Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC+0.0078%/8h= +8.5% APRpaid last 24h +0.040%

Price spread now: MEXC against Perpl+0.020%46s7-day average −0.017% · you sell dearer than you buy

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

Long on Perpl Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.325%−$33 on $10k

Price spread, last 7 days−0.141%−$14 · spread now +0.020%, 7d avg −0.017%

Together, before fees−0.466%+ Points / potential airdropPerpl: Active · farm board−$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and MEXC is 0.037% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.017%. Mind the row above: over the last 7 days funding on this pair cost −0.325%, so the current rate has only just turned in your favour. The two prices were read 46 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	Perpl BTC	86,409.8	0	get 0.0000% / 43m	18m 39s	$479K	$21.9M	6.7x
Short	MEXC BTC_USDT	86,426.7	0.0078	get 0.0078% / 8h	7h 39m	$5.13B	$5.68B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Perpl. 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 PerplbpFee MEXCbpOrdersPrice spread, now +0.020%Rate

Funding earned: $16.38
Price spread: +0.020% → −0.017%: $3.67
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee MEXC: 2 bp × 2 orders: −$4
Net: $2.25
Costs to cover: 0.178%
Break-even: 6.0 days

Slippage unknown: Perpl: no order-book sample; MEXC: live order book, 5 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$202	2.3 bp −$1,141

Perpl: 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	−0.0129%	1h	86,448	+0.044%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,422	+0.014%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,397.5	−0.014%	$361K	$2.4M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,409.8	long leg	$479K	$21.9M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.4	+0.030%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0019%	1h	86,454.2	+0.051%	$903.6M	$1.51B	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,431	+0.025%	$501.3M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	86,402.9	−0.008%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.239%	$333K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0037%	8h	86,415.4	+0.006%	$153.8M	$475.3M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0037%	8h	86,430.8	+0.024%	$831.1M	$723.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,412.8	+0.003%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0049%	8h	86,413.4	+0.004%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,410.3	+0.001%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,403.8	−0.007%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDTshort	+0.0078%	8h	86,426.7	+0.020%	$5.13B	$5.68B	500x
Binance BTCUSDT	+0.0078%	8h	86,426.9	+0.020%	$9.41B	$24.39B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,400.6	−0.011%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,440.8	+0.036%	$170.3M	$984.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,447	+0.043%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,387	−0.026%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,369	−0.047%	$201K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.9	+0.030%	$4.6M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,360.1	−0.058%	$21.9M	$230.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,492	+0.095%	$3.80B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,459	+0.057%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,429.2	+0.022%	$5.26B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,415.9	+0.007%	$2.56B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,433	+0.027%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,431.1	+0.025%	$7.2M	$95.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,418.3	+0.010%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,427.6	+0.021%	$37.5M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.067%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,429.4	+0.023%	$279.2M	$949.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	+0.068%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	+0.015%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	−0.007%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,441.1	+0.036%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,412	+0.003%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,420	+0.012%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,422.7	+0.015%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,456.2	+0.054%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,447.6	+0.044%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,350	−0.069%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,421	+0.013%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,400	−0.011%	$2.29B	$963.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.085%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,394.4	−0.018%	$45.8M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,419.7	+0.011%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,461.9	+0.060%	$132.2M	$5.47B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,455.8	+0.053%	$192.3M	$943.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468	+0.067%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,429.2	+0.022%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0199%	8h	86,354.6	−0.064%	$414.4M	$649.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,426.2	+0.019%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,409	−0.001%	$10.1M	$762.2M	6.4x	as long as short