Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h +0.002%

Price spread now: Kraken Futures against MEXC−0.014%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$150.153% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$3 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.014%, 7d avg +0.019%

Together, before fees+0.047%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.033% cheaper against MEXC than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,502.2	0.0092	pay 0.0092% / 8h	2h 12m	$5.02B	$5.75B	500x
Short	Kraken Futures PF_XBTUSD	85,490.4	0.0056	get 0.0007% / 1h	12m 37s	$187.6M	$955.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$7.56
Price spread: −0.014% → +0.019%: −$3.32
Slippage, 4 orders: −$1.29
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$26.18
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Kraken Futures: 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	0.08 bp	2.1 bp −$2	2.1 bp −$21	2.2 bp −$218	2.6 bp −$1,315
Sell Kraken Futures live order book, 2 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	6.7 bp −$667	8.8 bp −$4,421

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
Perpl BTC	−0.0112%	43m	85,469.3	−0.038%	$525K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,391	−0.130%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,453	−0.058%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,486	−0.019%	$928.6M	$767.1M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,488.1	−0.016%	$419.5M	$683.0M	150x	as long as short
Aster BTCUSDT	−0.0009%	8h	85,499.2	−0.004%	$513.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,516.5	+0.017%	$355K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,495.5	−0.008%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,506	+0.004%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.179%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0042%	1h	85,499.9	−0.003%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0056%	1h	85,490.4	−0.014%	$187.6M	$955.3M	100x
BingX BTC-USDT	+0.0069%	8h	85,502.4	0.000%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,483.1	−0.022%	$148.1M	$505.9M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,506.2	+0.005%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDTlong	+0.0092%	8h	85,502.2	long leg	$5.02B	$5.75B	500x
Binance BTCUSDT	+0.0094%	8h	85,509.5	+0.009%	$9.46B	$24.88B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,513.1	+0.013%	$171.6M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,512.3	+0.012%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,508	+0.007%	$8.3M	$55.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,475.4	−0.031%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,517.7	+0.018%	$117.3M	$5.43B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,479	−0.027%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,552.2	+0.058%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,581	+0.092%	$3.76B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,529.4	+0.032%	$40.1M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,500	−0.003%	$5.16B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,515	+0.015%	$2.59B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,511	+0.010%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,506.7	+0.005%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	−0.001%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,495.8	−0.007%	$5.50B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487.8	−0.017%	$36.4M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,365.9	−0.159%	$154.5M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,376.5	−0.147%	$279.7M	$951.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,394.8	−0.126%	$214.5M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,392.6	−0.128%	$139.6M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,415.7	−0.101%	$30.1M	$208.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.2	+0.076%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,503	+0.001%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,499.3	−0.003%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,490.4	−0.014%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,536.3	+0.040%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,464.4	−0.044%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,471	−0.036%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,475	−0.032%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,467.3	−0.041%	$2.26B	$941.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,471.2	−0.036%	$44.4M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,505	+0.003%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0118%	1h	85,509.7	+0.009%	$6.6M	$147.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0173%	1h	85,517.1	+0.017%	$866.9M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,501.3	−0.001%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	85,503	+0.001%	$11.6M	$743.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0215%	1h	85,364.7	−0.161%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,468.7	−0.039%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,527.3	+0.029%	$8.7M	$43.2M	25x	as long as short