Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.040%

Price spread now: Perpl against MEXC+0.023%7-day average +0.017% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.325%+$33 on $10k

Price spread, last 7 days+0.098%+$10 · spread now +0.023%, 7d avg +0.017%

Together, before fees+0.423%+ Points / potential airdropPerpl: Active · farm board+$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.325%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	86,429.6	0.0080	pay 0.0080% / 8h	7h 25m	$5.13B	$5.70B	500x
Short	Perpl BTC	86,449.9	0	get 0.0000% / 43m	4m 29s	$481K	$21.5M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$16.8
Price spread: +0.023% → +0.017%: $0.64
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$33.96
Costs to cover: 0.178%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 min ago; Perpl: no order-book sample. Net counts fees only.

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, 4 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$205	2.5 bp −$1,255
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bluefin BTC-PERP	−0.0285%	1h	86,515	+0.099%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.031%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,454	+0.028%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,433.6	+0.005%	$361K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,449.9	+0.023%	$481K	$21.5M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.3	+0.060%	$37.0M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.083%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,482.9	+0.062%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0027%	8h	86,449.4	+0.023%	$501.3M	$1.13B	200x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,475.4	+0.053%	$154.8M	$473.6M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,449.1	+0.023%	$832.6M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,427.7	−0.002%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,424.3	−0.006%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,436.8	+0.008%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,431.6	+0.002%	$2.97B	$5.02B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0067%	1h	86,522.8	+0.108%	$902.3M	$1.51B	50x	as long as short
MEXC BTC_USDTlong	+0.0080%	8h	86,429.6	long leg	$5.13B	$5.70B	500x
Aevo BTC-PERP	+0.0080%	1h	86,471.4	+0.048%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	86,428	−0.002%	$9.42B	$24.25B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,465.2	+0.041%	$170.8M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,471.1	+0.048%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,425	−0.005%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,483	+0.062%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,400	−0.034%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,464.9	+0.041%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,468.1	+0.044%	$22.0M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,502	+0.084%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,472.9	+0.050%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,438.4	+0.010%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,448	+0.021%	$2.56B	$12.47B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,456	+0.031%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,456.1	+0.031%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,436.9	+0.008%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.5	+0.038%	$37.4M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	+0.038%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,404.7	−0.029%	$279.1M	$949.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,448.9	+0.022%	$217.1M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442.1	+0.014%	$141.6M	$320.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	0.000%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,479.4	+0.058%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,432	+0.003%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,452.2	+0.026%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,476.1	+0.054%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,505.3	+0.088%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.1	−0.040%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,448	+0.021%	$2.29B	$961.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.021%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,406.2	−0.027%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,481.7	+0.060%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,521	+0.106%	$132.4M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,516.3	+0.100%	$192.5M	$941.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,502.2	+0.084%	$711K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,438.6	+0.010%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	−0.008%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0220%	1h	86,476.3	+0.054%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,483	+0.062%	$10.4M	$763.7M	6.4x	as long as short