Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.021%

Price spread now: gTrade (Gains Network) against MEXC+0.022%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$100.101% of the position

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 7 days+0.009%+$1 · spread now +0.022%, 7d avg +0.009%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,740.6	0.0089	pay 0.0089% / 8h	5h 40m	$1.55B	$2.53B	500x
Short	gTrade (Gains Network) ETH/USD	2,741.2	L +0.0006% / S −0.0006%	get 0.0001% / 1h	40m 09s	$22.1M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.022%Rate

Funding earned: −$17.45
Price spread: +0.022% → +0.009%: $1.24
Slippage, 4 orders: −$1.13
Fee MEXC: 1 bp × 2 orders: −$2
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$26.34
Costs to cover: 0.101%
Break-even: never at this rate

Slippage from MEXC: live order book, 9 min ago; gTrade (Gains Network): virtual book (oracle venue), 4 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, 9 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$103	3.0 bp −$1,502
Sell gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,450

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	2,741.7	+0.039%	$305K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.3	+0.024%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.090%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.1	+0.017%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.8	+0.006%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0006% / S −0.0006%	1h	2,741.2	+0.022%	$22.1M	—	200x
Phoenix ETH	+0.0017%	1h	2,744.7	+0.148%	$849K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,741.5	+0.031%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0049%	8h	2,741.5	+0.033%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0063%	8h	2,740.9	+0.011%	$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	2,740.8	+0.006%	$383.4M	$597.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,741.3	+0.024%	$5.6M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,740.7	+0.004%	$252.1M	$841.3M	200x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,740.6	0.000%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,737.9	−0.100%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDTlong	+0.0089%	8h	2,740.6	long leg	$1.55B	$2.53B	500x
Binance ETHUSDT	+0.0089%	8h	2,740.9	+0.011%	$6.37B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,740.4	−0.009%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,741	+0.013%	$112.7M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.4	+0.065%	$24.6M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.5	−0.041%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.6	+0.034%	$58.7M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.8	+0.152%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.7	+0.002%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.9	+0.009%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,743.4	+0.101%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.5	+0.031%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,740.9	+0.009%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.8	−0.031%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.4	+0.028%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.105%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.4	+0.028%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.6	+0.033%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.010%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.162%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.3	+0.061%	$182.2M	$689.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.105%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.066%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	+0.148%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.5	+0.032%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.9	+0.046%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.3	+0.024%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.8	+0.077%	$41.6M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.7	−0.034%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.8	+0.006%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.6	−0.001%	$266.6M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740	−0.023%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0136%	1h	2,742.5	+0.067%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0155%	1h	2,741.9	+0.045%	$258.7M	$196.1M	50x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,741.3	+0.024%	$7.7M	$668.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,743.3	+0.099%	$32.3M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,736.5	−0.153%	$284.1M	$177.1M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.3	+0.025%	$87.1M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,740.5	−0.004%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,745.6	+0.180%	$250K	$1.4M	20x	as long as short