Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0092%/8h= +10.0% APRpaid last 24h +0.022%

Price spread now: MEXC against gTrade (Gains Network)−0.040%7-day average +0.005% · 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−$17as in the Price arb table

costs, in and out, $10k−$120.121% of the position

Long on gTrade (Gains Network)Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.077%+$8 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.040%, 7d avg +0.005%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.045% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.005%). If the spread goes back, that is −$4 on $10k: about 39 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	85,533.5	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	4m 55s	$36.5M	—	200x
Short	MEXC BTC_USDT	85,499.7	0.0096	get 0.0096% / 8h	2h 04m	$5.01B	$5.77B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee MEXCbpOrdersPrice spread, now −0.040%Rate

Funding earned: $19.22
Price spread: −0.040% → +0.005%: −$4.49
Slippage, 4 orders: −$1.06
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $2.68
Costs to cover: 0.121%
Break-even: 6.0 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 4 min ago; MEXC: live order book, 4 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 gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183
Sell MEXC live order book, 4 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$213	2.6 bp −$1,308

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
Perpl BTC	−0.0112%	43m	85,574.8	+0.048%	$524K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,577	+0.051%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,588	+0.064%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,512	−0.025%	$929.6M	$771.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,517.3	−0.019%	$417.9M	$684.0M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,494.9	−0.045%	$514.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,540.5	+0.008%	$354K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,549.1	+0.018%	$868.7M	$1.62B	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,581.1	+0.056%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,533.5	long leg	$36.5M	—	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.216%	$339K	$26.8M	52x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,557.2	+0.028%	$24.6M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,536.2	+0.003%	$188.5M	$953.9M	100x	as long as short
BingX BTC-USDT	+0.0069%	8h	85,501.2	−0.038%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,514.7	−0.022%	$148.9M	$507.0M	150x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,511.7	−0.025%	$2.96B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,531.2	−0.003%	$171.4M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,533.7	0.000%	$23.7M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,525	−0.010%	$8.4M	$55.9M	100x	as long as short
MEXC BTC_USDTshort	+0.0096%	8h	85,499.7	−0.040%	$5.01B	$5.77B	500x
Aevo BTC-PERP	+0.0096%	1h	85,508.5	−0.029%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,561	+0.032%	$117.4M	$5.45B	50x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,499.8	−0.039%	$9.45B	$24.92B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	−0.031%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,585.8	+0.061%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,598	+0.075%	$3.76B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,568.4	+0.041%	$40.1M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,499.9	−0.039%	$5.15B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,505.9	−0.032%	$2.59B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,555	+0.025%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,532.3	−0.001%	$4.6M	$98.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	−0.037%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,505.4	−0.033%	$5.52B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,508.4	−0.029%	$36.6M	$178.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535.9	+0.003%	$155.0M	$560.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,505.3	−0.033%	$280.0M	$952.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,535.3	+0.002%	$214.9M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,531.6	−0.002%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,547.3	+0.016%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,599.5	+0.077%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,523	−0.012%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,525	−0.010%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,532.7	−0.001%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,554.8	+0.025%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,496.2	−0.044%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,512.8	−0.024%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,517	−0.019%	$59.8M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,520.5	−0.015%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,482.9	−0.059%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,569.5	+0.042%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0120%	1h	85,516.8	−0.020%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,532	−0.002%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,563	+0.034%	$11.4M	$743.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0223%	1h	85,522	−0.013%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,559.3	+0.030%	$694K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,551.7	+0.021%	$8.8M	$43.3M	25x	as long as short