Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0229%/8h= −25.1% APRpaid last 24h −0.017%

Price spread now: Phoenix against MEXC−0.034%92s7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$110.114% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 7 days+0.086%+$9 · spread now −0.034%, 7d avg +0.053%

Together, before fees+0.015%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.087% cheaper against MEXC than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.053%). Swap the legs. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.072% in total (about -3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BTC_USDT	85,527.3	0.0085	pay 0.0085% / 8h	5h 55m	$5.08B	$5.57B	500x
Short	Phoenix BTC	85,498	−0.0144	pay 0.0018% / 1h	55m 44s	$2.1M	$10.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$48.18
Price spread: −0.034% → +0.053%: −$8.69
Slippage, 4 orders: −$0.37
Fee MEXC: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$68.24
Costs to cover: 0.114%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Phoenix: live order book, 8 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 −$210	2.6 bp −$1,299
Sell Phoenix live order book, 8 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.3 bp −$1,034	doesn't fit

BTC on 55 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 BTCshort	−0.0144%	1h	85,498	−0.034%	$2.1M	$10.1M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.094%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,598	+0.083%	$365K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0036%	1h	85,549.9	+0.026%	$22.5M	$223.9M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,579.5	+0.061%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,585.9	+0.069%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,515.8	−0.013%	$515.5M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,522.1	−0.006%	$898.8M	$745.4M	125x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,514.5	−0.015%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0058%	8h	85,554.1	+0.031%	$2.27B	$930.3M	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0063%	1h	85,568.1	+0.048%	$6.7M	$146.4M	40x	as long as short
SoDEX BTC-USD	+0.0065%	1h	85,566	+0.045%	$59.9M	$336.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,498.2	−0.034%	$2.94B	$5.01B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,598	+0.083%	$8.4M	$51.5M	100x	as long as short
SunX BTC-USDT	+0.0076%	8h	85,581.4	+0.063%	$2.9M	$6.3M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.105%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,570.8	+0.051%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,496.3	−0.036%	$9.33B	$23.85B	150x	as long as short
MEXC BTC_USDTlong	+0.0085%	8h	85,527.3	long leg	$5.08B	$5.57B	500x
Lighter BTC	+0.0096%	1h	85,502	−0.030%	$169.4M	$982.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,517.6	−0.011%	$23.9M	$146.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,641.4	+0.133%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,572	+0.052%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,574	+0.055%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,603.4	+0.089%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,502.3	−0.029%	$5.32B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500.2	−0.032%	$2.56B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,579	+0.060%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,561.5	+0.040%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,535.7	+0.010%	$5.57B	$10.39B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,533.7	+0.007%	$34.8M	$168.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,577.1	+0.058%	$153.7M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.030%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.063%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.079%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	+0.014%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,617	+0.105%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,585	+0.067%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,581	+0.063%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,572.4	+0.053%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,617.7	+0.106%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,572.2	+0.052%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,553.3	+0.030%	$149.5M	$478.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.077%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,505.9	−0.025%	$44.2M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,483.1	−0.052%	—	$103.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,599.5	+0.084%	$130.6M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,630.2	+0.120%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,592.4	+0.076%	$187.1M	$949.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0191%	1h	85,598.7	+0.083%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	+0.059%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0184%	1h	85,596.1	+0.080%	$13.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0209%	1h	85,619.4	+0.108%	$894.8M	$1.52B	50x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,563	+0.042%	$10.2M	$761.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,592.8	+0.077%	$510K	$19.7M	6.7x	as long as short