Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0870%/8h= +95.3% APRpaid last 24h +0.017%

Price spread now: Kraken Futures against Bitget+0.009%7-day average +0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,915as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,886as in the Price arb table

costs, in and out, $10k−$1,87618.763% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.382%−$38 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now +0.009%, 7d avg +0.102%

Together, before fees−0.321%−$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.092% cheaper against Bitget than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.102%). If the spread goes back, that is −$9 on $10k: about 8 hours of funding at the current rate (+$26 a day). Mind the row above: over the last 7 days funding on this pair cost −0.382%, 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 -0.382% in total (about -19.9% 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	Bitget MEWUSDT	0.0004612	0.0100	pay 0.0050% / 4h	47m 11s	$492K	$370K	50x
Short	Kraken Futures PF_MEWUSD	0.0004612	0.0970	get 0.0121% / 1h	47m 11s	$90K	$115K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.009%Rate

Funding earned: $182.7
Price spread: +0.009% → +0.102%: −$9.24
Slippage, 4 orders: −$1,854.32
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$1,702.86
Costs to cover: 18.763%
Break-even: 72.2 days

Slippage from Bitget: live order book, 4 min ago; Kraken Futures: live order book, 10 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 Bitget live order book, 4 min ago	6.50 bp	26.0 bp −$26	268.9 bp −$2,689	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 10 min ago	11.87 bp	61.8 bp −$62	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	0.0004600	−0.260%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−8.521%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004610	−0.052%	$1.2M	$3.0M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004608	−0.087%	$1.4M	$1.2M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004607	−0.108%	$518K	$765K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004610	−0.043%	$135K	$121K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004609	−0.065%	$381K	$174K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004616	+0.087%	$341K	$118K	30x	as long as short
Bitget MEWUSDTlong	+0.0100%	4h	0.0004612	long leg	$492K	$370K	50x
BingX MEW-USDT	+0.0100%	4h	0.0004612	0.000%	—	$24.2M	—	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	0.0004616	+0.091%	$81K	$32K	—	as long as short
Kraken Futures PF_MEWUSDshort	+0.0970%	1h	0.0004612	+0.009%	$90K	$115K	10x