Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.025%

Price spread now: dYdX against MEXC−0.002%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on MEXC Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.002%, 7d avg −0.004%

Together, before fees−0.100%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,323.9	0.0093	pay 0.0093% / 8h	1h 44m	$5.01B	$5.74B	500x
Short	dYdX BTC-USD	85,322.4	0	get 0.0000% / 1h	44m 27s	$16.7M	$21.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$19.53
Price spread: −0.002% → −0.004%: $0.22
Slippage, 4 orders: −$14.95
Fee MEXC: 2 bp × 2 orders: −$4
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$48.26
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; dYdX: 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	2.0 bp −$20	2.1 bp −$207	2.9 bp −$1,470
Sell dYdX live order book, 5 min ago	0.53 bp	19.4 bp −$19	19.5 bp −$195	38.3 bp −$3,832	68.8 bp −$34.4K

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	−0.0082%	1h	85,262	−0.073%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	−0.053%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0047%	8h	85,335.2	+0.013%	$926.4M	$773.5M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,340.8	+0.020%	$421.7M	$684.3M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,304.8	−0.022%	$512.7M	$1.09B	200x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,322.4	−0.002%	$16.7M	$21.5M	50x
01 Exchange BTCUSD	0.0000%	1h	85,354.3	+0.036%	$355K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,348	+0.028%	$535K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,340.2	+0.019%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0012%	1h	85,344.3	+0.024%	$867.9M	$1.64B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0040%	1h	85,315	−0.010%	$24.4M	$222.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.095%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDT	+0.0068%	1h	85,268.8	−0.065%	$139.4M	$314.4M	100x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,297.9	−0.030%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,306.2	−0.021%	$2.96B	$5.19B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,321.4	−0.003%	$186.7M	$956.5M	100x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,325.2	+0.001%	$9.43B	$24.99B	150x	as long as short
MEXC BTC_USDTlong	+0.0093%	8h	85,323.9	long leg	$5.01B	$5.74B	500x
Lighter BTC	+0.0096%	1h	85,340.4	+0.019%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,340.3	+0.019%	$23.6M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,338	+0.017%	$8.4M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,300.2	−0.028%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,351.4	+0.032%	$150.4M	$508.7M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,320	−0.005%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,386	+0.073%	$5.8M	$9.6M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,341	+0.020%	$59.7M	$336.9M	40x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,410	+0.101%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,360.6	+0.043%	$40.0M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,306.6	−0.020%	$5.14B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,314.3	−0.011%	$2.59B	$12.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,330	+0.007%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,354	+0.035%	$4.6M	$98.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,328.8	+0.006%	$5.50B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,348.3	+0.029%	$36.7M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.4	−0.136%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,253.2	−0.083%	$279.3M	$952.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,259.3	−0.076%	$214.0M	$167.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,235	−0.104%	$30.0M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,382.4	+0.069%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,327	+0.004%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,329	+0.006%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,309.9	−0.016%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,354.5	+0.036%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,289.5	−0.040%	$29.9M	$47.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,331.7	+0.009%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,333.1	+0.011%	$2.26B	$970.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.034%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,281.5	−0.050%	$44.7M	$240.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,353.7	+0.035%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,387	+0.074%	$117.2M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0125%	1h	85,316.7	−0.008%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,336.4	+0.015%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	85,304	−0.023%	$11.9M	$743.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,367.7	+0.051%	$8.7M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.004%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0258%	1h	85,345	+0.025%	$79K	$229K	20x	as long as short