Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0373%/8h= −40.8% APRpaid last 24h −0.113%

Price spread now: Coinbase International against MEXC+0.698%51s7-day average +0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.454% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 3 days (all we have)−0.574%−$57 · spread now +0.698%, 7d avg +0.139%

Together, before fees−0.803%−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.559% dearer against MEXC than usual: you sell high and buy low (spread +0.698% now, against its 7-day average of +0.139%): +$56 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 5.0 days. At the pace of the last 7 days (−0.229% in total) that is about 17 days. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.229% in total (about -11.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC FIL_USDC	1.0030	0.0077	pay 0.0077% / 8h	6h 25m	$246K	$105K	50x
Short	Coinbase International FIL-PERP-INTX	1.0100	−0.0296	pay 0.0037% / 1h	25m 31s	$384K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.698%Rate

Funding earned: −$78.33
Price spread: +0.698% → +0.139%: $55.93
Slippage, 4 orders: −$35.41
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$67.81
Costs to cover: 0.454%
Break-even: from the start

Slippage from MEXC: live order book, 24 min ago; Coinbase International: live order book, 3 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, 24 min ago	3.50 bp	7.7 bp −$8	13.3 bp −$133	67.9 bp −$6,793	doesn't fit
Sell Coinbase International live order book, 3 min ago	5.48 bp	14.2 bp −$14	20.4 bp −$204	doesn't fit	doesn't fit

FIL on 28 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
Deribit FIL_USDC-PERPETUAL	−0.0544%	1h	1.0068	+0.379%	$173K	$23K	25x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0296%	1h	1.0100	+0.698%	$384K	$2.2M	50x
Kraken Futures PF_FILUSD	−0.0190%	1h	1.0069	+0.387%	$1.4M	$2.4M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0051%	8h	1.0034	+0.040%	$18.6M	$99.8M	50x	as long as short
KuCoin FILUSDTM	−0.0036%	8h	1.0035	+0.050%	$7.5M	$7.2M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	1.0064	+0.342%	$26K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	1.0031	+0.006%	$58K	$2K	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−1.745%	$2K	$240K	12x	as long as short
Binance FILUSDT	+0.0038%	8h	1.0035	+0.050%	$58.1M	$179.8M	75x	as long as short
Extended FIL-USD	+0.0040%	1h	1.0031	+0.014%	$706K	$3.3M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FIL_USDClong	+0.0077%	8h	1.0030	long leg	$246K	$105K	50x
Gate FIL_USDT	+0.0078%	8h	1.0036	+0.060%	$8.4M	$16.3M	50x	as long as short
Lighter FIL	+0.0096%	1h	1.0037	+0.069%	$161K	$352K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	1.0036	+0.065%	$8.6M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	1.0045	+0.151%	$514K	$582K	20x	as long as short
Bybit FILUSDT	+0.0100%	8h	1.0036	+0.060%	$15.9M	$19.0M	25x	as long as short
Bitget FILUSDT	+0.0100%	8h	1.0032	+0.020%	$11.1M	$21.3M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	1.0034	+0.040%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	1.0060	+0.298%	$453K	$269K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	1.0083	+0.531%	$46K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	1.0087	+0.567%	$294K	$872K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	1.0010	−0.199%	$30K	$188K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	1.0073	+0.433%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	1.0050	+0.199%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	1.0060	+0.299%	$496	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	1.0067	+0.369%	$653K	$5.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	1.0060	+0.299%	$1.1M	$2.3M	50x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0575% / S −0.0237%	1h	1.0065	+0.348%	$269K	—	100x	as long as short