Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.032%

Price spread now: Deribit against MEXC+0.052%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$110.112% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.052%, 7d avg +0.051%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.051%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,419.4	0.0097	pay 0.0097% / 8h	41m 57s	$5.05B	$5.73B	500x
Short	Deribit BTC-PERPETUAL	85,463.6	0.0134	get 0.0017% / 1h	41m 57s	$840.7M	$1.66B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.052%Rate

Funding earned: $7.81
Price spread: +0.052% → +0.051%: $0.06
Slippage, 4 orders: −$0.17
Fee MEXC: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$3.3
Costs to cover: 0.112%
Break-even: 10.0 days

Slippage from MEXC: live order book, 2 min ago; Deribit: 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	2.0 bp −$203	2.1 bp −$1,041
Sell Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	4.2 bp −$42	7.7 bp −$770	15.9 bp −$7,928

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
Hotstuff BTC-PERP	−0.0080%	1h	85,414	−0.006%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.062%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,410.9	−0.010%	$931.8M	$775.2M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,380.7	−0.045%	$420.7M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,413.5	−0.007%	$512.3M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,409.3	−0.012%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,445.8	+0.031%	$467K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,390.6	−0.034%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,432.2	+0.015%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,432.3	+0.015%	$185.8M	$952.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.002%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.061%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,417.1	−0.003%	—	$1.57B	—	as long as short
Nado BTC-PERP	+0.0081%	1h	85,371.1	−0.057%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,411.9	−0.009%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,417.9	−0.002%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,433.5	+0.017%	$169.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,430	+0.012%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,402	−0.020%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,420.1	+0.001%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDTlong	+0.0097%	8h	85,419.4	long leg	$5.05B	$5.73B	500x
Binance BTCUSDT	+0.0098%	8h	85,421.1	+0.002%	$9.42B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,375	−0.052%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,434.5	+0.018%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,503.8	+0.099%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,424.6	+0.006%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,418.9	−0.001%	$2.60B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,399	−0.024%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,409.9	−0.011%	$4.7M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.082%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,422.8	+0.004%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,416.5	−0.003%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	+0.008%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.8	+0.020%	$283.3M	$959.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.008%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,395.3	−0.028%	$30.1M	$209.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,478.6	+0.069%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,431	+0.014%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,426	+0.008%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,421.7	+0.003%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,462.6	+0.051%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,399.5	−0.023%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,386.9	−0.038%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,420	+0.001%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	+0.007%	$2.26B	$966.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.3	+0.013%	$159.2M	$514.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,395.2	−0.028%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.4	−0.011%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,455	+0.042%	$112.2M	$5.48B	50x	as long as short
Deribit BTC-PERPETUALshort	+0.0134%	1h	85,463.6	+0.052%	$840.7M	$1.66B	50x
Reya BTCRUSDPERP	+0.0138%	1h	85,415.8	−0.004%	$6.6M	$146.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,410	−0.011%	$12.0M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,450	+0.036%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,432.1	+0.015%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,445.2	+0.030%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,458.6	+0.046%	$79K	$252K	20x	as long as short