Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0029%/8h= +3.1% APRpaid last 24h −0.005%

Price spread now: SoDEX against MEXC+0.120%7-day average −0.008% · 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+$2as in the Price arb table

costs, in and out, $10k−$100.104% of the position

Long on MEXC Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.163%−$16 · spread now +0.120%, 7d avg −0.008%

Together, before fees−0.165%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and SoDEX is 0.127% dearer against MEXC than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,772.7	0.0060	pay 0.0060% / 8h	1h 32m	$1.62B	$2.66B	500x
Short	SoDEX ETH-USD	2,776	0.0089	get 0.0011% / 1h	32m 50s	$55.3M	$228.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.120%Rate

Funding earned: $6.03
Price spread: +0.120% → −0.008%: $12.74
Slippage, 4 orders: −$0.4
Fee MEXC: 1 bp × 2 orders: −$2
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $8.37
Costs to cover: 0.104%
Break-even: from the start

Slippage from MEXC: live order book, 1 min ago; SoDEX: live order book, 1 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, 1 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.1 bp −$114	3.7 bp −$1,832
Sell SoDEX live order book, 1 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	6.0 bp −$596	33.8 bp −$16.9K

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	2,777.9	+0.186%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,777.4	+0.170%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.2	+0.199%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.4	+0.098%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,778	+0.192%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0025%	1h	2,777.6	+0.176%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.7	+0.216%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.257%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.2	+0.163%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,772.9	+0.008%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0016%	8h	2,775.5	+0.101%	$270.0M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,772.9	+0.009%	$1.71B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.2	+0.162%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,773.5	+0.029%	$256.1M	$990.1M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,776.5	+0.138%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,778	+0.192%	$14.3M	$117.9M	50x	as long as short
MEXC ETH_USDTlong	+0.0060%	8h	2,772.7	long leg	$1.62B	$2.66B	500x
Binance ETHUSDT	+0.0061%	8h	2,773	+0.013%	$6.43B	$17.12B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.7	+0.109%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,772.8	+0.003%	$3.28B	$9.59B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,773	+0.013%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,777.8	+0.186%	$258.4M	$222.0M	50x	as long as short
SoDEX ETH-USDshort	+0.0089%	1h	2,776	+0.120%	$55.3M	$228.8M	40x
ApeX Omni ETHUSDT	+0.0094%	1h	2,775.4	+0.099%	$8.7M	$32.5M	100x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776.2	+0.127%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,772.9	+0.007%	$2.52B	$4.60B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,776.5	+0.136%	$115.1M	$499.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.5	+0.175%	$25.4M	$121.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.6	+0.214%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,772.8	+0.005%	$425.2M	$738.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,777.3	+0.166%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.1	+0.195%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.3	+0.167%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	+0.195%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777	+0.156%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.5	+0.245%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.312%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.6	+0.104%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	+0.069%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.9	+0.079%	$179.9M	$780.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.156%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.8	+0.185%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.4	+0.206%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.6	+0.176%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.213%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,777	+0.157%	$974K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.177%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.4	−0.010%	$31.6M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.1	+0.158%	$60.2M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,778.1	+0.195%	$8.5M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,778.8	+0.221%	$32.6M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,778.6	+0.215%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,776.8	+0.148%	$86.2M	$330.6M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,775.4	+0.100%	$285.0M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,776.9	+0.153%	$7.4M	$1.2M	25x	as long as short