Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0143%/8h= −15.7% APRpaid last 24h −0.004%

Price spread now: MEXC against Deribit−0.085%52s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as 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−$100.103% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 3 days (all we have)+0.092%+$9 · spread now −0.085%, 7d avg −0.045%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and MEXC is 0.040% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.045%). Swap the legs. The two prices were read 52 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	Deribit ETH-PERPETUAL	2,773.7	0.0186	pay 0.0023% / 1h	47m 27s	$259.0M	$223.3M	50x
Short	MEXC ETH_USDT	2,771.4	0.0043	get 0.0043% / 8h	2h 47m	$1.59B	$2.63B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$30.03
Price spread: −0.085% → −0.045%: −$3.96
Slippage, 4 orders: −$1.35
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$44.34
Costs to cover: 0.103%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; MEXC: live order book, 2 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 Deribit live order book, 2 min ago	0.09 bp	4.6 bp −$5	5.2 bp −$52	9.4 bp −$943	16.0 bp −$7,993
Sell MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	4.2 bp −$2,095

ETH 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
Perpl ETH	−0.0447%	43m	2,771.7	−0.072%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.160%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.109%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772	−0.062%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.8	−0.069%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.8	−0.069%	$796K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.9	−0.067%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	−0.043%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	−0.040%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,771.4	−0.084%	$266.6M	$65.8M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.2	−0.091%	$1.70B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.3	−0.049%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0031%	1h	2,772.8	−0.033%	$29K	$21K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.7	−0.146%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDTshort	+0.0043%	8h	2,771.4	−0.085%	$1.59B	$2.63B	500x
Aster ETHUSDT	+0.0043%	8h	2,771.2	−0.091%	$255.9M	$996.3M	200x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.4	−0.084%	$6.44B	$17.18B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,771.5	−0.080%	$3.29B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.5	−0.081%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,771.3	−0.087%	$187K	$1.8M	20x	as long as short
SoDEX ETH-USD	+0.0086%	1h	2,771.6	−0.076%	$55.2M	$228.6M	40x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	−0.140%	$141.1M	$319.9M	—	as long as short
Lighter ETH	+0.0096%	1h	2,771.9	−0.065%	$115.2M	$508.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.2	−0.020%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.6	−0.038%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771.6	−0.078%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.8	−0.069%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.2	−0.089%	$16.1M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.3	+0.021%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772	−0.062%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.2	−0.089%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.9	−0.101%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.8	+0.002%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.104%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.4	−0.084%	$425.1M	$744.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,771.3	−0.087%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.3	−0.052%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.4	−0.157%	$178.2M	$790.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.5	−0.150%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	−0.090%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.1	−0.058%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.8	−0.033%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	−0.047%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.015%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.1	−0.129%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.6	−0.112%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771	−0.096%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.5	−0.008%	$60.1M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.2	−0.054%	$8.6M	$670.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.8	+0.037%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,769.8	−0.140%	$286.5M	$196.4M	150x	as long as short
Deribit ETH-PERPETUALlong	+0.0186%	1h	2,773.7	long leg	$259.0M	$223.3M	50x
Reya ETHRUSDPERP	+0.0191%	1h	2,770.7	−0.109%	$7.5M	$1.0M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.2	−0.018%	$88.5M	$330.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0384%	1h	2,770.9	−0.101%	$273K	$1.5M	20x	as long as short