Pair Analysis

A deep-dive page: one token and one pair of exchanges, with the live cost of opening and closing a position, funding and prices of both legs, and the pair's own spread history.

Setting up a pair

The page opens as a three-step builder: pick 1 Long exchange, then 2 Short exchange, then 3 Token. Analytics load as soon as both exchanges and the token are set.

More often you land here by clicking the Live Spreads button or the row of the interval you need in the same section — this opens the pair already filled in. The swap button between the two exchanges switches the legs. DEPTH sets the order size at which spreads are quoted, exactly as on Live Spreads.

Share copies a link to this specific pair. The URL carries the token and both legs, so the pasted link opens the exact same view.

Cost cards

Four cards sum up what this pair costs right now.

Card	Meaning
Funding spread	Annualized carry between the two legs.
Entry · top of book	What it costs to open the position at the top of the book.
Exit · top of book	What it costs to close it.
Round-trip cost	Entry plus exit — the full cost of a completed trade at the top of the book.

Read Round-trip cost together with Funding spread before anything else on the page. One tells you what the trade costs to execute, the other what it pays to hold.

Funding and price data

Funding shows data for each leg: Funding 1h, Funding 24h, Funding APR and Next funding as a live countdown.

The header shows the exchange name and the leg direction. The exchanges' funding intervals and the schedule-aligned tag live in the header of the second Funding panel — the one below the Price spread chart.

Price & volume shows for each leg: Ask, Bid, Open interest and Volume 24h. A large gap between the legs in either of the last two metrics means the smaller leg limits your size.

Price spread chart

The chart plots four series for the selected pair:

• Entry · top — the spread available to open, at the top of the book (best price).
• Exit · top — the spread to close, at the top of the book (best price).
• Entry eff · $1k and Exit eff · $1k — the same two, adjusted for order book depth at the selected size.

The gap between the solid top-of-book lines and the dashed effective lines is the cost of entry and exit on this pair for the position size you set (Depth).

History and the live stream share one timeline, with a marker where the history ends, and the current entry and exit levels are labeled on the right axis. You can pick timeframes from 20 s to 1 h. There is also a calendar for custom ranges.

Funding panel

Below the Price spread chart is a second panel named Funding — this time not a snapshot of current rates but their history. The header states which interval each exchange runs on and that the schedules are aligned with each other: MEXC (4h) vs Hyperliquid (1h) · schedule-aligned. The 1H / 4H / 8H toggle in the header sets the window for both charts in the panel at once.

Schedule alignment is the key to the whole panel. Exchanges pay funding at different frequencies, so payments are brought to the less frequent of the pair's two intervals. For MEXC (4h) and Hyperliquid (1h), the common step is 4 hours.

Annualized funding rate

Label APR, per venue. One line per leg — MEXC APR and Hyperliquid APR — in annualized percent. A dashed line and a shaded band around zero mark the reference level; it is symmetric and recalculated for the selected window, so the numbers on the left axis differ across the 1H / 4H / 8H timeframes. The axis end values are the extremes of the window itself.

Hover over the chart to see a breakdown of the point:

Tooltip row	Meaning
MEXC APR / Hyperliquid APR	Each exchange's own rate at that moment, annualized.
Δ funding APR	The difference between the legs: the short leg's rate minus the long leg's rate.
net carry (4h)	The same difference, expressed another way: not “what the yield is per year” but “how much you receive per funding period” (4 hours in this case).

If one of the exchanges has no data at that moment, its rate is shown as a dash, and Δ funding APR and net carry become dashes too — the difference is not calculated from a single leg.

A single current figure doesn't tell you whether the difference will last. The two lines side by side show the history of both exchanges, so you can see at once whether the gap holds steady or was a short spike. You can also see the culprit: as a rule, the rate swings sharply on only one exchange while staying almost unchanged on the other.

Realized payments

Label net cash flow per settlement · visible period. These are not quotes but money that has already changed hands: one bar per funding settlement. Green received bars are settlements in your favor, red paid bars are against you. The blue carry over window (right) line runs on the right axis, labeled CARRY, and accumulates these payments from left to right; its final value is marked on the right edge.

To the left of the title, the panel sums up the visible window — for example, +1.243% over 7.0d · 42 settl. · +64.8% APR. Read it like this:

Summary element	Meaning
+1.243%	How much the window accumulated in total. Matches the end of the carry over window line.
over 7.0d	The actual length of the window with data.
42 settl.	The number of settlements in the window, at the pair's aligned interval.
+64.8% APR	The accumulated total, annualized: the sum divided by the window length and multiplied by 365.

The bar tooltip shows the timestamp, the settlement side (received or paid), the Realized payment amount for that settlement and carry to here — how much has accumulated up to that point. The left-axis labels mark the largest bar in each direction.

This chart is the only place on the page that shows the gap between the quoted rate and the actual result. The Funding spread card shows annualized carry at the rates in effect right now; Realized payments shows what the window actually earned. The two diverge regularly and widely: the rate changes every interval, and the card only knows the latest one.

Always cross-check two places: the +…% APR figure in the summary and the Funding spread card. Only if they agree can you treat the current rate as normal for this pair rather than a random spike.

Spread distribution

Label entry spread histogram · marker = current, with its own 7d / 30d toggle.

This is a bar chart. It shows which entry spread values were common for this pair and which were rare. The horizontal axis shows the spread levels themselves, the vertical axis how many times each level occurred in the selected window. The taller the bar, the more often the pair sat at that level. Bars left of zero are blue, bars right of zero are green.

A vertical dashed line with a label like current +0.50% marks where the pair is right now — that is, where today's level falls among all past ones.

The histogram is calculated for the size selected in DEPTH in the page header (DEPTH is the trade size the platform uses to calculate prices). Change the size and the panel recalculates. If the pair hasn't built up comparable history at the selected size, the chart is replaced by the line No comparable spread history for this pair over 7d. For low-turnover pairs at large sizes, this is normal, not an error.

Switching 7d → 30d changes the window length. On 30d there are more observations and the values are spread wider — simply because over a month the market goes through more states than over a week.

Element	Meaning
Distribution width	How dispersed this pair's spread is. Narrow — the level holds; wide — it wanders.
Position of the main mass	The pair's usual level. If the mass sits left of zero, a negative entry spread is the typical state.
current marker	Where today's level sits within the pair's own history.
Tail to the right of the marker	How often the pair offered a spread wider than the current one.

This answers the question “is the spread wide?” — not in absolute terms, but relative to what is usual for this pair. The same +0.5% can be an ordinary level for one pair and the edge of the distribution for another.

Price of each leg

Next come two panels side by side — one for each leg of the trade. A leg is one of the trade's two halves, that is, the position on one exchange. The panels are named Bybit · AKE with the label long leg · mark price and Aster · AKE with the label short leg · mark price. The name is built from the exchange and the token, so it changes with the selected pair. Each panel has its own 7d / 30d toggle, so you can view the legs over different windows.

Both panels draw candlesticks based on the exchange's mark price. A candle shows the price over one time interval at four points at once: where it opened, where it closed, how high it went and how low. The mark price is the exchange's reference price used to calculate profit and liquidation; it is slightly smoothed and doesn't jump on random trades. A dashed horizontal line with a value badge marks the last price.

Why you need these two panels. A spread is just the difference between two prices, and the difference alone doesn't show what actually happened: whether one price rose or the other fell. The two prices side by side show exactly that. You can see whether the legs diverged because one exchange moved, or because both moved at different speeds. A sharp spike on one panel while the other stays calm is either a real divergence between the exchanges or a quote glitch on that particular exchange. Either way, you want to see it before counting on this spread.

This is also where each exchange's character shows: over the same window, the candles of the two exchanges can look noticeably different — smaller and smoother on one, larger and more jagged on the other.

Mid-mid spread

Label (long mid − short mid) / short mid · clean signal, with its own 7d / 30d toggle. The formula is spelled out in the label: take the order book mid on both exchanges and normalize the difference by the short leg's mid.

The chart plots the spread line, a shaded range and a dashed horizontal line at the window's average level. The axis is labeled with the window's extremes and this average.

The words clean signal in the label refer to how this chart differs from Price spread above. Mid-to-mid leaves the order book out: neither the bid-ask width nor the depth. What remains is the pure price divergence between the exchanges, without the cost of crossing it. So the spread here can sit at a level that execution eats up completely — and the chart doesn't show that, nor should it: execution is covered by the next panel.

Note that the windows behave differently: the extreme on 7d can be sharper than the extreme on 30d, even though 30d includes the same days. The long window is built with a coarser step, so short peaks get smoothed out. Use 7d to look for outliers and 30d to judge the usual level.

Bid-ask execution spread

Label round-trip crossing cost · both legs, in and out · at $1k, with its own 7d / 30d toggle.

This is the other half of what the previous panel deliberately leaves out: what the trade itself costs through the order book. When you enter a position immediately, you don't get the mid — you take the best opposing order, and the difference between the two is the fee for having the trade go through instantly.

The label lists exactly what is counted: both legs, entry and exit. In other words, the full round — opening the position on two exchanges and then closing it on the same ones. The at $1k tail of the label follows the DEPTH control in the page header: change the size, and the panel recalculates for it, with the label changing along with it.

The line never drops below zero. Crossing the order book is always a cost, whatever the price spread.

What to look at	What it means
The line's usual level	What this pair costs you on entry and exit at the selected size.
Upward spikes	Moments when the order book had few orders and they were spaced further apart: during those minutes the trade cost noticeably more than usual.
Current level vs. usual	Whether right now is an expensive moment for this particular pair — by its own standards, not someone else's.

The panel works together with the Round-trip cost card in the page header. The card gives one number — what it costs right now. The panel shows the same thing over time. The card is the sum of Entry · top of book and Exit · top of book with their signs, while the panel answers a different question: is today's level normal for this pair, or are you looking at a bad minute?

As with Mid-mid spread, the 30d window is sampled less often than 7d, so individual spikes on it look lower than they actually were.