Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.008%

Price spread now: MEXC against Ondo Perps−0.060%7-day average +0.018% · you buy dearer than you sell

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

Long on Ondo Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 7 days+0.338%+$34 · spread now −0.060%, 7d avg +0.018%

Together, before fees+0.240%+ Points / potential airdropOndo Perps: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and MEXC is 0.078% cheaper against Ondo Perps than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ETH-USD.P	2,750.4	0.0100	pay 0.0013% / 1h	28m 55s	$2.8M	$16.6M	25x
Short	MEXC ETH_USDT	2,748.8	0.0073	get 0.0073% / 8h	6h 28m	$1.57B	$2.56B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Ondo Perps. 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 Ondo PerpsbpFee MEXCbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$5.67
Price spread: −0.060% → +0.018%: −$7.79
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$20.46
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; MEXC: live order book, 5 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	1.3 bp −$666

Ondo Perps: 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 54 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	2,751.1	+0.024%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.040%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.5	+0.005%	$5.6M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,748.2	−0.079%	$8.7M	$31.6M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.5	−0.068%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.036%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751.2	+0.027%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.1	−0.084%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.5	+0.004%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,748.9	−0.055%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0045%	8h	2,749	−0.051%	$1.69B	$11.01B	100x	as long as short
HTX ETH-USDT	+0.0047%	8h	2,746.5	−0.141%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0064%	8h	2,748.9	−0.054%	$252.9M	$858.2M	200x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,745.2	−0.190%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDTshort	+0.0073%	8h	2,748.8	−0.060%	$1.57B	$2.56B	500x
KuCoin ETHUSDTM	+0.0073%	8h	2,748.7	−0.063%	$381.0M	$605.7M	100x	as long as short
Binance ETHUSDT	+0.0074%	8h	2,749.1	−0.047%	$6.36B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748	−0.088%	$59.0M	$4.37B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,748.8	−0.057%	$2.07B	$2.85B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747.8	−0.095%	$112.9M	$442.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.8	−0.058%	$24.8M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.5	+0.041%	—	$35.4M	500x	as long as short
Gate ETH_USDT	+0.0096%	8h	2,749.6	−0.028%	$3.39B	$8.87B	200x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.2	+0.211%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.8	−0.022%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.2	+0.029%	$14.0M	$113.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.6	+0.007%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.8	+0.051%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.3	−0.041%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,750.4	long leg	$2.8M	$16.6M	25x
Arcus ETH-USD	+0.0100%	1h	2,750.9	+0.020%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.1	−0.121%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.108%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.9	−0.092%	$181.7M	$730.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.167%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,750	−0.015%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.6	−0.029%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.2	−0.080%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.4	−0.072%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.9	−0.054%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.3	−0.114%	$962K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.9	−0.127%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.1	−0.120%	$267.0M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.235%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.7	+0.012%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,748	−0.087%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.9	−0.089%	$30.5M	$74.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,748.2	−0.081%	$258.5M	$200.3M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,750.8	+0.015%	$7.7M	$674.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0169%	8h	2,750.2	−0.009%	$32.3M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,750.4	0.000%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,747.9	−0.091%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,748.3	−0.078%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.4	−0.110%	$89.9M	$316.4M	100x	as long as short