Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.007%

Price spread now: Polymarket Perps against MEXC−0.043%49s7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as 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−$120.121% of the position

Long on MEXC Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 7 days+0.040%+$4 · spread now −0.043%, 7d avg −0.010%

Together, before fees+0.097%+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.033% cheaper against MEXC than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.010%. The two prices were read 49 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	85,470.4	0.0091	pay 0.0091% / 8h	3h 09m	$5.08B	$5.68B	500x
Short	Polymarket Perps BTC-USD	85,434	0.0100	get 0.0013% / 1h	9m 37s	$11.1M	$14.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.043%Rate

Funding earned: $1.89
Price spread: −0.043% → −0.010%: −$3.26
Slippage, 4 orders: −$0.13
Fee MEXC: 2 bp × 2 orders: −$4
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$13.49
Costs to cover: 0.121%
Break-even: 57.0 days

Slippage from MEXC: live order book, 5 min ago; Polymarket Perps: 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, 5 min ago	0.01 bp	2.0 bp −$2	2.1 bp −$21	2.2 bp −$217	2.3 bp −$1,136
Sell Polymarket Perps live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.5 bp −$45	7.4 bp −$740	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 BTC	−0.0140%	1h	85,504	+0.039%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	−0.017%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,441.1	−0.034%	$919.4M	$758.1M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,443.4	−0.032%	$420.3M	$675.4M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,438.9	−0.037%	$514.5M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,464.6	−0.007%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,450.5	−0.023%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,458	−0.015%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,449.2	−0.025%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0028%	1h	85,448.7	−0.025%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.095%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0045%	1h	85,436	−0.040%	$59.9M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0058%	1h	85,479	+0.010%	$872.1M	$1.60B	50x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,435.7	−0.041%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,437.9	−0.038%	$148.6M	$497.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,460.8	−0.011%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,424.5	−0.054%	$2.8M	$3.6M	20x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,451.7	−0.022%	$9.45B	$24.47B	150x	as long as short
MEXC BTC_USDTlong	+0.0091%	8h	85,470.4	long leg	$5.08B	$5.68B	500x
Lighter BTC	+0.0096%	1h	85,478.5	+0.009%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,481.2	+0.013%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,446	−0.029%	$8.4M	$55.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,446	−0.029%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,524.6	+0.063%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,540	+0.081%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,503.9	+0.039%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,435.8	−0.041%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,446.2	−0.028%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	+0.004%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,462.5	−0.009%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	−0.017%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,460	−0.012%	$5.53B	$10.86B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,429.1	−0.048%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,415.2	−0.065%	$154.4M	$565.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,455.6	−0.017%	$279.2M	$930.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	0.000%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,468.6	−0.002%	$139.7M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468	−0.003%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,496.3	+0.030%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,434	−0.043%	$11.1M	$14.3M	50x
Bullet BTC-USD	+0.0100%	1h	85,435.2	−0.041%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.6	−0.049%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.4	+0.009%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,417.8	−0.061%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,412.8	−0.067%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	−0.053%	$2.26B	$949.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,425.5	−0.053%	$45.8M	$234.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,450	−0.024%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,477.4	+0.008%	$117.5M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,423.8	−0.055%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,460.5	−0.012%	$187.7M	$956.8M	100x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,463	−0.009%	$11.4M	$753.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,486.9	+0.019%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,447.4	−0.027%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,481.3	+0.013%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,495.3	+0.029%	$78K	$222K	20x	as long as short