Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.007%

Price spread now: Derive against MEXC+0.177%249s7-day average 0.000% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)−0.280%−$28 · spread now +0.177%, 7d avg 0.000%

Together, before fees−0.306%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Derive is 0.177% dearer against MEXC than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of 0.000%. The two prices were read 249 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	85,417.8	0.0100	pay 0.0100% / 8h	7h 31m	$5.05B	$5.75B	500x
Short	Derive BTC-PERP	85,569.1	0.0123	get 0.0015% / 1h	31m 59s	$28.9M	$52.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.177%Rate

Funding earned: $4.83
Price spread: +0.177% → 0.000%: $17.66
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Derive: 3 bp × 2 orders: −$6
Net: $12.49
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: MEXC: live order book, 2 min ago; Derive: no order-book sample. Net counts fees only.

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, 2 min ago	0.02 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$205	2.1 bp −$1,042
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1383%	1h	85,465.6	+0.056%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	+0.022%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,441.3	+0.028%	$422.6M	$676.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	+0.024%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,447.3	+0.035%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,424.3	+0.008%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,424.6	+0.008%	$936.8M	$770.9M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,407.5	−0.012%	$502.5M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0050%	1h	85,470	+0.061%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,441.1	+0.027%	$185.6M	$936.0M	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	85,542	+0.145%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,416.2	−0.002%	—	$1.56B	—	as long as short
Lighter BTC	+0.0096%	1h	85,433.3	+0.018%	$170.7M	$945.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,437.7	+0.023%	$23.5M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,419	+0.001%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,423.4	+0.007%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,438	+0.024%	$24.0M	$215.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,411	−0.008%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500.9	+0.097%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,491.4	+0.086%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,410.2	−0.009%	$9.39B	$24.92B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,414.7	−0.004%	$5.09B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,415.9	−0.002%	$2.61B	$12.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,447	+0.034%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,444.6	+0.031%	$4.7M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	+0.096%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,422.8	+0.006%	$5.50B	$9.91B	200x	as long as short
MEXC BTC_USDTlong	+0.0100%	8h	85,417.8	long leg	$5.05B	$5.75B	500x
Bitget BTCUSDT	+0.0100%	8h	85,421.5	+0.004%	$2.97B	$5.11B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,407.3	−0.012%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	+0.080%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,484.1	+0.078%	$283.5M	$961.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	+0.105%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522	+0.122%	$136.9M	$312.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	+0.026%	$30.1M	$218.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,507.2	+0.105%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,270	−0.173%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,425	+0.008%	$227K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.4	+0.012%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,463.9	+0.054%	$3.0M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,426	+0.010%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,420.5	+0.003%	$2.26B	$971.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,434.6	+0.020%	$163.1M	$513.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,403.7	−0.016%	$45.8M	$239.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,476.3	+0.068%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,472.1	+0.064%	$111.9M	$5.42B	50x	as long as short
Derive BTC-PERPshort	+0.0123%	1h	85,569.1	+0.177%	$28.9M	$52.4M	15x
Deribit BTC-PERPETUAL	+0.0124%	1h	85,472	+0.063%	$828.4M	$1.65B	50x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,403.2	−0.017%	$6.6M	$137.6M	40x	as long as short
Hyperliquid BTC	+0.0162%	1h	85,504.7	+0.102%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,425.1	+0.009%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,459.3	+0.049%	$9.0M	$42.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,473	+0.065%	$10.7M	$736.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0324%	1h	85,486	+0.080%	$79K	$258K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,520	+0.120%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.6	+0.064%	$460K	$18.1M	6.7x	as long as short