Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0331%/8h= +36.3% APRpaid last 24h +0.152%

Price spread now: MEXC against Deribit−0.056%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. MEXC is 0.056% cheaper against Deribit than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 13 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.7198	−0.0305	get 0.0038% / 1h	40m 11s	$41K	$14K	10x
Short	MEXC ETHFI_USDT	0.7194	0.0026	get 0.0013% / 4h	3h 40m	$15.4M	$3.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.056%Rate

Funding earned: $69.59
Price spread: −0.056% → 0.000%: −$5.56
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $53.04
Costs to cover: 0.110%
Break-even: 1.7 days

Slippage unknown: Deribit: no order-book sample; MEXC: live order book, 3 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 Deribit no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.69 bp	6.7 bp −$7	16.4 bp −$164	69.5 bp −$6,947	163.2 bp −$81.6K

Deribit: 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.

ETHFI on 24 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
HTX ETHFI-USDT	−0.0800%	4h	0.7175	−0.320%	$83K	$165K	20x	as long as short
Deribit ETHFI_USDC-PERPETUALlong	−0.0305%	1h	0.7198	long leg	$41K	$14K	10x
Bybit ETHFIUSDT	−0.0234%	4h	0.7196	−0.028%	$18.2M	$13.1M	25x	as long as short
Orderly PERP_ETHFI_USDC	−0.0197%	4h	0.7194	−0.056%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0057%	4h	0.7188	−0.134%	$1.0M	$744K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0041%	8h	0.7198	−0.002%	$6K	—	5x	as long as short
Extended ETHFI-USD	+0.0024%	1h	0.7192	−0.081%	$97K	$607K	10x	as long as short
MEXC ETHFI_USDTshort	+0.0026%	4h	0.7194	−0.056%	$15.4M	$3.8M	125x
Binance ETHFIUSDT	+0.0027%	4h	0.7194	−0.059%	$25.1M	$37.4M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.583%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0088%	1h	0.7195	−0.042%	$9K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7205	+0.101%	$1.1M	$894K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7204	+0.082%	$18.1M	$9.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7198	−0.006%	$184K	$258K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7200	+0.028%	$5.0M	$12.7M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7201	+0.042%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7195	−0.042%	$1.2M	$270K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7194	−0.056%	$6.1M	$5.7M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7198	0.000%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7197	−0.019%	$60K	$105K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7197	−0.014%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0106%	4h	0.7186	−0.167%	$1.2M	$277K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0168%	1h	0.7237	+0.542%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0219%	1h	0.7208	+0.143%	$274K	$165K	20x	as long as short