Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.042%

Price spread now: Phoenix against MEXC−0.141%62s7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as 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−$110.114% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 7 days+0.193%+$19 · spread now −0.141%, 7d avg +0.050%

Together, before fees+0.101%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.191% cheaper against MEXC than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.050%). Swap the legs. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.092% in total (about -4.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,899.8	0.0076	pay 0.0076% / 8h	5h 06m	$5.16B	$4.91B	500x
Short	Phoenix BTC	85,779	−0.0133	pay 0.0017% / 1h	6m 21s	$2.1M	$7.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$43.83
Price spread: −0.141% → +0.050%: −$19.07
Slippage, 4 orders: −$0.37
Fee MEXC: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$74.26
Costs to cover: 0.114%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Phoenix: live order book, 6 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, 1 min ago	0.01 bp	2.0 bp −$2	2.3 bp −$23	2.5 bp −$250	2.7 bp −$1,327
Sell Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.7 bp −$1,167	doesn't fit

BTC on 56 exchanges

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 BTCshort	−0.0133%	1h	85,779	−0.141%	$2.1M	$7.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,196	+0.345%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0044%	8h	85,849.3	−0.059%	$421.8M	$550.0M	150x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,896.5	−0.004%	$367K	$1.9M	50x	as long as short
SoDEX BTC-USD	−0.0007%	1h	85,855	−0.052%	$65.8M	$187.7M	40x	as long as short
Perpl BTC	0.0000%	43m	85,830.6	−0.081%	$467K	$13.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,889.3	−0.012%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,829.1	−0.082%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,828	−0.084%	$320K	$30.6M	52x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,886.8	−0.015%	$511.3M	$846.6M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,876	−0.028%	$192.1M	$750.4M	100x	as long as short
BingX BTC-USDC	+0.0040%	8h	85,878	−0.025%	—	$16.1M	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,896	−0.004%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,893.9	−0.007%	$941.8M	$636.1M	125x	as long as short
Bybit BTCUSDT	+0.0058%	8h	85,900	0.000%	$5.14B	$8.05B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,868.7	−0.036%	$169.9M	$476.0M	150x	as long as short
HTX BTC-USDT	+0.0069%	8h	85,825	−0.087%	$2.27B	$786.7M	200x	as long as short
Gate BTC_USDT	+0.0075%	8h	85,904.4	+0.005%	$5.51B	$9.05B	200x	as long as short
MEXC BTC_USDTlong	+0.0076%	8h	85,899.8	long leg	$5.16B	$4.91B	500x
Binance BTCUSDT	+0.0077%	8h	85,897.3	−0.003%	$9.41B	$20.28B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,878.2	−0.025%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,902.3	+0.003%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,792.9	−0.124%	$215.6M	$132.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,891.9	−0.009%	$172.8M	$876.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,897.3	−0.003%	$23.7M	$121.8M	50x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,904.1	+0.005%	$211K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0099%	1h	85,880	−0.023%	$23.3M	$190.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,872	−0.032%	$229K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,907.3	+0.009%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,911	+0.013%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,903.7	+0.005%	$2.63B	$9.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,871	−0.034%	$3.9M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,889.5	−0.012%	$4.9M	$91.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,846.4	−0.062%	$713.8M	$100.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,851.6	−0.056%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,758.6	−0.164%	$155.2M	$472.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,755.6	−0.168%	$289.3M	$738.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,805	−0.110%	$137.8M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,834.8	−0.076%	$30.2M	$227.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,940.4	+0.047%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,902	+0.003%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,887.7	−0.014%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,925.9	+0.030%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.038%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,844.7	−0.064%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,855.2	−0.052%	$47.4M	$193.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,887.2	−0.015%	—	$79.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,914.2	+0.017%	$112.4M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0150%	1h	85,995	+0.111%	$3.94B	$4.18B	40x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,861	−0.045%	$12.0M	$735.7M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,883.4	−0.019%	$6.6M	$128.4M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,915.6	+0.018%	$9.0M	$35.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,906.8	+0.008%	$15.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0245%	1h	85,945.2	+0.053%	$820.3M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,883.6	−0.019%	$691K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0358%	1h	85,853.8	−0.054%	$79K	$228K	20x	as long as short