Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0102%/8h= −11.2% APRpaid last 24h −0.009%

Price spread now: MEXC against RISEx−0.085%147s7-day average −0.008% · 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−$110.107% of the position

Long on RISEx Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.085%, 7d avg −0.008%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and MEXC is 0.077% cheaper against RISEx than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 147 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	RISEx BTC/USDC	85,867	0.0187	pay 0.0023% / 1h	28m 58s	$8.9M	$36.4M	25x
Short	MEXC BTC_USDT	85,793.8	0.0085	get 0.0085% / 8h	5h 28m	$5.15B	$4.87B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against RISEx. 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 RISExbpFee MEXCbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$21.4
Price spread: −0.085% → −0.008%: −$7.71
Slippage, 4 orders: −$0.72
Fee RISEx: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$39.83
Costs to cover: 0.107%
Break-even: never at this rate

Slippage from RISEx: live order book, 13 min ago; MEXC: live order book, 3 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 RISEx live order book, 13 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	10.8 bp −$1,081	doesn't fit
Sell MEXC live order book, 3 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$212	2.7 bp −$1,352

BTC on 55 exchanges

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	−0.0133%	1h	85,846	−0.024%	$2.0M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,110	+0.283%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,825.8	−0.048%	$366K	$2.0M	50x	as long as short
SoDEX BTC-USD	−0.0039%	1h	85,824	−0.050%	$65.8M	$187.8M	40x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,814.7	−0.061%	$422.1M	$553.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,865.6	−0.002%	$16.8M	$14.1M	50x	as long as short
Perpl BTC	0.0000%	43m	85,839	−0.033%	$470K	$13.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,862.8	−0.005%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,854	−0.015%	$300K	$27.7M	52x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,791.7	−0.088%	$511.0M	$869.3M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,836.4	−0.036%	$192.4M	$757.2M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	85,821	−0.054%	$8.5M	$45.5M	100x	as long as short
BingX BTC-USDT	+0.0032%	8h	85,797.5	−0.081%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0042%	8h	85,801.1	−0.077%	$5.13B	$8.08B	150x	as long as short
Bluefin BTC-PERP	+0.0044%	1h	85,870.6	+0.004%	$194K	$556K	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,826.5	−0.047%	$935.8M	$639.6M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	85,800.8	−0.077%	$5.50B	$8.96B	200x	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,817.7	−0.057%	$169.0M	$476.7M	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,854.8	−0.014%	$137.9M	$289.7M	100x	as long as short
HTX BTC-USDT	+0.0078%	8h	85,809.5	−0.067%	$2.27B	$798.1M	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,810.8	−0.066%	$2.4M	$6.8M	20x	as long as short
MEXC BTC_USDTshort	+0.0085%	8h	85,793.8	−0.085%	$5.15B	$4.87B	500x
Binance BTCUSDT	+0.0085%	8h	85,790.4	−0.089%	$9.40B	$20.43B	150x	as long as short
Bullet BTC-USD	+0.0086%	1h	85,828	−0.045%	$209K	$3.2M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,802.3	−0.075%	$2.98B	$3.93B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,841.3	−0.030%	$172.6M	$863.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,830.2	−0.043%	$23.6M	$120.7M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	85,848.6	−0.021%	$215.7M	$134.0M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,803	−0.075%	$220K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,837	−0.035%	$6.0M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,832.2	−0.041%	$23.5M	$193.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,855	−0.014%	$40.0M	$569.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,813.3	−0.063%	$2.62B	$9.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,827	−0.047%	$3.9M	$14.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,838.4	−0.033%	$4.8M	$91.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,790	−0.090%	$37.9M	$195.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,827.8	−0.046%	$157.4M	$475.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,819.9	−0.055%	$289.2M	$765.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,843.9	−0.027%	$30.2M	$225.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,879.5	+0.015%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,826	−0.048%	$11.1M	$12.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,816.9	−0.058%	$2.6M	$8.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,834.7	−0.038%	$3.3M	$6.7M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,956.9	+0.105%	$714.6M	$116.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,771.6	−0.111%	$47.0M	$193.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,846.2	−0.024%	—	$80.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,865	−0.002%	$112.2M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0153%	1h	85,892	+0.029%	$3.95B	$4.28B	40x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	85,867	0.000%	$12.0M	$738.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0166%	1h	85,825.5	−0.048%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDClong	+0.0187%	1h	85,867	long leg	$8.9M	$36.4M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0212% / S −0.0254%	1h	85,838.7	−0.033%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,881.7	+0.017%	$819.8M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,880.4	+0.016%	$712K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0425%	1h	85,906.4	+0.046%	$79K	$241K	20x	as long as short