Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0711%/8h= +77.9% APRpaid last 24h −0.013%

Price spread now: Kraken Futures against OKX+0.413%7-day average +0.184% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3,616as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3,555as in the Price arb table

costs, in and out, $10k−$3,57835.781% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.380%−$38 on $10k

Price spread, last 3 days (all we have)−0.202%−$20 · spread now +0.413%, 7d avg +0.184%

Together, before fees−0.582%−$58 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Kraken Futures is 0.228% dearer against OKX than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.184%. Mind the row above: over the last 7 days funding on this pair cost −0.380%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.380% in total (about -19.8% 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	OKX MEW-USDT-SWAP	0.0004651	0.0100	pay 0.0050% / 4h	2h 45m	$524K	$728K	20x
Short	Kraken Futures PF_MEWUSD	0.0004670	0.0811	get 0.0101% / 1h	45m 37s	$91K	$106K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.413%Rate

Funding earned: $149.34
Price spread: +0.413% → +0.184%: $22.84
Slippage, 4 orders: −$3,558.08
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$3,405.9
Costs to cover: 35.781%
Break-even: 166.6 days

Slippage from OKX: live order book, 20 min ago; Kraken Futures: live order book, 21 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 OKX live order book, 20 min ago	3.19 bp	31.0 bp −$31	6480.2 bp −$64.8K	145919.9 bp −$14.59M	doesn't fit
Sell Kraken Futures live order book, 21 min ago	44.48 bp	90.5 bp −$90	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	−0.022%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−9.288%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004657	+0.133%	$1.2M	$2.9M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004657	+0.129%	$1.5M	$1.1M	25x	as long as short
OKX MEW-USDT-SWAPlong	+0.0100%	4h	0.0004651	long leg	$524K	$728K	20x
Gate MEW_USDT	+0.0100%	4h	0.0004653	+0.043%	$132K	$102K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004656	+0.108%	$387K	$176K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004652	+0.022%	$337K	$116K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004656	+0.108%	$490K	$371K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004658	+0.151%	—	$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	0.0004656	+0.113%	$82K	$32K	—	as long as short
Kraken Futures PF_MEWUSDshort	+0.0811%	1h	0.0004670	+0.413%	$91K	$106K	10x