Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.004%

Price spread now: Popdex against MEXC−0.105%54s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$110.109% of the position

Long on MEXC Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 7 days+0.108%+$11 · spread now −0.105%, 7d avg +0.004%

Together, before fees+0.124%+$12 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: Popdex is 0.109% cheaper against MEXC than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.004%. 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	85,449.6	0.0100	pay 0.0100% / 8h	7h 54m	$5.02B	$5.71B	500x
Short	Popdex BTCUSDT	85,360	0.0096	get 0.0012% / 1h	54m 43s	$8.7M	$58.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$0.84
Price spread: −0.105% → +0.004%: −$10.9
Slippage, 4 orders: −$0.46
Fee MEXC: 2 bp × 2 orders: −$4
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$22.6
Costs to cover: 0.109%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Popdex: live order book, 4 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, 4 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$209	2.5 bp −$1,271
Sell Popdex live order book, 4 min ago	0.06 bp	3.4 bp −$3	9.1 bp −$91	10.7 bp −$1,073	13.9 bp −$6,932

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
Hotstuff BTC-PERP	−0.0080%	1h	85,396	−0.063%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	−0.010%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,391.5	−0.068%	$425.1M	$685.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,417	−0.038%	$307K	$23.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,356.1	−0.109%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	85,466.4	+0.020%	$930.7M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,400.7	−0.057%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0019%	1h	85,464.7	+0.018%	$16.7M	$21.0M	50x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,446.3	−0.004%	$502.4M	$1.09B	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,414.5	−0.041%	$186.4M	$953.6M	100x	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	+0.0080%	8h	85,467.7	+0.021%	—	$1.59B	—	as long as short
Deribit BTC-PERPETUAL	+0.0085%	1h	85,428.8	−0.024%	$829.6M	$1.67B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,467.6	+0.021%	$170.6M	$939.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.9	+0.019%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,360	−0.105%	$8.7M	$58.4M	100x
Aevo BTC-PERP	+0.0096%	1h	85,379.4	−0.082%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,319	−0.153%	$264K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,368.1	−0.095%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,311.9	−0.161%	$24.0M	$220.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,475.4	+0.030%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,458.8	+0.011%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,451.5	+0.002%	$5.08B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,448.5	−0.001%	$2.61B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,344	−0.124%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,360.8	−0.104%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.079%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,467.3	+0.021%	$5.46B	$9.83B	200x	as long as short
MEXC BTC_USDTlong	+0.0100%	8h	85,449.6	long leg	$5.02B	$5.71B	500x
Bitget BTCUSDT	+0.0100%	8h	85,454	+0.005%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,413	−0.043%	$37.5M	$193.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.110%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,397.3	−0.061%	$283.2M	$959.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.118%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.124%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,397	−0.062%	$30.1M	$216.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,449.2	0.000%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,247	−0.237%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,399.3	−0.059%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,381.4	−0.080%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,422.8	−0.031%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,310.2	−0.163%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,392	−0.067%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,390	−0.070%	$2.26B	$976.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,415.7	−0.040%	$159.9M	$517.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,439.9	−0.011%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,371.8	−0.091%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,455.1	+0.006%	$111.4M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,370.7	−0.092%	$6.6M	$140.5M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.045%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,398.5	−0.060%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,407	−0.050%	$11.0M	$740.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,371.3	−0.092%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0281%	1h	85,555	+0.123%	$3.84B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,383	−0.078%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,450.2	+0.001%	$687K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,376	−0.086%	$470K	$18.4M	6.7x	as long as short