Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0005%/8h= +0.5% APRpaid last 24h +0.004%

Price spread now: Backpack against MEXC−0.045%57s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as 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−$140.141% of the position

Long on MEXC Short on Backpack

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−0.306%−$31 · spread now −0.045%, 7d avg −0.001%

Together, before fees−0.429%−$43 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.044% cheaper against MEXC than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.001%. The two prices were read 57 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	MEXC BTC_USDT	85,524.4	0.0095	pay 0.0095% / 8h	4h 24m	$5.06B	$5.64B	500x
Short	Backpack BTC_USDC_PERP	85,486.1	0.0100	get 0.0013% / 1h	24m 16s	$35.6M	$176.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.045%Rate

Funding earned: $1.05
Price spread: −0.045% → −0.001%: −$4.4
Slippage, 4 orders: −$0.06
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.41
Costs to cover: 0.141%
Break-even: 123.1 days

Slippage from MEXC: live order book, 5 min ago; Backpack: 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 MEXC live order book, 5 min ago	0.01 bp	2.0 bp −$2	2.5 bp −$25	2.8 bp −$279	4.1 bp −$2,072
Sell Backpack live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$561	21.8 bp −$10.9K

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	−0.046%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,534	+0.011%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,498.6	−0.030%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,505.5	−0.022%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,499.7	−0.029%	$920.9M	$751.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,526.7	+0.003%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,510.4	−0.016%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	−0.031%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,475.5	−0.057%	$4.9M	$97.9M	40x	as long as short
Nado BTC-PERP	+0.0023%	1h	85,517.1	−0.009%	$25.5M	$222.3M	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	+0.0062%	8h	85,498	−0.031%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,510.2	−0.017%	$147.6M	$487.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,523.5	−0.001%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0082%	1h	85,507.2	−0.020%	$6.7M	$146.8M	40x	as long as short
MEXC BTC_USDTlong	+0.0095%	8h	85,524.4	long leg	$5.06B	$5.64B	500x
Lighter BTC	+0.0096%	1h	85,530.2	+0.007%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,540.9	+0.019%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,506	−0.022%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,514.3	−0.012%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,530	+0.007%	$9.36B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,469	−0.065%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,590.5	+0.077%	$4.8M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,583	+0.069%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,539	+0.017%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,519.3	−0.006%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,530	+0.007%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.026%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	−0.010%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,515.7	−0.010%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,486.1	−0.045%	$35.6M	$176.6M	75x
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.081%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,449	−0.088%	$279.2M	$919.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.089%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,461	−0.074%	$139.8M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	−0.020%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.5	+0.050%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,510	−0.017%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,513.5	−0.013%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,516.9	−0.009%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,558.8	+0.040%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,509.5	−0.017%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,493.4	−0.036%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,521	−0.004%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,499.9	−0.029%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,493.3	−0.036%	$44.6M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.1	+0.002%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,559.8	+0.041%	$117.0M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,562.4	+0.044%	$884.7M	$1.56B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.058%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,544.3	+0.023%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,529.4	+0.006%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,522.9	−0.002%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,521.4	−0.003%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,537.3	+0.015%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,539	+0.017%	$10.5M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,524.2	0.000%	$501K	$18.8M	6.7x	as long as short