x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,768.5	+0.020%	$2.95B	$5.09B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	+0.001%	$140.2M	$319.5M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,796	+0.052%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDTshort	+0.0090%	8h	85,769.3	+0.021%	$5.07B	$5.73B	500x
Binance BTCUSDT	+0.0091%	8h	85,777.4	+0.030%	$9.34B	$24.32B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,811.4	+0.070%	$170.5M	$989.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,818.2	+0.078%	$23.6M	$147.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,785	+0.039%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,752	+0.001%	$203K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,744.2	−0.009%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,833	+0.095%	$3.76B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,780.3	+0.034%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,778.6	+0.032%	$5.31B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,782.6	+0.036%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,764	+0.015%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,750.4	−0.001%	$7.3M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.008%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,779.6	+0.033%	$5.61B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,799.5	+0.056%	$35.4M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.056%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,721	−0.036%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	−0.047%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,743.8	−0.009%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,827.6	+0.089%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,784	+0.038%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,798.9	+0.055%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,803.4	+0.060%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,843.9	+0.108%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,805.4	+0.063%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,759.6	+0.009%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,805	+0.062%	$60.1M	$337.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,800	+0.057%	$154.0M	$480.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,756.4	+0.006%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,774.7	+0.027%	—	$101.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,845	+0.109%	$131.1M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,775.8	+0.028%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,830.9	+0.093%	$189.0M	$963.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,721.4	−0.035%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,808	+0.066%	$13.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0209%	1h	85,852	+0.117%	$894.5M	$1.53B	50x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,792	+0.047%	$10.2M	$770.2M	6.4x	as long as short