Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0785%/8h= −86.0% APRpaid last 24h −0.017%

Price spread now: Bybit against Kraken Futures−0.353%7-day average −0.195% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,844as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,899as in the Price arb table

costs, in and out, $10k−$1,88318.830% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.390%+$39 on $10k

Price spread, last 4 days (all we have)+0.319%+$32 · spread now −0.353%, 7d avg −0.195%

Together, before fees+0.709%+$71 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Bybit is 0.157% cheaper against Kraken Futures than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.195%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.390%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.390% in total (about 20.3% 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	Kraken Futures PF_MEWUSD	0.0004791	0.0885	pay 0.0111% / 1h	54m 23s	$90K	$115K	10x
Short	Bybit MEWUSDT	0.0004774	0.0100	get 0.0050% / 4h	3h 54m	$1.5M	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.353%Rate

Funding earned: −$164.89
Price spread: −0.353% → −0.195%: −$15.73
Slippage, 4 orders: −$1,862.03
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2,063.65
Costs to cover: 18.830%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 63 min ago; Bybit: 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, 63 min ago	11.87 bp	1768.8 bp −$1,769	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	5.25 bp	22.8 bp −$23	58.0 bp −$580	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	0.0004770	−0.436%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−11.937%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004779	−0.248%	$1.3M	$3.0M	50x	as long as short
Bybit MEWUSDTshort	+0.0100%	4h	0.0004774	−0.353%	$1.5M	$1.3M	25x
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004768	−0.478%	$543K	$820K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004768	−0.478%	$147K	$127K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004776	−0.311%	$395K	$175K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004771	−0.415%	$336K	$120K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004779	−0.248%	$489K	$386K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004775	−0.332%	—	$4.2M	—	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	0.0004756	−0.735%	$83K	$32K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0885%	1h	0.0004791	long leg	$90K	$115K	10x