Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0775%/8h= +84.9% APRpaid last 24h +0.035%

Price spread now: Kraken Futures against Binance+0.228%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3,215as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3,167as in the Price arb table

costs, in and out, $10k−$3,17831.781% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.373%−$37 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.228%, 7d avg +0.116%

Together, before fees−0.342%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Kraken Futures is 0.111% dearer against Binance than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.116%. Mind the row above: over the last 7 days funding on this pair cost −0.373%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.373% in total (about -19.5% 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	Binance MEWUSDT	0.0004834	0.0100	pay 0.0050% / 4h	3h 29m	$1.3M	$3.3M	50x
Short	Kraken Futures PF_MEWUSD	0.0004845	0.0875	get 0.0109% / 1h	29m 48s	$91K	$119K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.228%Rate

Funding earned: $162.83
Price spread: +0.228% → +0.116%: $11.11
Slippage, 4 orders: −$3,158.09
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$3,004.15
Costs to cover: 31.781%
Break-even: 136.1 days

Slippage from Binance: live order book, 6 min ago; Kraken Futures: live order book, 22 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 Binance live order book, 6 min ago	2.07 bp	20.1 bp −$20	122.2 bp −$1,222	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 22 min ago	11.43 bp	86.3 bp −$86	doesn't fit	doesn't fit	doesn't fit

MEW on 12 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
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004830	−0.074%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−12.715%	$46	$14K	5.5x	as long as short
Binance MEWUSDTlong	+0.0100%	4h	0.0004834	long leg	$1.3M	$3.3M	50x
Bybit MEWUSDT	+0.0100%	4h	0.0004834	+0.008%	$1.5M	$1.4M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004818	−0.323%	$553K	$872K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004832	−0.033%	$144K	$134K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004835	+0.029%	$396K	$178K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004831	−0.054%	$340K	$125K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004829	−0.095%	$535K	$461K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004837	+0.070%	—	$6.7M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004843	+0.198%	$87K	$34K	—	as long as short
Kraken Futures PF_MEWUSDshort	+0.0875%	1h	0.0004845	+0.228%	$91K	$119K	10x