Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0588%/8h= −64.4% APRpaid last 24h +0.007%

Price spread now: Binance against Kraken Futures−0.050%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$955as in the Funding arb table

Net, price: spread back to 7d avg − costs−$995as in the Price arb table

costs, in and out, $10k−$1,00110.014% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.460%+$46 on $10k

Price spread, last 3 days (all we have)−0.180%−$18 · spread now −0.050%, 7d avg −0.110%

Together, before fees+0.281%+$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.059% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.050% now, against its 7-day average of −0.110%): +$6 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.460%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MEWUSD	0.0004680	0.0688	pay 0.0086% / 1h	36m 50s	$92K	$105K	10x
Short	Binance MEWUSDT	0.0004678	0.0100	get 0.0050% / 4h	3h 36m	$1.2M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.050%Rate

Funding earned: −$123.44
Price spread: −0.050% → −0.110%: $5.95
Slippage, 4 orders: −$981.37
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$1,118.86
Costs to cover: 10.014%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 35 min ago; Binance: live order book, 14 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 Kraken Futures live order book, 35 min ago	11.76 bp	899.1 bp −$899	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	2.15 bp	21.9 bp −$22	83.7 bp −$837	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	0.0004660	−0.435%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−9.857%	$46	$14K	5.5x	as long as short
Binance MEWUSDTshort	+0.0100%	4h	0.0004678	−0.050%	$1.2M	$2.8M	50x
Bybit MEWUSDT	+0.0100%	4h	0.0004665	−0.328%	$1.5M	$1.1M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004676	−0.093%	$526K	$706K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004660	−0.435%	$124K	$80K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004675	−0.114%	$387K	$173K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004661	−0.413%	$340K	$115K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004661	−0.413%	$494K	$365K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004658	−0.478%	—	$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	0.0004658	−0.472%	$82K	$32K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0688%	1h	0.0004680	long leg	$92K	$105K	10x