Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.162%

Price spread now: Bluefin against MEXC+0.013%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

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

costs, in and out, $10k−$160.160% of the position

Long on MEXC Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.264%−$26 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now +0.013%, 7d avg −0.016%

Together, before fees−0.354%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.029% dearer against MEXC than usual: you sell high and buy low (spread +0.013% now, against its 7-day average of −0.016%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,680.5	0.0085	pay 0.0085% / 8h	5h 33m	$5.05B	$5.62B	500x
Short	Bluefin BTC-PERP	85,691.5	−0.0024	pay 0.0003% / 1h	33m 40s	$196K	$722K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$22.87
Price spread: +0.013% → −0.016%: $2.91
Slippage, 4 orders: −$5.03
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$35.99
Costs to cover: 0.160%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Bluefin: live order book, 31 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, 6 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$209	2.3 bp −$1,146
Sell Bluefin live order book, 31 min ago	0.88 bp	6.0 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit

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	85,602	−0.092%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,650	−0.036%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,642.4	−0.044%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,650	−0.036%	$416.1M	$663.9M	150x	as long as short
Bluefin BTC-PERPshort	−0.0024%	1h	85,691.5	+0.013%	$196K	$722K	40x
dYdX BTC-USD	0.0000%	1h	85,685.8	+0.006%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,660	−0.024%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,660.2	−0.024%	$917.6M	$753.0M	125x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,645.1	−0.041%	$22.9M	$221.3M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,666.1	−0.017%	$516.2M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,660.6	−0.023%	—	$17.1M	—	as long as short
HTX BTC-USDT	+0.0067%	8h	85,651.2	−0.034%	$2.27B	$935.2M	200x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,644.8	−0.042%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,665.6	−0.017%	$2.95B	$5.02B	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.120%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,656.8	−0.028%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,658.7	−0.025%	$147.9M	$479.1M	150x	as long as short
SunX BTC-USDT	+0.0081%	8h	85,607.1	−0.086%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDTlong	+0.0085%	8h	85,680.5	long leg	$5.05B	$5.62B	500x
Binance BTCUSDT	+0.0086%	8h	85,682.3	+0.002%	$9.35B	$23.91B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,678.2	−0.003%	$170.1M	$989.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,675.5	−0.006%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,647	−0.039%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,715.4	+0.041%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	−0.083%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,733	+0.061%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,707.5	+0.031%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,698.2	+0.021%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,699.9	+0.023%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,643	−0.044%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,599.7	−0.094%	$7.2M	$96.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,671.9	−0.010%	$5.55B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,657.8	−0.026%	$35.4M	$172.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.068%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,510.3	−0.199%	$279.0M	$929.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,588.5	−0.107%	$214.9M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,576.1	−0.122%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,629.3	−0.060%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,696.4	+0.019%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,645	−0.041%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,657.6	−0.027%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,658.3	−0.026%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,646	−0.040%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	−0.024%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.077%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,643.6	−0.043%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,662.9	−0.021%	—	$105.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,699.8	+0.022%	$893.0M	$1.52B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,709.1	+0.033%	$130.6M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,666.3	−0.017%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,694	+0.016%	$188.9M	$949.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0192%	1h	85,613.1	−0.079%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,683.2	+0.003%	$701K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,660.7	−0.023%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,673	−0.009%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,669.4	−0.013%	$520K	$19.4M	6.7x	as long as short