Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.010%

Price spread now: MEXC against Phoenix+0.060%92s7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as 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 Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days−0.128%−$13 · spread now +0.060%, 7d avg −0.054%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and MEXC is 0.114% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.054%. The two prices were read 92 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 0.066% 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	Phoenix BTC	86,468	−0.0159	get 0.0020% / 1h	53m 49s	$2.2M	$11.8M	40x
Short	MEXC BTC_USDT	86,520	0.0069	get 0.0069% / 8h	53m 49s	$5.13B	$5.62B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Phoenix. 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 PhoenixbpFee MEXCbpOrdersPrice spread, now +0.060%Rate

Funding earned: $47.88
Price spread: +0.060% → −0.054%: $11.44
Slippage, 4 orders: −$0.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $47.95
Costs to cover: 0.114%
Break-even: from the start

Slippage from Phoenix: live order book, 5 min ago; MEXC: live order book, 10 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 Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,186	doesn't fit
Sell MEXC live order book, 10 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$209	2.6 bp −$1,306

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 BTClong	−0.0159%	1h	86,468	long leg	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,528	+0.069%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.154%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,548.4	+0.093%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,551.1	+0.096%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,544	+0.088%	$503.9M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,554.4	+0.100%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	86,517.7	+0.058%	$850.2M	$713.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,533	+0.075%	$6.7M	$145.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0025%	1h	86,579.3	+0.129%	$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-USDC	+0.0040%	8h	86,500.5	+0.038%	—	$15.4M	—	as long as short
dYdX BTC-USD	+0.0041%	1h	86,547.3	+0.092%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,543.9	+0.088%	$149.8M	$478.3M	150x	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,519.4	+0.059%	$2.96B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,555	+0.101%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDTshort	+0.0069%	8h	86,520	+0.060%	$5.13B	$5.62B	500x
Binance BTCUSDT	+0.0070%	8h	86,523.9	+0.065%	$9.43B	$24.52B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,527.1	+0.068%	$5.88B	$10.70B	200x	as long as short
Aftermath Perps BTCUSD	+0.0089%	1h	86,483.1	+0.017%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,558.6	+0.105%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,569.3	+0.117%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,541	+0.084%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,523.5	+0.064%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,526	+0.067%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,562.9	+0.110%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,546.4	+0.091%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,595	+0.147%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,554.3	+0.100%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,520.5	+0.061%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,530	+0.072%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,571.9	+0.120%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.098%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,544.2	+0.088%	$37.9M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.005%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,420.7	−0.055%	$279.3M	$944.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,455.1	−0.015%	$217.0M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442	−0.030%	$141.3M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,523.5	+0.064%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,583.1	+0.133%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,536	+0.079%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,542	+0.086%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.1	+0.086%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,572.5	+0.121%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,588.4	+0.139%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,531.5	+0.073%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,546	+0.090%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,535.6	+0.078%	$2.30B	$969.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,510.3	+0.049%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,554.8	+0.100%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,574.8	+0.123%	$192.1M	$948.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,536.9	+0.080%	$416K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,589.4	+0.140%	$132.7M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,576.8	+0.126%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,530.5	+0.072%	$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	+0.094%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	86,567	+0.114%	$9.8M	$739.0M	6.4x	as long as short