Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.006%

Price spread now: Bulk against MEXC−0.160%7-day average +0.001% · 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−$27as in the Price arb table

costs, in and out, $10k−$110.110% of the position

Long on MEXC Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$2 on $10k

Price spread, last 7 days+0.158%+$16 · spread now −0.160%, 7d avg +0.001%

Together, before fees+0.174%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.161% cheaper against MEXC than usual: you would sell low and buy high (spread −0.160% now, against its 7-day average of +0.001%). If the spread goes back, that is −$16 on $10k: about 13 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.015% in total) that is about 35 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	86,665.9	0.0059	pay 0.0059% / 8h	1h 42m	$5.19B	$5.63B	500x
Short	Bulk BTC-USD	86,527.4	0.0100	get 0.0013% / 1h	42m 58s	$571.7M	$19.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.160%Rate

Funding earned: $8.61
Price spread: −0.160% → +0.001%: −$16.1
Slippage, 4 orders: −$0.04
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$18.53
Costs to cover: 0.110%
Break-even: 22.1 days

Slippage from MEXC: live order book, 1 min ago; Bulk: live order book, 1 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, 1 min ago	0.01 bp	2.0 bp −$2	2.1 bp −$21	2.1 bp −$214	2.3 bp −$1,130
Sell Bulk live order book, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.8 bp −$2,423

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	−0.1210%	1h	86,637.4	−0.033%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0175%	1h	86,597.5	−0.079%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,603	−0.073%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	−0.050%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,635.5	−0.035%	$17.5M	$20.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,656.7	−0.011%	$505.8M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.7	−0.022%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,615.3	−0.058%	$420K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,653.3	−0.015%	$925.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,619.8	−0.053%	$852.5M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,640	−0.030%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,629.6	−0.042%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,621.3	−0.051%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.123%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,619.6	−0.053%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,629.6	−0.042%	$734K	$8.1M	30x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,666.1	0.000%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,667.1	+0.001%	$2.96B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.1	−0.061%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDTlong	+0.0059%	8h	86,665.9	long leg	$5.19B	$5.63B	500x
Binance BTCUSDT	+0.0060%	8h	86,666.6	+0.001%	$9.43B	$24.31B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,655.7	−0.012%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,666	0.000%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,629.7	−0.042%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,641.1	−0.029%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,625	−0.047%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,614	−0.060%	$60.5M	$336.9M	40x	as long as short
Nado BTC-PERP	+0.0099%	1h	86,606.4	−0.069%	$21.8M	$233.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,613	−0.061%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,669.4	+0.004%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,712	+0.053%	$3.81B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.1	−0.015%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,668.6	+0.003%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,640	−0.030%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,702.2	+0.042%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,527.4	−0.160%	$571.7M	$19.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,632.5	−0.039%	$38.5M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.122%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	−0.096%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.064%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.049%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	−0.083%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,673	+0.008%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,633	−0.038%	$11.1M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	−0.052%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,624.3	−0.048%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,617.3	−0.056%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.5	−0.058%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	−0.056%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,650.3	−0.018%	$46.3M	$224.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,620.2	−0.053%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,664.3	−0.002%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,654.1	−0.014%	$191.5M	$936.4M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	−0.054%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,635.5	−0.035%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	86,649	−0.020%	$9.6M	$726.4M	6.4x	as long as short