Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.2174%/8h= −238.1% APRpaid last 24h +0.021%

Price spread now: KuCoin against Kraken Futures−0.140%7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,608as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,649as in the Price arb table

costs, in and out, $10k−$1,65116.513% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.433%+$43 on $10k

Price spread, last 3 days (all we have)−0.097%−$10 · spread now −0.140%, 7d avg −0.165%

Together, before fees+0.336%+$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.025% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.140% now, against its 7-day average of −0.165%): +$3 on $10k if it goes back. Holding the pair costs −$65 a day in funding at the current rate, which eats that in about under an hour. Mind the row above: over the last 7 days funding on this pair paid +0.433%, 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 0.433% in total (about 22.6% 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	0.0004666	0.2274	pay 0.0284% / 1h	17m 16s	$92K	$129K	10x
Short	KuCoin MEWUSDTM	0.0004659	0.0100	get 0.0050% / 4h	17m 16s	$341K	$114K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$456.57
Price spread: −0.140% → −0.165%: $2.51
Slippage, 4 orders: −$1,629.26
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$2,105.33
Costs to cover: 16.513%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 60 min ago; KuCoin: live order book, 44 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, 60 min ago	27.84 bp	1047.0 bp −$1,047	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 44 min ago	8.54 bp	358.8 bp −$359	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	0.0004650	−0.333%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−9.571%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004663	−0.050%	$1.1M	$2.7M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004661	−0.097%	$1.5M	$1.0M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004659	−0.140%	$521K	$687K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004652	−0.290%	$123K	$77K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004663	−0.054%	$386K	$173K	125x	as long as short
KuCoin MEWUSDTMshort	+0.0100%	4h	0.0004659	−0.140%	$341K	$114K	30x
Bitget MEWUSDT	+0.0100%	4h	0.0004660	−0.118%	$486K	$360K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004659	−0.140%	—	$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	0.0004642	−0.496%	$82K	$32K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.2274%	1h	0.0004666	long leg	$92K	$129K	10x