Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0081%/8h= +8.8% APRpaid last 24h +0.022%

Price spread now: MEXC against gTrade (Gains Network)−0.080%194s7-day average +0.008% · 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—prices read too far apart to compare

costs, in and out, $10k−$120.120% of the position

Long on gTrade (Gains Network)Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.086%+$9 on $10k

Price spread, last 7 days+0.085%+$9 · spread now −0.080%, 7d avg +0.008%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.088% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.080% now, against its 7-day average of +0.008%). If the spread goes back, that is −$9 on $10k: about 3.7 days of funding at the current rate (+$2 a day). The two prices were read 194 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	gTrade (Gains Network) BTC/USD	85,862.8	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	29m 14s	$36.7M	—	200x
Short	MEXC BTC_USDT	85,793.8	0.0085	get 0.0085% / 8h	5h 29m	$5.15B	$4.87B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee MEXCbpOrdersPrice spread, now −0.080%Rate

Funding earned: $16.91
Price spread: −0.080% → +0.008%: −$8.85
Slippage, 4 orders: −$1.05
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$3.98
Costs to cover: 0.120%
Break-even: 8.6 days

Slippage from gTrade (Gains Network): virtual book (oracle exchange), 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 gTrade (Gains Network) virtual book (oracle exchange), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181
Sell MEXC live order book, 3 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$212	2.7 bp −$1,352

BTC on 55 exchanges

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	−0.0133%	1h	85,846	−0.020%	$2.0M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,110	+0.288%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,825.8	−0.043%	$366K	$2.0M	50x	as long as short
SoDEX BTC-USD	−0.0039%	1h	85,824	−0.045%	$65.8M	$187.8M	40x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,814.7	−0.056%	$422.1M	$553.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,865.6	+0.003%	$16.8M	$14.1M	50x	as long as short
Perpl BTC	0.0000%	43m	85,839	−0.028%	$470K	$13.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,862.8	long leg	$36.7M	—	200x
Injective BTC/USDC PERP	+0.0009%	1h	85,854	−0.010%	$300K	$27.7M	52x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,811.7	−0.060%	$511.1M	$869.2M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,836.4	−0.031%	$192.4M	$757.2M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	85,821	−0.049%	$8.5M	$45.5M	100x	as long as short
BingX BTC-USDT	+0.0032%	8h	85,797.5	−0.076%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0042%	8h	85,799.9	−0.073%	$5.13B	$8.09B	150x	as long as short
Bluefin BTC-PERP	+0.0044%	1h	85,870.6	+0.009%	$194K	$556K	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,826.5	−0.042%	$935.8M	$639.6M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	85,831	−0.037%	$5.50B	$8.96B	200x	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,817.7	−0.053%	$169.0M	$476.7M	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,854.8	−0.009%	$137.9M	$289.7M	100x	as long as short
HTX BTC-USDT	+0.0078%	8h	85,809.5	−0.062%	$2.27B	$798.1M	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,810.8	−0.061%	$2.4M	$6.8M	20x	as long as short
MEXC BTC_USDTshort	+0.0085%	8h	85,793.8	−0.080%	$5.15B	$4.87B	500x
Binance BTCUSDT	+0.0085%	8h	85,808.5	−0.063%	$9.41B	$20.43B	150x	as long as short
Bullet BTC-USD	+0.0086%	1h	85,828	−0.041%	$209K	$3.2M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,800	−0.073%	$2.98B	$3.93B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,841.3	−0.025%	$172.6M	$863.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,830.2	−0.038%	$23.6M	$120.7M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	85,848.6	−0.017%	$215.7M	$134.0M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,803	−0.070%	$220K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,837	−0.030%	$6.0M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,832.2	−0.036%	$23.5M	$193.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,855	−0.009%	$40.0M	$569.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,808.3	−0.063%	$2.62B	$9.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,827	−0.042%	$3.9M	$14.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,838.4	−0.028%	$4.8M	$91.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,790	−0.085%	$37.9M	$195.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,827.8	−0.041%	$157.4M	$475.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,819.9	−0.050%	$289.2M	$765.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,843.9	−0.022%	$30.2M	$225.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,879.5	+0.019%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,826	−0.043%	$11.1M	$12.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,816.9	−0.053%	$2.6M	$8.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,834.7	−0.033%	$3.3M	$6.7M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,956.9	+0.110%	$714.6M	$116.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,798	−0.076%	$47.0M	$193.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,846.2	−0.019%	—	$80.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,865	+0.003%	$112.2M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0155%	1h	85,920	+0.067%	$3.95B	$4.28B	40x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	85,867	+0.005%	$12.0M	$738.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0166%	1h	85,825.5	−0.043%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,867	+0.005%	$8.9M	$36.4M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0212% / S −0.0254%	1h	85,838.7	−0.028%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,881.7	+0.022%	$819.8M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,880.4	+0.020%	$712K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0425%	1h	85,906.4	+0.051%	$79K	$241K	20x	as long as short