Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0711%/8h= −77.9% APRpaid last 24h +0.005%

Price spread now: Kraken Futures against MEXC+0.142%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$540.537% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.142%, 7d avg +0.084%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.058% dearer against MEXC than usual: you sell high and buy low (spread +0.142% now, against its 7-day average of +0.084%): +$6 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.104% in total) that is about 3.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% 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	0.9796	0.0087	pay 0.0087% / 8h	2h 07m	$249K	$106K	50x
Short	Kraken Futures PF_FILUSD	0.9810	−0.0624	pay 0.0078% / 1h	7m 47s	$1.4M	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.142%Rate

Funding earned: −$149.4
Price spread: +0.142% → +0.084%: $5.82
Slippage, 4 orders: −$43.69
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$197.28
Costs to cover: 0.537%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Kraken Futures: live order book, 1 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, 5 min ago	1.53 bp	8.1 bp −$8	18.9 bp −$189	75.6 bp −$7,558	doesn't fit
Sell Kraken Futures live order book, 1 min ago	2.55 bp	15.9 bp −$16	35.6 bp −$356	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-PERPETUAL	−0.1175%	1h	0.9813	+0.174%	$169K	$23K	25x	as long as short
Kraken Futures PF_FILUSDshort	−0.0624%	1h	0.9810	+0.142%	$1.4M	$2.2M	50x
Coinbase International FIL-PERP-INTX	−0.0328%	1h	0.9856	+0.612%	$315K	$1.9M	50x	as long as short
Lighter FIL	−0.0312%	1h	0.9797	+0.006%	$156K	$337K	5x	as long as short
Bybit FILUSDT	−0.0035%	8h	0.9808	+0.122%	$15.4M	$17.9M	25x	as long as short
Bitget FILUSDT	−0.0030%	8h	0.9804	+0.082%	$10.8M	$21.4M	75x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9810	+0.142%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9807	+0.108%	$57K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0020%	8h	0.9805	+0.092%	$18.1M	$95.6M	50x	as long as short
KuCoin FILUSDTM	+0.0023%	8h	0.9805	+0.092%	$7.4M	$7.0M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective FIL/USDC PERP	+0.0033%	1h	0.9850	+0.551%	$2K	$182K	12x	as long as short
Variational Omni FIL	+0.0037%	8h	0.9797	+0.013%	$435K	$276K	—	as long as short
MEXC FIL_USDClong	+0.0087%	8h	0.9796	long leg	$249K	$106K	50x
Binance FILUSDT	+0.0088%	8h	0.9806	+0.104%	$56.4M	$174.6M	75x	as long as short
Extended FIL-USD	+0.0088%	1h	0.9805	+0.091%	$685K	$2.3M	10x	as long as short
Hyperliquid FIL	+0.0094%	1h	0.9807	+0.111%	$8.6M	$9.5M	5x	as long as short
BingX FIL-USDC	+0.0098%	8h	0.9806	+0.102%	—	$6.5M	—	as long as short
Aster FILUSDT	+0.0100%	8h	0.9806	+0.107%	$485K	$514K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9806	+0.102%	$7.8M	$16.4M	50x	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9795	−0.010%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9798	+0.021%	$287K	$801K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9810	+0.143%	$30K	$198K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9814	+0.187%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9800	+0.041%	$2K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9806	+0.102%	$474	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9812	+0.163%	$621K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9810	+0.143%	$1.0M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0208%	8h	0.9798	+0.020%	$2.6M	$640K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0624% / S −0.0759%	1h	0.9810	+0.147%	$217K	—	100x	as long as short