Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0687%/8h= −75.2% APRpaid last 24h −0.053%

Price spread now: Gate against Kraken Futures−0.142%7-day average −0.263% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,352as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,374as in the Price arb table

costs, in and out, $10k−$1,38613.859% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.341%+$34 on $10k

Price spread, last 4 days (all we have)−0.187%−$19 · spread now −0.142%, 7d avg −0.263%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.120% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.142% now, against its 7-day average of −0.263%): +$12 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 14 hours. Mind the row above: over the last 7 days funding on this pair paid +0.341%, 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 0.341% in total (about 17.8% 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	0.0004767	0.0787	pay 0.0098% / 1h	6m 20s	$93K	$133K	10x
Short	Gate MEW_USDT	0.0004760	0.0100	get 0.0050% / 4h	1h 06m	$139K	$144K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.142%Rate

Funding earned: −$144.21
Price spread: −0.142% → −0.263%: $12.05
Slippage, 4 orders: −$1,360.9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,518.07
Costs to cover: 13.859%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; Gate: live order book, 29 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	11.64 bp	1065.4 bp −$1,065	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 29 min ago	7.43 bp	124.3 bp −$124	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	0.0004760	−0.142%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−11.491%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004774	+0.152%	$1.3M	$3.6M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004768	+0.026%	$1.5M	$1.6M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004760	−0.142%	$549K	$914K	20x	as long as short
Gate MEW_USDTshort	+0.0100%	4h	0.0004760	−0.142%	$139K	$144K	50x
MEXC MEW_USDT	+0.0100%	4h	0.0004775	+0.173%	$378K	$188K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004769	+0.047%	$333K	$117K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004766	−0.016%	$486K	$537K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004762	−0.100%	—	$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	0.0004737	−0.622%	$84K	$36K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0787%	1h	0.0004767	long leg	$93K	$133K	10x