Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.006%

Price spread now: Bullet against MEXC−0.021%45s7-day average +0.007% · 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—prices read too far apart to compare

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

Long on MEXC Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 7 days+0.024%+$2 · spread now −0.021%, 7d avg +0.007%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.028% cheaper against MEXC than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.007%). If the spread goes back, that is −$3 on $10k: about 4.7 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.005% in total) that is about 18 days. The two prices were read 45 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	MEXC BTC_USDT	86,454.5	0.0080	pay 0.0080% / 8h	7h 26m	$5.14B	$5.70B	500x
Short	Bullet BTC-USD	86,436	0.0100	get 0.0013% / 1h	26m 34s	$191K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against MEXC. 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 MEXCbpFee BulletbpOrdersPrice spread, now −0.021%Rate

Funding earned: $4.2
Price spread: −0.021% → +0.007%: −$2.83
Slippage, 4 orders: −$1.99
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$12.62
Costs to cover: 0.140%
Break-even: 28.0 days

Slippage from MEXC: live order book, 3 min ago; Bullet: 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 MEXC live order book, 3 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$205	2.5 bp −$1,255
Sell Bullet live order book, 3 min ago	0.23 bp	4.9 bp −$5	8.2 bp −$82	doesn't fit	doesn't fit

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	−0.0317%	1h	86,462.6	+0.009%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.060%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,423	−0.036%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,466.1	+0.013%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,418.4	−0.042%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,444	−0.012%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.112%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,458.9	+0.005%	$501.4M	$1.13B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,436	−0.021%	$16.9M	$20.5M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,426.7	−0.032%	$154.6M	$473.5M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,452.2	−0.003%	$832.4M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,441.9	−0.015%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,450.9	−0.004%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,464.5	+0.012%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,462.2	+0.009%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	86,466.7	+0.014%	$902.4M	$1.51B	50x	as long as short
MEXC BTC_USDTlong	+0.0080%	8h	86,454.5	long leg	$5.14B	$5.70B	500x
Aevo BTC-PERP	+0.0080%	1h	86,417.7	−0.043%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0080%	8h	86,463.9	+0.011%	$9.42B	$24.26B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,426	−0.033%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,462.1	+0.009%	$170.8M	$986.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,462.5	+0.009%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,454	−0.001%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,440	−0.017%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,482.4	+0.032%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.6	−0.029%	$21.9M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,511	+0.065%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,483.1	+0.033%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,472.3	+0.021%	$5.26B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,474.8	+0.023%	$2.57B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,443	−0.013%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,488.9	+0.040%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,469.9	+0.018%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,423.1	−0.036%	$37.4M	$158.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,377.3	−0.089%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,360.7	−0.108%	$278.9M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	−0.063%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,364.6	−0.104%	$141.6M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	−0.028%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,496.6	+0.049%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,448	−0.008%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,436	−0.021%	$191K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,427.6	−0.031%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,453.2	−0.002%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.1	−0.069%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,413.7	−0.047%	$2.29B	$962.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.050%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,446.8	−0.009%	$45.9M	$221.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,464	+0.011%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,466	+0.013%	$132.3M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,453.2	−0.002%	$192.4M	$941.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,418.9	−0.041%	$78K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,440	−0.017%	$711K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	−0.036%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0220%	1h	86,441.1	−0.016%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,452	−0.003%	$10.3M	$763.3M	6.4x	as long as short