Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0390%/8h= +42.7% APRpaid last 24h +0.093%

Price spread now: MEXC against Kraken Futures−0.102%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$670.675% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.309%−$31 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.102%, 7d avg −0.098%

Together, before fees−0.345%−$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.098%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.309%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.7057	−0.0304	get 0.0038% / 1h	51m 46s	$264K	$209K	20x
Short	MEXC ETHFI_USDT	0.7050	0.0086	get 0.0043% / 4h	3h 51m	$16.0M	$4.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.102%Rate

Funding earned: $81.87
Price spread: −0.102% → −0.098%: −$0.39
Slippage, 4 orders: −$53.46
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $14.02
Costs to cover: 0.675%
Break-even: 5.8 days

Slippage from Kraken Futures: live order book, 1 min ago; MEXC: live order book, 2 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 Kraken Futures live order book, 1 min ago	7.08 bp	29.6 bp −$30	158.4 bp −$1,584	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.71 bp	6.8 bp −$7	30.9 bp −$309	69.7 bp −$6,972	188.0 bp −$94.0K

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	−0.1027%	4h	0.7036	−0.300%	$85K	$171K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0316%	1h	0.7057	−0.003%	$40K	$11K	10x	as long as short
Kraken Futures PF_ETHFIUSDlong	−0.0304%	1h	0.7057	long leg	$264K	$209K	20x
Orderly PERP_ETHFI_USDC	−0.0237%	4h	0.7055	−0.031%	$16K	$1K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0004%	8h	0.7044	−0.183%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+2.591%	$321	$51K	5.5x	as long as short
Variational Omni ETHFI	+0.0065%	4h	0.7037	−0.289%	$980K	$703K	—	as long as short
MEXC ETHFI_USDTshort	+0.0086%	4h	0.7050	−0.102%	$16.0M	$4.0M	125x
Extended ETHFI-USD	+0.0088%	1h	0.7050	−0.100%	$95K	$379K	10x	as long as short
Binance ETHFIUSDT	+0.0088%	4h	0.7044	−0.186%	$24.4M	$35.0M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7060	+0.040%	$1.1M	$841K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7054	−0.045%	$17.5M	$7.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7059	+0.030%	$180K	$224K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7046	−0.158%	$17.6M	$12.5M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7053	−0.059%	$5.1M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7056	−0.017%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7053	−0.059%	$1.2M	$229K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7049	−0.116%	$6.1M	$5.2M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7054	−0.045%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7071	+0.196%	$70K	$118K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7061	+0.054%	$2K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7055	−0.031%	$8K	—	3x	as long as short
BloFin ETHFI-USDT	+0.0327%	4h	0.7048	−0.130%	$1.2M	$244K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0544%	1h	0.7075	+0.252%	$31K	$6K	50x	as long as short