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: BingX against Kraken Futures−0.157%53s7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$952as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$9989.982% of the position

Long on Kraken Futures Short on BingX

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)−0.090%−$9 · spread now −0.157%, 7d avg −0.152%

Together, before fees+0.370%+$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.152%, so right now this pair is about funding alone: −$18 a day on $10k at the current rate. 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. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

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 31s	$92K	$105K	10x
Short	BingX MEW-USDT	0.0004673	0.0100	get 0.0050% / 4h	3h 36m	—	$24.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$123.44
Price spread: −0.157% → −0.152%: −$0.46
Slippage, 4 orders: −$978.23
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1,122.13
Costs to cover: 9.982%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; BingX: live order book, 2 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, 36 min ago	11.76 bp	899.1 bp −$899	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	6.46 bp	22.2 bp −$22	62.9 bp −$629	616.0 bp −$61.6K	983.4 bp −$491.7K

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	0.0004680	−0.007%	—	—	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 MEWUSDT	+0.0100%	4h	0.0004681	+0.014%	$1.2M	$2.8M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004679	−0.029%	$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	0.0004666	−0.307%	$125K	$80K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004681	+0.014%	$387K	$173K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004671	−0.200%	$340K	$115K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004671	−0.200%	$495K	$365K	50x	as long as short
BingX MEW-USDTshort	+0.0100%	4h	0.0004673	−0.157%	—	$24.2M	—

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