Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.017%

Price spread now: Derive against MEXC−0.034%54s7-day average −0.001% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.034%, 7d avg −0.001%

Together, before fees−0.070%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Derive is 0.033% cheaper against MEXC than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of −0.001%). If the spread goes back, that is −$3 on $10k: about 2.6 days of funding at the current rate (+$1 a day). The two prices were read 54 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	MEXC BTC_USDT	86,598.8	0.0058	pay 0.0058% / 8h	2h 02m	$5.18B	$5.73B	500x
Short	Derive BTC-PERP	86,569.7	0.0100	get 0.0013% / 1h	2m 25s	$30.0M	$61.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now −0.034%Rate

Funding earned: $8.82
Price spread: −0.034% → −0.001%: −$3.26
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Derive: 3 bp × 2 orders: −$6
Net: −$4.44
Costs to cover: 0.100%
Break-even: 10.5 days

Slippage unknown: MEXC: live order book, 2 min ago; Derive: no order-book sample. Net counts fees only.

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	2.4 bp −$1,222
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps BTCUSD	−0.0255%	1h	86,613.1	+0.017%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,593.7	−0.006%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.052%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,570	−0.033%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0068%	1h	86,591.4	−0.009%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,581	−0.021%	$505.5M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,611.6	+0.015%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,601	+0.003%	$927.7M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,590.8	−0.009%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,584.2	−0.017%	$851.4M	$709.2M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,596.9	−0.002%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,583.7	−0.017%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,582.1	−0.019%	$149.6M	$472.5M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,594.6	−0.005%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,582	−0.019%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,568.5	−0.035%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDTlong	+0.0058%	8h	86,598.8	long leg	$5.18B	$5.73B	500x
Binance BTCUSDT	+0.0058%	8h	86,599.9	+0.001%	$9.43B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,609.6	+0.012%	$8.5M	$43.2M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,595.2	−0.004%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,600	+0.001%	$5.27B	$9.73B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,597.6	−0.001%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,606.9	+0.009%	$24.2M	$154.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,600	+0.001%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0098%	8h	86,606.7	+0.009%	$2.55B	$12.74B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,583	−0.018%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,640.2	+0.048%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,590.5	−0.010%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,664	+0.075%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,620.8	+0.025%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,585	−0.016%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,662	+0.073%	$7.4M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.096%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,583.6	−0.018%	$38.2M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.061%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,557.7	−0.048%	$279.5M	$942.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.042%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.038%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.049%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,640.3	+0.048%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	−0.002%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599	0.000%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,585.3	−0.016%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,595.9	−0.003%	$140K	$619K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,569.7	−0.034%	$30.0M	$61.8M	15x
SunX BTC-USDT	+0.0100%	8h	86,561.8	−0.043%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,572	−0.031%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,558.2	−0.047%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,580.1	−0.022%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,581.6	−0.020%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,615.3	+0.019%	$187.0M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,617	+0.021%	$131.9M	$5.83B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,596.6	−0.003%	$734K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	86,602	+0.004%	$9.6M	$727.4M	6.4x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,579.9	−0.022%	$416.9M	$655.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,583.6	−0.018%	$15.0M	—	200x	as long as short