Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0637%/8h= −69.8% APRpaid last 24h −0.159%

Price spread now: Deribit against MEXC+0.081%7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$430.430% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.358%−$36 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.081%, 7d avg +0.107%

Together, before fees−0.368%−$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Deribit is 0.027% cheaper against MEXC than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.107%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.358% in total (about -18.7% 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	0.9917	0.0082	pay 0.0082% / 8h	4h 45m	$240K	$103K	50x
Short	Deribit FIL_USDC-PERPETUAL	0.9925	−0.0555	pay 0.0069% / 1h	45m 14s	$171K	$23K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$133.77
Price spread: +0.081% → +0.107%: −$2.67
Slippage, 4 orders: −$36
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$179.44
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from MEXC: live order book, 59 min ago; Deribit: live order book, 13 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, 59 min ago	3.49 bp	4.3 bp −$4	11.1 bp −$111	82.4 bp −$8,238	doesn't fit
Sell Deribit live order book, 13 min ago	3.50 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit

FIL on 29 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-PERPETUALshort	−0.0555%	1h	0.9925	+0.081%	$171K	$23K	25x
Coinbase International FIL-PERP-INTX	−0.0208%	1h	0.9930	+0.131%	$374K	$2.1M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0064%	8h	0.9928	+0.111%	$18.5M	$103.5M	50x	as long as short
KuCoin FILUSDTM	−0.0021%	8h	0.9920	+0.030%	$7.4M	$7.4M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9924	+0.066%	$26K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9922	+0.051%	$58K	$2K	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.625%	$2K	$240K	12x	as long as short
Kraken Futures PF_FILUSD	+0.0044%	1h	0.9920	+0.027%	$1.3M	$2.3M	50x	as long as short
Binance FILUSDT	+0.0079%	8h	0.9916	−0.010%	$57.2M	$182.6M	75x	as long as short
Extended FIL-USD	+0.0080%	1h	0.9917	+0.002%	$704K	$3.3M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FIL_USDClong	+0.0082%	8h	0.9917	long leg	$240K	$103K	50x
Lighter FIL	+0.0096%	1h	0.9914	−0.026%	$154K	$360K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9921	+0.045%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9920	+0.027%	$511K	$599K	20x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9922	+0.050%	$15.7M	$19.9M	25x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9924	+0.071%	$8.4M	$16.5M	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9919	+0.020%	$11.1M	$20.4M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9922	+0.050%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9911	−0.064%	$446K	$265K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9930	+0.136%	$45K	$296K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9939	+0.224%	$296K	$948K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9920	+0.030%	$30K	$181K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9929	+0.118%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9920	+0.030%	$2K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9915	−0.020%	$474	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9929	+0.121%	$620K	$5.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9910	−0.071%	$1.1M	$2.5M	50x	as long as short
BloFin FIL-USDT	+0.0199%	8h	0.9915	−0.020%	$2.7M	$643K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0571% / S −0.0237%	1h	0.9923	+0.058%	$265K	—	100x	as long as short