Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.024%

Price spread now: MEXC against Derive−0.026%7-day average −0.061% · you buy dearer than you sell

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

Long on Derive Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.162%−$16 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.026%, 7d avg −0.061%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.035% dearer against Derive than usual: you sell high and buy low (spread −0.026% now, against its 7-day average of −0.061%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 9.7 days. At the pace of the last 7 days (−0.162% in total) that is about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,743.5	0.0100	pay 0.0013% / 1h	43m 33s	$41.6M	$29.5M	15x
Short	MEXC ETH_USDT	2,742.8	0.0088	get 0.0088% / 8h	5h 43m	$1.56B	$2.53B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Derive. 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 DerivebpFee MEXCbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$2.52
Price spread: −0.026% → −0.061%: $3.51
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$7.01
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; MEXC: live order book, 6 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell MEXC live order book, 6 min ago	0.02 bp	1.0 bp −$1	1.1 bp −$11	1.6 bp −$161	4.4 bp −$2,204

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.

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	−0.0112%	43m	2,743.1	−0.015%	$305K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.7	−0.066%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.7	+0.043%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.2	−0.083%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.4	+0.032%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,741.4	−0.077%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,740.6	−0.106%	$845K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,743.1	−0.015%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0047%	8h	2,742.9	−0.022%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0061%	8h	2,742.6	−0.033%	$1.70B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,743.4	−0.005%	$383.8M	$599.4M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,742.9	−0.022%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,743.8	+0.009%	$252.4M	$841.2M	200x	as long as short
MEXC ETH_USDTshort	+0.0088%	8h	2,742.8	−0.026%	$1.56B	$2.53B	500x
Aevo ETH-PERP	+0.0088%	1h	2,738.9	−0.168%	$4.9M	$159K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,742.6	−0.032%	$6.38B	$15.72B	150x	as long as short
Bullet ETH-USD	+0.0096%	1h	2,741.1	−0.090%	$182K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,744	+0.018%	$112.8M	$432.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.8	+0.048%	$24.7M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.4	+0.033%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,742.8	−0.026%	$58.9M	$4.27B	50x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,740.8	−0.099%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.6	+0.113%	$16.1M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743	−0.019%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.9	−0.023%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.6	+0.076%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744	+0.018%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,742.7	−0.030%	$2.45B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.3	−0.008%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.3	−0.007%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	0.000%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.2	−0.013%	$3.40B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,742.7	−0.028%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.6	−0.070%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.114%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.5	−0.072%	$182.2M	$693.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.8	−0.136%	$159.3M	$82.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,743.1	−0.014%	$8.9M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.5	−0.037%	$21.2M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.5	0.000%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.4	−0.004%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,742	−0.056%	$21K	$21K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,743.5	long leg	$41.6M	$29.5M	15x
SunX ETH-USDT	+0.0100%	8h	2,741.2	−0.085%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,741.5	−0.073%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.6	−0.072%	$266.7M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.1	−0.050%	$30.6M	$72.5M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0104%	1h	2,742.9	−0.023%	$258.8M	$195.8M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,743.1	−0.016%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0152%	8h	2,743.9	+0.014%	$7.8M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,744	+0.016%	$32.3M	$11.2M	100x	as long as short
BloFin ETH-USDT	+0.0208%	8h	2,742.9	−0.022%	$286.0M	$177.5M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,742.3	−0.043%	$87.3M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,742.4	−0.041%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.4	−0.040%	$249K	$1.4M	20x	as long as short