Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0018%/8h= +1.9% APRpaid last 24h +0.005%

Price spread now: MEXC against SoDEX−0.045%7-day average +0.002% · 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−$17as in the Price arb table

costs, in and out, $10k−$120.121% of the position

Long on SoDEX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.045%, 7d avg +0.002%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.047% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.045% now, against its 7-day average of +0.002%). If the spread goes back, that is −$5 on $10k: about 9.0 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,565	0.0082	pay 0.0010% / 1h	29m 34s	$60.0M	$335.9M	40x
Short	MEXC BTC_USDT	85,526.4	0.0100	get 0.0100% / 8h	3h 29m	$5.07B	$5.66B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against SoDEX. 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 SoDEXbpFee MEXCbpOrdersPrice spread, now −0.045%Rate

Funding earned: $3.7
Price spread: −0.045% → +0.002%: −$4.74
Slippage, 4 orders: −$0.13
Fee SoDEX: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$13.17
Costs to cover: 0.121%
Break-even: 31.9 days

Slippage from SoDEX: live order book, 5 min ago; MEXC: 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 SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$511	42.2 bp −$21.1K
Sell MEXC live order book, 5 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$201	2.3 bp −$1,169

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	85,533	−0.037%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,600	+0.041%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,519	−0.054%	$919.3M	$756.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,579.1	+0.016%	$419.6M	$675.6M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,536.1	−0.034%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0002%	8h	85,520.2	−0.052%	$515.0M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,520.6	−0.052%	$24.6M	$223.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,580.2	+0.018%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0028%	1h	85,574.9	+0.012%	$16.8M	$21.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,574	+0.011%	$340K	$26.9M	52x	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	+0.0065%	8h	85,514.5	−0.059%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0069%	8h	85,559.3	−0.007%	$148.3M	$495.0M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,522.3	−0.050%	$2.95B	$5.12B	150x	as long as short
SoDEX BTC-USDlong	+0.0082%	1h	85,565	long leg	$60.0M	$335.9M	40x
Lighter BTC	+0.0096%	1h	85,544	−0.025%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,542.8	−0.026%	$24.0M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,522	−0.050%	$8.4M	$54.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,561.4	−0.004%	$2.5M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0099%	1h	85,523.1	−0.049%	$6.6M	$147.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,515	−0.058%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,567.3	+0.003%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,612	+0.055%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,568.3	+0.004%	$40.1M	$588.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,520	−0.053%	$9.42B	$24.40B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,521.9	−0.050%	$5.19B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,535	−0.035%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,543	−0.026%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,524.9	−0.047%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.056%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,530.5	−0.040%	$5.54B	$10.80B	200x	as long as short
MEXC BTC_USDTshort	+0.0100%	8h	85,526.4	−0.045%	$5.07B	$5.66B	500x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,537.3	−0.032%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	+0.023%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,523.9	−0.048%	$279.4M	$928.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,590.3	+0.030%	$215.1M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,591	+0.030%	$139.9M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,553.2	−0.014%	$30.2M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,594.1	+0.034%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,524	−0.048%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,572.5	+0.009%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,568.5	+0.004%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,612.4	+0.055%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,561.8	−0.004%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,552.4	−0.015%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,550	−0.018%	$2.27B	$948.7M	200x	as long as short
Deribit BTC-PERPETUAL	+0.0101%	1h	85,612.8	+0.056%	$884.6M	$1.59B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,494.5	−0.082%	$45.0M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,598.6	+0.039%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,595.6	+0.036%	$117.3M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,583.6	+0.022%	$187.8M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,560.5	−0.005%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,580.9	+0.019%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,601	+0.042%	$11.7M	$754.9M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0239%	1h	85,568.3	+0.004%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,568.4	+0.004%	$697K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,554.3	−0.013%	$503K	$18.8M	6.7x	as long as short