Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.006%

Price spread now: MEXC against Lighter−0.014%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$50.051% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.014%, 7d avg −0.010%

Together, before fees−0.018%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,299.3	0.0096	pay 0.0012% / 1h	52m 08s	$170.0M	$980.8M	50x
Short	MEXC BTC_USDT	86,287.3	0.0075	get 0.0075% / 8h	7h 52m	$5.12B	$5.66B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$4.41
Price spread: −0.014% → −0.010%: −$0.37
Slippage, 4 orders: −$1.12
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$9.9
Costs to cover: 0.051%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; MEXC: live order book, 7 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 Lighter live order book, 7 min ago	0.38 bp	0.7 bp −$1	1.1 bp −$11	1.6 bp −$162	4.4 bp −$2,224
Sell MEXC live order book, 7 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.6 bp −$259	5.7 bp −$2,872

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	86,441	+0.164%	$2.2M	$11.2M	40x	as long as short
ApeX Omni BTCUSDT	−0.0120%	1h	86,477.3	+0.206%	$141.6M	$323.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,359	+0.069%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0070%	1h	86,375.5	+0.088%	$140K	$663K	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,359.4	+0.070%	$362K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,368.1	+0.080%	$432K	$22.1M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,351.3	+0.060%	$16.9M	$20.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,383.2	+0.097%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0012%	1h	86,321.2	+0.025%	$903.4M	$1.51B	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,289.6	−0.011%	$500.4M	$1.15B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.367%	$333K	$26.9M	52x	as long as short
GRVT BTC_USDT_Perp	+0.0026%	8h	86,468.8	+0.196%	$217.1M	$171.1M	50x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,288.2	−0.013%	$830.7M	$723.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0041%	1h	86,344.6	+0.053%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0046%	8h	86,290.6	−0.010%	—	$1.59B	—	as long as short
SoDEX BTC-USD	+0.0049%	1h	86,292	−0.008%	$60.3M	$338.1M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,375.1	+0.088%	$8.3M	$42.9M	25x	as long as short
Gate BTC_USDT	+0.0056%	8h	86,289.6	−0.011%	$5.83B	$10.46B	200x	as long as short
Bitget BTCUSDT	+0.0059%	8h	86,284.6	−0.017%	$2.96B	$5.10B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,447.8	+0.172%	$2.5M	$1.3M	20x	as long as short
MEXC BTC_USDTshort	+0.0075%	8h	86,287.3	−0.014%	$5.12B	$5.66B	500x
Binance BTCUSDT	+0.0076%	8h	86,279	−0.024%	$9.40B	$24.53B	150x	as long as short
Lighter BTClong	+0.0096%	1h	86,299.3	long leg	$170.0M	$980.8M	50x
Lighter RH BTC	+0.0096%	1h	86,296.3	−0.003%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,368	+0.080%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,346	+0.054%	$197K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,356.2	+0.066%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,360.9	+0.071%	$22.0M	$232.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,355	+0.065%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,360.9	+0.071%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,292.4	−0.008%	$5.25B	$9.76B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,294	−0.006%	$2.55B	$12.64B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,348	+0.056%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,393.9	+0.110%	$7.3M	$96.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.260%	$572.9M	$12.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,271.6	−0.032%	$37.5M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,440	+0.163%	$157.9M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,483.7	+0.214%	$279.3M	$947.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,433	+0.155%	$30.7M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,400.5	+0.117%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	+0.047%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,358.5	+0.069%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,303.3	+0.005%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,333.1	+0.039%	$30.4M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,284.4	−0.017%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,294.2	−0.006%	$2.29B	$967.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,294.1	−0.006%	$152.8M	$478.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,277.9	−0.025%	$45.9M	$224.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,343.1	+0.051%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,321.9	+0.026%	$133.0M	$5.57B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,312.6	+0.015%	$192.3M	$951.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,459.5	+0.186%	$714K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,471.1	+0.199%	$78K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,393.3	+0.109%	$415.5M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0214%	1h	86,374.7	+0.087%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,364	+0.075%	$9.5M	$759.6M	6.4x	as long as short