Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0006%/8h= −0.7% APRpaid last 24h −0.006%

Price spread now: MEXC against Lighter−0.001%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$50.047% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 7 days+0.006%+$1 · spread now −0.001%, 7d avg −0.010%

Together, before fees−0.025%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,457.4	0.0096	pay 0.0012% / 1h	48m 38s	$171.9M	$1.01B	50x
Short	MEXC BTC_USDT	85,456.5	0.0090	get 0.0090% / 8h	2h 48m	$5.08B	$5.67B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now −0.001%Rate

Funding earned: −$1.26
Price spread: −0.001% → −0.010%: $0.93
Slippage, 4 orders: −$0.69
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$5.02
Costs to cover: 0.047%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; MEXC: live order book, 6 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 Lighter live order book, 6 min ago	0.16 bp	0.5 bp −$1	0.8 bp −$8	1.5 bp −$153	3.8 bp −$1,911
Sell MEXC live order book, 6 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$201	2.1 bp −$1,075

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
Phoenix BTC	−0.0111%	1h	85,432	−0.030%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,459	+0.002%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,435	−0.026%	$921.1M	$760.8M	125x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,469.9	+0.015%	$381K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,428.7	−0.034%	$420.6M	$676.4M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,462.3	+0.006%	$514.1M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,435.4	−0.026%	$532K	$18.8M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,452.6	−0.006%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,447.4	−0.012%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,445	−0.015%	$24.6M	$223.8M	50x	as long as short

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	85,449	−0.010%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,441.7	−0.018%	$187.6M	$954.6M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,444.9	−0.015%	—	$17.3M	—	as long as short
Bullet BTC-USD	+0.0067%	1h	85,431	−0.031%	$203K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,431.1	−0.031%	$149.4M	$500.8M	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,463	+0.007%	$139.7M	$315.4M	100x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,467.1	+0.011%	$2.96B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0083%	1h	85,426	−0.037%	$59.9M	$335.9M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,424.5	−0.039%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDTshort	+0.0090%	8h	85,456.5	−0.001%	$5.08B	$5.67B	500x
Binance BTCUSDT	+0.0090%	8h	85,463	+0.007%	$9.44B	$24.71B	150x	as long as short
Lighter BTClong	+0.0096%	1h	85,457.4	long leg	$171.9M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	85,459	+0.002%	$23.9M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,469	+0.014%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,459.9	+0.003%	$117.0M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.020%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,507	+0.058%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,526	+0.080%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,478.7	+0.025%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,457.5	0.000%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,465.9	+0.010%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,460	+0.003%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,469.7	+0.014%	$4.7M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,466.7	+0.011%	$5.54B	$10.81B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,418.7	−0.045%	$36.6M	$175.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.4	−0.005%	$154.3M	$564.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.3	−0.101%	$279.2M	$937.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,475.7	+0.021%	$214.8M	$169.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,466.1	+0.010%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,504.5	+0.055%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,432	−0.030%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428	−0.034%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,485.9	+0.033%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,412.8	−0.052%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,423.1	−0.040%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425.5	−0.037%	$2.26B	$952.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	−0.033%	$679.8M	$655.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,439.8	−0.021%	$45.7M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,457.5	0.000%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0109%	1h	85,427.1	−0.035%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0147%	1h	85,472.6	+0.018%	$872.2M	$1.60B	50x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,470	+0.015%	$11.4M	$750.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,445.7	−0.014%	$13.0M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0237%	1h	85,472.2	+0.017%	$78K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,506.5	+0.057%	$695K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,500.1	+0.050%	$8.8M	$43.1M	25x	as long as short