Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h +0.024%

Price spread now: MEXC against dYdX−0.009%47s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as 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−$170.170% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$13 on $10k

Price spread, last 7 days−0.012%−$1 · spread now −0.009%, 7d avg +0.004%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,468.3	0.0055	pay 0.0007% / 1h	41m 44s	$16.7M	$21.0M	50x
Short	MEXC BTC_USDT	85,461	0.0100	get 0.0100% / 8h	7h 41m	$5.06B	$5.73B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against dYdX. 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 dYdXbpFee MEXCbpOrdersPrice spread, now −0.009%Rate

Funding earned: $9.36
Price spread: −0.009% → +0.004%: −$1.22
Slippage, 4 orders: −$3.05
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$8.91
Costs to cover: 0.170%
Break-even: 13.7 days

Slippage from dYdX: live order book, 2 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 dYdX live order book, 2 min ago	0.12 bp	6.3 bp −$6	10.5 bp −$105	15.5 bp −$1,552	16.7 bp −$8,327
Sell MEXC live order book, 2 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$206	2.4 bp −$1,206

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	−0.2119%	1h	84,644.9	−0.963%	$192K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	+0.011%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,414.1	−0.063%	$422.3M	$681.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,428	−0.047%	$307K	$24.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,508.7	+0.047%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,500.6	+0.038%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,462.1	−0.007%	$931.4M	$776.1M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,457.8	−0.012%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USDlong	+0.0055%	1h	85,468.3	long leg	$16.7M	$21.0M	50x
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,498.8	+0.036%	$186.4M	$947.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,525	+0.066%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,431.4	−0.043%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,492.7	+0.029%	$170.3M	$943.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,488.9	+0.024%	$23.6M	$134.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,500	+0.037%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,482.5	+0.017%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,472	+0.004%	$267K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,517.6	+0.058%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,495.6	+0.032%	$24.1M	$217.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,498.2	+0.035%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,457.8	−0.012%	$9.41B	$25.11B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,446.9	−0.025%	$5.09B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,440.9	−0.032%	$2.61B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,483	+0.017%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,500.4	+0.038%	$4.7M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.018%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,464.9	−0.004%	$5.51B	$9.88B	200x	as long as short
MEXC BTC_USDTshort	+0.0100%	8h	85,461	−0.009%	$5.06B	$5.73B	500x
Bitget BTCUSDT	+0.0100%	8h	85,440.9	−0.032%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,472	+0.004%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.7	−0.003%	$156.0M	$544.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469.8	+0.002%	$283.4M	$962.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,488.7	+0.024%	$214.6M	$154.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.7	+0.012%	$136.6M	$312.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,411.6	−0.066%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,555.6	+0.102%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,517	+0.057%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.5	+0.043%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,493.3	+0.029%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,490.7	+0.026%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,489	+0.024%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,486.7	+0.021%	$2.26B	$974.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,490.4	+0.026%	$161.4M	$517.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,438.2	−0.035%	$45.7M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,464.6	−0.004%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,525.5	+0.067%	$111.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,493.1	+0.029%	$6.6M	$138.9M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,504.8	+0.043%	$13.0M	—	200x	as long as short
Hyperliquid BTC	+0.0179%	1h	85,535.7	+0.079%	$3.83B	$5.20B	40x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,505	+0.043%	$10.6M	$738.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,516	+0.056%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,532.5	+0.075%	$832.1M	$1.66B	50x	as long as short
Derive BTC-PERP	+0.0222%	1h	85,494.8	+0.031%	$28.9M	$49.1M	15x	as long as short
Aftermath Perps BTCUSD	+0.0295%	1h	85,494	+0.030%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,475.8	+0.009%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,428.6	−0.046%	$468K	$18.3M	6.7x	as long as short