Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.047%

Price spread now: Hotstuff against MEXC−0.026%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.026% cheaper against MEXC than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,555.5	0.0100	pay 0.0100% / 8h	4h 03m	$5.07B	$5.66B	500x
Short	Hotstuff BTC-PERP	85,533	−0.0080	pay 0.0010% / 1h	3m 06s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$37.8
Price spread: −0.026% → 0.000%: −$2.63
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$49.43
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 min ago; Hotstuff: 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, 1 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$201	2.3 bp −$1,163
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Phoenix BTC	−0.0179%	1h	85,492	−0.074%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,533	−0.026%	$8K	$3K	50x
01 Exchange BTCUSD	−0.0048%	1h	85,557.9	+0.003%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,528.2	−0.032%	$920.2M	$751.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,554.8	−0.001%	$417.5M	$669.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,562.2	+0.008%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,564.7	+0.011%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,540.3	−0.018%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,544.7	−0.013%	$515.6M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,546.4	−0.011%	$4.2M	$98.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0037%	1h	85,599.6	+0.052%	$207K	$739K	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,557.4	+0.002%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,545.2	−0.012%	$148.4M	$489.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,549.9	−0.007%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,551.9	−0.004%	$6.7M	$146.8M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,592.6	+0.043%	$887.3M	$1.58B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,562.8	+0.009%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,565.6	+0.012%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,555	−0.001%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,548.3	−0.008%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,516	−0.046%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,615.5	+0.070%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,635	+0.093%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,576.4	+0.024%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,556.3	+0.001%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,554.8	−0.001%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,565.1	+0.011%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.063%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.079%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,560	+0.005%	$5.52B	$10.77B	200x	as long as short
MEXC BTC_USDTlong	+0.0100%	8h	85,555.5	long leg	$5.07B	$5.66B	500x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,539	−0.019%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.130%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.118%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.080%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	−0.088%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,484.2	−0.083%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,593.4	+0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	−0.006%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,556	+0.001%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,552.5	−0.004%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,545.9	−0.011%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,536.5	−0.022%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,555	−0.001%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,548.1	−0.009%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,532.4	−0.027%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,517.8	−0.044%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,589.1	+0.039%	$117.5M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,565	+0.011%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,574	+0.022%	$187.6M	$953.7M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,561.3	+0.007%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,576.8	+0.025%	$8.4M	$42.7M	25x	as long as short
Aftermath Perps BTCUSD	+0.0214%	1h	85,514.1	−0.048%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,568	+0.015%	$10.3M	$755.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,503.6	−0.061%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,556.5	+0.001%	$496K	$18.7M	6.7x	as long as short