Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC−0.0197%/8h= −21.5% APRpaid last 24h −0.037%

Price spread now: Perpl against MEXC−0.006%7-day average +0.014% · you buy dearer than you sell

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

Long on MEXC Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.324%+$32 on $10k

Price spread, last 7 days+0.090%+$9 · spread now −0.006%, 7d avg +0.014%

Together, before fees+0.414%+ Points / potential airdropPerpl: Active · farm board+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Perpl is 0.020% cheaper against MEXC than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.014%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.324%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,190.3	0.0085	pay 0.0085% / 8h	2h 29m	$5.05B	$5.71B	500x
Short	Perpl BTC	85,184.9	−0.0112	pay 0.0010% / 43m	9m 19s	$524K	$18.4M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$41.29
Price spread: −0.006% → +0.014%: −$2.01
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$61.11
Costs to cover: 0.178%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 5 min ago; Perpl: 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, 5 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$207	2.5 bp −$1,237
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Perpl BTCshort	−0.0112%	43m	85,184.9	−0.006%	$524K	$18.4M	6.7x
Phoenix BTC	−0.0111%	1h	85,204	+0.016%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,194	+0.004%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,174.2	−0.019%	$921.6M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,135.4	−0.064%	$420.5M	$678.3M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,224.1	+0.040%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,181.1	−0.011%	$512.1M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	−0.016%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,198.4	+0.010%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.041%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0025%	1h	85,187.4	−0.003%	$24.7M	$222.8M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,198	+0.009%	$187.0M	$955.3M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,154.5	−0.042%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,185.6	−0.006%	$148.6M	$504.5M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,171.6	−0.022%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,175	−0.018%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDTlong	+0.0085%	8h	85,190.3	long leg	$5.05B	$5.71B	500x
Binance BTCUSDT	+0.0085%	8h	85,189.5	−0.001%	$9.41B	$24.82B	150x	as long as short
Bullet BTC-USD	+0.0089%	1h	85,185	−0.006%	$206K	$3.3M	20x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,173	−0.020%	$59.6M	$335.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,181.5	−0.010%	$171.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,181.7	−0.010%	$23.7M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,217	+0.031%	$8.4M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,219.8	+0.035%	$116.9M	$5.35B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,197	+0.008%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,247.1	+0.067%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,277	+0.102%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,199.3	+0.011%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,173.9	−0.019%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,182.4	−0.009%	$2.58B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,204	+0.016%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,210.6	+0.024%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.008%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,188.7	−0.002%	$5.49B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,175.6	−0.017%	$36.0M	$174.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.092%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.067%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	−0.060%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.076%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	−0.040%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.4	+0.085%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,191	+0.001%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,178.4	−0.014%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,215.9	+0.030%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,155.7	−0.041%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,127.1	−0.074%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,160.7	−0.035%	$2.25B	$947.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,171.6	−0.022%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,202.2	+0.014%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,192.4	+0.002%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0122%	1h	85,211	+0.024%	$871.5M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,189.4	−0.001%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0180%	8h	85,204	+0.016%	$11.3M	$744.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0209%	1h	85,232.8	+0.050%	$79K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,202.4	+0.014%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,233.7	+0.051%	$8.6M	$43.1M	25x	as long as short