Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0082%/8h= −8.9% APRpaid last 24h −0.022%

Price spread now: gTrade (Gains Network) against MEXC+0.058%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$120.123% of the position

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.058%, 7d avg +0.015%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.043% dearer against MEXC than usual: you sell high and buy low (spread +0.058% now, against its 7-day average of +0.015%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,567.1	0.0086	pay 0.0086% / 8h	6h 38m	$5.07B	$5.70B	500x
Short	gTrade (Gains Network) BTC/USD	85,616.9	L +0.0004% / S −0.0004%	get 0.0001% / 1h	38m 34s	$36.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.058%Rate

Funding earned: −$17.16
Price spread: +0.058% → +0.015%: $4.29
Slippage, 4 orders: −$1.34
Fee MEXC: 2 bp × 2 orders: −$4
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$25.21
Costs to cover: 0.123%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 1 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, 6 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$209	2.5 bp −$1,266
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

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	−0.0144%	1h	85,678	+0.130%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,584	+0.020%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.334%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,529.7	−0.044%	$363K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	+0.035%	$16.8M	$21.0M	50x	as long as short
Perpl BTC	0.0000%	43m	85,594.8	+0.032%	$516K	$21.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,616.9	+0.058%	$36.6M	—	200x
Injective BTC/USDC PERP	+0.0020%	1h	85,573	+0.007%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,561.3	−0.007%	$496.3M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0038%	8h	85,555.2	−0.014%	$896.7M	$759.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,561.9	−0.006%	$7.9M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,555.4	−0.014%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0055%	1h	85,595.6	+0.033%	$6.7M	$146.2M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,559.7	−0.009%	$2.94B	$5.16B	150x	as long as short
HTX BTC-USDT	+0.0069%	8h	85,596.1	+0.034%	$2.27B	$972.0M	200x	as long as short
Gate BTC_USDT	+0.0076%	8h	85,565.7	−0.002%	$5.60B	$10.46B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,604.7	+0.044%	$2.5M	$1.8M	20x	as long as short
Nado BTC-PERP	+0.0081%	1h	85,548.8	−0.021%	$22.7M	$230.4M	50x	as long as short
MEXC BTC_USDTlong	+0.0086%	8h	85,567.1	long leg	$5.07B	$5.70B	500x
Binance BTCUSDT	+0.0087%	8h	85,564.6	−0.003%	$9.31B	$24.72B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,575.7	+0.010%	$169.4M	$984.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,582.5	+0.018%	$23.1M	$145.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,551	−0.019%	$8.4M	$52.6M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,524	−0.050%	$206K	$7.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,605.4	+0.045%	$3.8M	$8.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,632	+0.076%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,594.3	+0.032%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,578.4	+0.013%	$5.27B	$9.90B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,566.9	0.000%	$2.53B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,539	−0.033%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,535.2	−0.037%	$7.3M	$98.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,604	+0.043%	$35.1M	$163.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,634.2	+0.078%	$157.4M	$554.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,806	+0.279%	$278.1M	$938.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,648.7	+0.095%	$215.0M	$166.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,842.7	+0.322%	$140.4M	$321.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,444	−0.144%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,628.2	+0.071%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,595	+0.033%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,603.2	+0.042%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,604.2	+0.043%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,647.2	+0.094%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,617.4	+0.059%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,564.5	−0.003%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,617	+0.058%	$59.9M	$337.7M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,611.4	+0.052%	$153.7M	$481.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.278%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,547.3	−0.023%	$44.7M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,548.4	−0.022%	—	$102.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,632.2	+0.076%	$130.7M	$5.27B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,448.1	−0.139%	$696K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0146%	1h	85,654.1	+0.102%	$893.5M	$1.55B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,639.2	+0.084%	$187.8M	$973.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,699.2	+0.154%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0192%	1h	85,605.7	+0.045%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,587	+0.023%	$10.2M	$771.6M	6.4x	as long as short