Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0781%/8h= −85.6% APRpaid last 24h −0.035%

Price spread now: OKX against Kraken Futures−0.048%7-day average −0.184% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3,185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3,203as in the Price arb table

costs, in and out, $10k−$3,21732.167% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.319%+$32 on $10k

Price spread, last 4 days (all we have)−0.169%−$17 · spread now −0.048%, 7d avg −0.184%

Together, before fees+0.150%+$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.137% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.048% now, against its 7-day average of −0.184%): +$14 on $10k if it goes back. Holding the pair costs −$23 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 +0.319%, 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 0.319% in total (about 16.7% 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	0.0004811	0.0881	pay 0.0110% / 1h	48m 47s	$90K	$117K	10x
Short	OKX MEW-USDT-SWAP	0.0004809	0.0100	get 0.0050% / 4h	3h 48m	$555K	$846K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$164.11
Price spread: −0.048% → −0.184%: $13.67
Slippage, 4 orders: −$3,196.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$3,367.13
Costs to cover: 32.167%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; OKX: 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, 3 min ago	11.43 bp	3049.2 bp −$3,049	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	5.22 bp	38.6 bp −$39	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	0.0004790	−0.443%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−12.311%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004815	+0.077%	$1.3M	$3.1M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004811	−0.006%	$1.5M	$1.4M	25x	as long as short
OKX MEW-USDT-SWAPshort	+0.0100%	4h	0.0004809	−0.048%	$555K	$846K	20x
Gate MEW_USDT	+0.0100%	4h	0.0004798	−0.276%	$143K	$132K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004815	+0.077%	$394K	$176K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004807	−0.089%	$341K	$124K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004815	+0.077%	$528K	$450K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004810	−0.027%	—	$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	0.0004791	−0.419%	$84K	$32K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0881%	1h	0.0004811	long leg	$90K	$117K	10x