Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.008%

Price spread now: Phoenix against MEXC−0.091%77s7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$110.114% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 7 days+0.158%+$16 · spread now −0.091%, 7d avg +0.054%

Together, before fees+0.094%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.145% cheaper against MEXC than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.054%). Swap the legs. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.064% in total (about -3.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	86,546.4	0.0069	pay 0.0069% / 8h	54m 01s	$5.13B	$5.62B	500x
Short	Phoenix BTC	86,468	−0.0159	pay 0.0020% / 1h	54m 01s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$47.88
Price spread: −0.091% → +0.054%: −$14.48
Slippage, 4 orders: −$0.36
Fee MEXC: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$73.72
Costs to cover: 0.114%
Break-even: never at this rate

Slippage from MEXC: live order book, 10 min ago; Phoenix: live order book, 5 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, 10 min ago	0.01 bp	2.0 bp −$2	2.2 bp −$22	2.3 bp −$226	2.6 bp −$1,319
Sell Phoenix live order book, 5 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$973	doesn't fit

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 BTCshort	−0.0159%	1h	86,468	−0.091%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,528	−0.021%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.063%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,548.4	+0.002%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,551.1	+0.005%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,549.9	+0.004%	$503.9M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,554.4	+0.009%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	86,551.2	+0.006%	$850.5M	$713.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,533	−0.016%	$6.7M	$145.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0025%	1h	86,579.3	+0.038%	$917.2M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0040%	8h	86,546.5	0.000%	—	$1.59B	—	as long as short
dYdX BTC-USD	+0.0041%	1h	86,547.3	+0.001%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,543.9	−0.003%	$149.8M	$478.3M	150x	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,543.2	−0.004%	$2.96B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,555	+0.010%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDTlong	+0.0069%	8h	86,546.4	long leg	$5.13B	$5.62B	500x
Binance BTCUSDT	+0.0070%	8h	86,544.3	−0.002%	$9.43B	$24.52B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,543.8	−0.003%	$5.88B	$10.70B	200x	as long as short
Aftermath Perps BTCUSD	+0.0089%	1h	86,483.1	−0.073%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,558.6	+0.014%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,569.3	+0.026%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,541	−0.006%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,541.9	−0.005%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,526	−0.024%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,562.9	+0.019%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,546.4	0.000%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,622	+0.087%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,554.3	+0.009%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,545.9	−0.001%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,530	−0.019%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,571.9	+0.029%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.189%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,544.2	−0.003%	$37.9M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.096%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,420.7	−0.145%	$279.3M	$944.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,455.1	−0.105%	$217.0M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442	−0.121%	$141.3M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,523.5	−0.026%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,583.1	+0.042%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,536	−0.012%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,542	−0.005%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.1	−0.005%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,572.5	+0.030%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,588.4	+0.048%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,531.5	−0.017%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,546	0.000%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,535.6	−0.012%	$2.30B	$969.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,537.9	−0.010%	$45.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,554.8	+0.010%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,574.8	+0.033%	$192.1M	$948.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,536.9	−0.011%	$416K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,589.4	+0.050%	$132.7M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,576.8	+0.035%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,530.5	−0.018%	$414.8M	$656.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0212%	1h	86,549.5	+0.004%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	86,567	+0.024%	$9.8M	$739.0M	6.4x	as long as short