Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h −0.004%

Price spread now: MEXC against Backpack−0.005%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$140.140% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 7 days+0.355%+$36 · spread now −0.005%, 7d avg +0.001%

Together, before fees+0.478%+$48 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,476.2	0.0100	pay 0.0013% / 1h	21m 47s	$35.7M	$176.6M	75x
Short	MEXC BTC_USDT	85,472.1	0.0097	get 0.0097% / 8h	4h 21m	$5.06B	$5.64B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Backpack. 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 BackpackbpFee MEXCbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$0.63
Price spread: −0.005% → +0.001%: −$0.56
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$15.21
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; MEXC: live order book, 2 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 Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.3 bp −$632	52.6 bp −$26.3K
Sell MEXC live order book, 2 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$203	2.1 bp −$1,043

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	−0.0179%	1h	85,485	+0.010%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,531	+0.064%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,513.8	+0.044%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,519.6	+0.051%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0021%	8h	85,460.6	−0.018%	$918.4M	$751.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,519.4	+0.051%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,474	−0.003%	$515.3M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,497.7	+0.025%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0021%	1h	85,494.8	+0.022%	$25.4M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,498	+0.026%	$4.4M	$98.0M	40x	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	+0.0062%	8h	85,474.7	−0.002%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,492.1	+0.019%	$147.6M	$487.6M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,475.7	−0.001%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,496	+0.023%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,482.1	+0.007%	$172.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,482.1	+0.007%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,521	+0.052%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,513.3	+0.043%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDTshort	+0.0097%	8h	85,472.1	−0.005%	$5.06B	$5.64B	500x
Binance BTCUSDT	+0.0098%	8h	85,472.6	−0.004%	$9.36B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,484	+0.009%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,539	+0.073%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,567	+0.106%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,504.9	+0.034%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,464.4	−0.014%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,470.5	−0.007%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	−0.003%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.047%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,494.3	+0.021%	$5.51B	$10.73B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,476.2	long leg	$35.7M	$176.6M	75x
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.024%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,482.9	+0.008%	$279.2M	$920.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.033%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.053%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512	+0.042%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.9	+0.107%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,513	+0.043%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.6	+0.034%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,518.4	+0.049%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,556.7	+0.094%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,511.9	+0.042%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,493.9	+0.021%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,506	+0.035%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,511	+0.041%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,464.3	−0.014%	$44.7M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,530.3	+0.063%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,540.9	+0.076%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,548.3	+0.084%	$884.7M	$1.57B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.001%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,524.4	+0.056%	$187.6M	$955.0M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,542.1	+0.077%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,522	+0.054%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,518.9	+0.050%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,554.3	+0.091%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,538	+0.072%	$10.3M	$756.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,532.4	+0.066%	$500K	$18.8M	6.7x	as long as short