Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.039%

Price spread now: MEXC against Hibachi−0.002%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

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

Long on Hibachi Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 7 days−0.037%−$4 · spread now −0.002%, 7d avg −0.039%

Together, before fees−0.379%+ Points / potential airdropHibachi: Active · farm board−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.037% dearer against Hibachi than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.039%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,681.4	0.0184	pay 0.0023% / 1h	3m 11s	$702K	$7.8M	30x
Short	MEXC BTC_USDT	85,680	0.0087	get 0.0087% / 8h	5h 03m	$5.06B	$5.66B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hibachi. 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 HibachibpFee MEXCbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$20.37
Price spread: −0.002% → −0.039%: $3.69
Slippage, 4 orders: −$0.96
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$30.64
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from Hibachi: live order book, 1 min ago; MEXC: live order book, 1 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 Hibachi live order book, 1 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	39.6 bp −$3,956	doesn't fit
Sell MEXC live order book, 1 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$208	2.6 bp −$1,275

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	−0.0416%	1h	85,721	+0.046%	$195K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,635	−0.054%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,657	−0.028%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,664.5	−0.020%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,673.8	−0.009%	$417.2M	$665.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,668.5	−0.015%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	85,664.8	−0.019%	$919.9M	$751.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,694	+0.015%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,663.9	−0.020%	$516.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,658.7	−0.027%	$22.6M	$219.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0058%	8h	85,667.2	−0.017%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,679.3	−0.002%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0074%	1h	85,679.5	−0.002%	$6.7M	$146.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,688	+0.008%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,671	−0.012%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,673.8	−0.009%	$9.34B	$23.94B	150x	as long as short
MEXC BTC_USDTshort	+0.0087%	8h	85,680	−0.002%	$5.06B	$5.66B	500x
SoDEX BTC-USD	+0.0088%	1h	85,674	−0.009%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,663.5	−0.021%	$2.27B	$936.1M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,684.5	+0.004%	$174.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,691.7	+0.012%	$23.9M	$149.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,666	−0.018%	$8.4M	$52.4M	100x	as long as short
Phemex BTCUSDT	+0.0099%	8h	85,682.5	+0.001%	$149.7M	$481.1M	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,669.1	−0.014%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,633	−0.056%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,762	+0.094%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,675	−0.007%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,683.8	+0.003%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,694.3	+0.015%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,632	−0.058%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,630.4	−0.060%	$6.8M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,683.2	+0.002%	$5.54B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,668.5	−0.015%	$35.9M	$174.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.7	−0.045%	$156.8M	$560.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,634.2	−0.055%	$279.7M	$919.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,643.7	−0.044%	$215.1M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,661.1	−0.024%	$140.0M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646	−0.041%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,721.2	+0.046%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,682	+0.001%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,684.3	+0.003%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,676.2	−0.006%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,673.9	−0.009%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,643.2	−0.045%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.046%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,649.5	−0.037%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,678.6	−0.003%	—	$106.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,707	+0.030%	$122.7M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,681.1	0.000%	$8.4M	$42.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0138%	1h	85,716.3	+0.041%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,693.5	+0.014%	$188.9M	$953.6M	100x	as long as short
Hibachi BTC/USDT-Plong	+0.0184%	1h	85,681.4	long leg	$702K	$7.8M	30x
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,690.5	+0.011%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,716.5	+0.041%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,700	+0.022%	$10.7M	$759.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,681.1	0.000%	$500K	$19.0M	6.7x	as long as short