Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.014%

Price spread now: Derive against MEXC+0.023%7-day average +0.061% · you sell dearer than you buy

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

Long on MEXC Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.023%, 7d avg +0.061%

Together, before fees+0.168%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Derive is 0.038% cheaper against MEXC than usual: you would sell low and buy high (spread +0.023% now, against its 7-day average of +0.061%). If the spread goes back, that is −$4 on $10k: about 3.0 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,780.6	0.0058	pay 0.0058% / 8h	1h 40m	$1.62B	$2.65B	500x
Short	Derive ETH-PERP	2,781.2	0.0100	get 0.0013% / 1h	40m 38s	$42.8M	$29.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.023%Rate

Funding earned: $8.82
Price spread: +0.023% → +0.061%: −$3.83
Slippage, 4 orders: no order book: not counted
Fee MEXC: 1 bp × 2 orders: −$2
Fee Derive: 3 bp × 2 orders: −$6
Net: −$3.01
Costs to cover: 0.080%
Break-even: 9.4 days

Slippage unknown: MEXC: live order book, 4 min ago; Derive: 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, 4 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.4 bp −$140	4.0 bp −$2,017
Sell Derive no order-book sample	—	—	—	—	—

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	−0.0447%	43m	2,781.3	+0.023%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.5	−0.003%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,782	+0.050%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	−0.177%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,781.2	+0.021%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,777.2	−0.124%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,780.4	−0.009%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	−0.231%	$885K	$3.7M	25x	as long as short
Phemex ETHUSDT	+0.0005%	8h	2,779.5	−0.040%	$270.4M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,780.3	−0.012%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0015%	8h	2,780.3	−0.012%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,779.8	−0.029%	$1.71B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,780.4	−0.006%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,780.1	−0.019%	$257.0M	$989.7M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,780	−0.023%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0044%	1h	2,780.1	−0.018%	$14.3M	$117.7M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,775.3	−0.190%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDTlong	+0.0058%	8h	2,780.6	long leg	$1.62B	$2.65B	500x
Binance ETHUSDT	+0.0062%	8h	2,779.9	−0.026%	$6.45B	$17.11B	150x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,780.1	−0.018%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,780.2	−0.016%	$3.30B	$9.57B	200x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,779.6	−0.037%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,780.5	−0.003%	$115.3M	$497.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781.8	+0.043%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,782.3	+0.059%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,780.5	−0.005%	$2.53B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,781.2	+0.022%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,781.5	+0.032%	$483K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,782.1	+0.054%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,780.7	+0.003%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,780	−0.022%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782.1	+0.055%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.026%	$166.9M	$248.1M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,780.2	−0.015%	$426.7M	$737.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,780.3	−0.010%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.244%	$135.8M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.9	−0.134%	$180.0M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	−0.147%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	−0.146%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.3	−0.011%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,781	+0.015%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	+0.036%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780	−0.021%	$21K	$24K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,781.2	+0.023%	$42.8M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,780.7	+0.001%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,779.4	−0.044%	$55.3M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,779.4	−0.042%	$31.6M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	−0.062%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,780.8	+0.008%	$60.3M	$4.60B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0106%	1h	2,781.1	+0.017%	$258.4M	$221.6M	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,781.8	+0.043%	$8.6M	$672.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,781.5	+0.032%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,780.7	+0.002%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,779.6	−0.035%	$285.4M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,779.8	−0.028%	$7.4M	$1.1M	25x	as long as short