Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.005%

Price spread now: Backpack against MEXC+0.005%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

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

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 7 days−0.399%−$40 · spread now +0.005%, 7d avg +0.009%

Together, before fees−0.522%−$52 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.123%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,293.8	0.0087	pay 0.0087% / 8h	2h 42m	$5.07B	$5.67B	500x
Short	Backpack BTC_USDC_PERP	85,297.7	0.0100	get 0.0013% / 1h	42m 22s	$36.5M	$174.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.005%Rate

Funding earned: $2.73
Price spread: +0.005% → +0.009%: −$0.41
Slippage, 4 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11.7
Costs to cover: 0.140%
Break-even: 37.0 days

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 2 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 MEXC live order book, 2 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$211	2.9 bp −$1,427
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$623	58.0 bp −$29.0K

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
Perpl BTC	−0.0112%	43m	85,311.1	+0.020%	$529K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,377	+0.098%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,322	+0.033%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,300.6	+0.008%	$919.2M	$761.1M	125x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,287	−0.008%	$419.9M	$678.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,314.2	+0.024%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0014%	8h	85,289.4	−0.005%	$513.0M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,357.5	+0.075%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,315.3	+0.025%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,310.4	+0.019%	$24.5M	$222.6M	50x	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	+0.0023%	1h	85,449	+0.182%	$339K	$26.8M	52x	as long as short
SoDEX BTC-USD	+0.0040%	1h	85,298	+0.005%	$59.8M	$335.8M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,323.7	+0.035%	$187.7M	$955.2M	100x	as long as short
Bullet BTC-USD	+0.0063%	1h	85,291	−0.003%	$204K	$3.3M	20x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,297.5	+0.004%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,305.1	+0.013%	$149.4M	$501.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,294.4	+0.001%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0082%	8h	85,303.1	+0.011%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,294.6	+0.001%	$9.43B	$24.74B	150x	as long as short
MEXC BTC_USDTlong	+0.0087%	8h	85,293.8	long leg	$5.07B	$5.67B	500x
Lighter BTC	+0.0096%	1h	85,334.9	+0.048%	$171.6M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,335.8	+0.049%	$23.8M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,310	+0.019%	$8.4M	$55.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,338.4	+0.052%	$116.7M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,290	−0.004%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,370.5	+0.090%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,376	+0.096%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.1	+0.077%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,297.3	+0.004%	$5.17B	$9.90B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,317.8	+0.028%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,320	+0.031%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,319.6	+0.030%	$4.7M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.036%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,303.3	+0.011%	$5.51B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,297.7	+0.005%	$36.5M	$174.2M	75x
Variational Omni BTC	+0.0100%	8h	85,345	+0.060%	$154.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,396.2	+0.120%	$279.4M	$939.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,382.3	+0.104%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,392.3	+0.115%	$139.6M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.4	+0.082%	$30.1M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,369	+0.088%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,301	+0.008%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,308.2	+0.017%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,346	+0.061%	$206K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,283.9	−0.012%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,287.7	−0.007%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,306.2	+0.015%	$2.26B	$952.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,276.7	−0.020%	$45.7M	$236.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,328.8	+0.041%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0111%	1h	85,293.3	−0.001%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0155%	1h	85,349.5	+0.065%	$872.3M	$1.60B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,311.8	+0.021%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,358	+0.075%	$11.4M	$749.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,342.5	+0.057%	$694K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0236%	1h	85,392.8	+0.116%	$79K	$226K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,345.6	+0.061%	$8.7M	$43.1M	25x	as long as short