Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0103%/8h= −11.2% APRpaid last 24h −0.016%

Price spread now: MEXC against Aftermath Perps−0.076%7-day average −0.030% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on Aftermath Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.255%−$26 · spread now −0.076%, 7d avg −0.030%

Together, before fees−0.302%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and MEXC is 0.046% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,583.9	0.0188	pay 0.0023% / 1h	56m 50s	$78K	$219K	20x
Short	MEXC BTC_USDT	85,518.7	0.0085	get 0.0085% / 8h	5h 56m	$5.08B	$5.57B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Aftermath Perps. 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 Aftermath PerpsbpFee MEXCbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$21.56
Price spread: −0.076% → −0.030%: −$4.63
Slippage, 4 orders: −$10.3
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$49.49
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 7 min ago; MEXC: live order book, 2 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 Aftermath Perps live order book, 7 min ago	1.00 bp	9.4 bp −$9	23.1 bp −$231	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.3 bp −$231	2.8 bp −$1,419

BTC on 55 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	85,498	−0.100%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.028%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,462.3	−0.142%	$363K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,531.5	−0.061%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,488.5	−0.111%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,510.5	−0.086%	$515.5M	$1.12B	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,477.1	−0.125%	$22.5M	$224.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,496.7	−0.102%	$898.7M	$748.5M	125x	as long as short
SoDEX BTC-USD	+0.0030%	1h	85,464	−0.140%	$59.8M	$336.4M	40x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,531.1	−0.062%	—	$17.0M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0055%	8h	85,473.5	−0.129%	$2.27B	$930.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,457.5	−0.148%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,552.2	−0.037%	$2.94B	$5.02B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,463	−0.141%	$8.3M	$51.5M	100x	as long as short
SunX BTC-USDT	+0.0073%	8h	85,453.9	−0.152%	$2.9M	$6.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.039%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,469	−0.134%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,549.9	−0.040%	$9.33B	$23.91B	150x	as long as short
MEXC BTC_USDTshort	+0.0085%	8h	85,518.7	−0.076%	$5.08B	$5.57B	500x
Lighter BTC	+0.0096%	1h	85,474.4	−0.128%	$169.3M	$981.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,491.8	−0.108%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,513.3	−0.082%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.168%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,619	+0.041%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,512	−0.084%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,569.2	−0.017%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,568.1	−0.018%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,473	−0.130%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,446	−0.161%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,523.6	−0.070%	$5.57B	$10.38B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,474.6	−0.128%	$34.8M	$168.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	−0.045%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	−0.036%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	−0.003%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.012%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	−0.052%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,538.5	−0.053%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,464	−0.140%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,474.3	−0.128%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.6	−0.139%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,506.1	−0.091%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,469.3	−0.134%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,481.9	−0.119%	$149.6M	$478.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.011%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,480.1	−0.121%	$44.2M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,556.3	−0.032%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,515	−0.081%	$130.4M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,498	−0.100%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,492.3	−0.107%	$186.9M	$951.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,517.1	−0.078%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSDlong	+0.0188%	1h	85,583.9	long leg	$78K	$219K	20x
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	−0.007%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0184%	1h	85,485.2	−0.115%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,509	−0.088%	$10.2M	$765.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,512.5	−0.083%	$509K	$19.7M	6.7x	as long as short