Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.006%

Price spread now: MEXC against Backpack+0.065%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$140.140% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 7 days+0.293%+$29 · spread now +0.065%, 7d avg −0.023%

Together, before fees+0.420%+$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.088% dearer against Backpack than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of −0.023%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.127%, 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	Backpack BTC_USDC_PERP	85,992.2	0.0100	pay 0.0013% / 1h	9m 41s	$39.3M	$200.5M	75x
Short	MEXC BTC_USDT	86,048.1	0.0060	get 0.0060% / 8h	4h 09m	$5.19B	$4.77B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Backpack. 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 BackpackbpFee MEXCbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$8.4
Price spread: +0.065% → −0.023%: $8.75
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$13.67
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; MEXC: live order book, 3 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	9.9 bp −$986	doesn't fit
Sell MEXC live order book, 3 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.3 bp −$227	2.4 bp −$1,192

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
Perpl BTC	−0.0223%	43m	86,038	+0.053%	$466K	$13.2M	6.7x	as long as short
Phoenix BTC	−0.0150%	1h	86,038	+0.053%	$2.1M	$7.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,878	−0.133%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0058%	8h	86,016.5	+0.028%	$421.0M	$552.3M	150x	as long as short
SoDEX BTC-USD	−0.0035%	1h	85,998	+0.007%	$65.9M	$186.3M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,024.5	+0.038%	$363K	$1.8M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	86,034.5	+0.049%	$16.9M	$13.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	86,020	+0.032%	$440K	$32.4M	52x	as long as short
Aster BTCUSDT	+0.0002%	8h	86,032.8	+0.047%	$510.5M	$814.5M	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,015.4	+0.027%	$37.0M	—	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	+0.0019%	1h	86,015.7	+0.027%	$193.6M	$723.4M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	86,002	+0.011%	$8.6M	$46.1M	100x	as long as short
Phemex BTCUSDT	+0.0038%	8h	86,002	+0.011%	$173.2M	$468.7M	150x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	86,044.4	+0.061%	$952.6M	$625.7M	125x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,049.9	+0.067%	$9.41B	$19.84B	150x	as long as short
MEXC BTC_USDTshort	+0.0060%	8h	86,048.1	+0.065%	$5.19B	$4.77B	500x
Bybit BTCUSDT	+0.0062%	8h	86,054	+0.072%	$5.16B	$7.92B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	85,984.3	−0.009%	$2.4M	$6.8M	20x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,029.8	+0.044%	$5.52B	$8.86B	200x	as long as short
Bitget BTCUSDT	+0.0076%	8h	86,043.7	+0.060%	$3.00B	$3.80B	150x	as long as short
Bullet BTC-USD	+0.0079%	1h	86,003	+0.013%	$221K	$3.2M	20x	as long as short
HTX BTC-USDT	+0.0080%	8h	86,015.9	+0.028%	$2.27B	$737.6M	200x	as long as short
Nado BTC-PERP	+0.0090%	1h	86,005.1	+0.015%	$23.0M	$188.9M	50x	as long as short
Variational Omni BTC	+0.0092%	8h	85,989.7	−0.003%	$157.6M	$474.7M	—	as long as short
Lighter BTC	+0.0096%	1h	86,052.6	+0.070%	$174.2M	$855.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,053.9	+0.072%	$23.8M	$118.8M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,981	−0.013%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,090.9	+0.115%	$5.7M	$7.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,083.8	+0.107%	$40.1M	$565.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,054	+0.072%	$2.64B	$9.01B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,031	+0.045%	$4.0M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,017.4	+0.029%	$4.7M	$90.6M	40x	as long as short
BingX BTC-USDC	+0.0100%	8h	86,009.5	+0.020%	—	$16.1M	—	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,992.2	long leg	$39.3M	$200.5M	75x
edgeX BTCUSDC	+0.0100%	4h	86,036.2	+0.051%	$289.8M	$715.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,055.6	+0.074%	$216.2M	$133.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,092.3	+0.116%	$138.0M	$284.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,004	+0.014%	$30.2M	$227.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,101.2	+0.127%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,998	+0.007%	$11.0M	$11.8M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,992	0.000%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,026.8	+0.040%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,057.2	+0.076%	$29.1M	$44.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,004.3	+0.014%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,063.9	+0.083%	$717.2M	$65.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,001.3	+0.011%	$47.4M	$181.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,033.6	+0.048%	—	$76.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	86,035.7	+0.051%	$113.0M	$4.96B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	86,050.4	+0.068%	$818.6M	$1.47B	50x	as long as short
Hyperliquid BTC	+0.0154%	1h	86,120	+0.149%	$3.98B	$4.13B	40x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	86,039	+0.054%	$13.1M	$731.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	86,034.9	+0.050%	$9.0M	$35.3M	25x	as long as short
Reya BTCRUSDPERP	+0.0178%	1h	85,983.1	−0.011%	$6.6M	$121.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0245%	1h	86,012.8	+0.024%	$15.8M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0263%	1h	86,045.3	+0.062%	$80K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0288%	1h	86,066.7	+0.087%	$690K	$6.8M	30x	as long as short