Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0534%/8h= −58.5% APRpaid last 24h −0.039%

Price spread now: Deribit against MEXC+0.016%52s7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.377% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.220%−$22 on $10k

Price spread, last 4 days (all we have)+0.166%+$17 · spread now +0.016%, 7d avg −0.008%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.025% dearer against MEXC than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.008%): +$2 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.220% in total) that is about 19 hours. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.220% in total (about -11.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC OP_USDT	0.1246	−0.0018	get 0.0018% / 8h	5h 57m	$22.0M	$7.3M	300x
Short	Deribit OP_USDC-PERPETUAL	0.1246	−0.0552	pay 0.0069% / 1h	57m 28s	$30K	$113K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee DeribitbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$112.14
Price spread: +0.016% → −0.008%: $2.45
Slippage, 4 orders: −$30.69
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$147.38
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Deribit: live order book, 54 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 MEXC live order book, 4 min ago	0.40 bp	3.6 bp −$4	10.8 bp −$108	61.2 bp −$6,116	96.6 bp −$48.3K
Sell Deribit live order book, 54 min ago	8.03 bp	11.5 bp −$12	doesn't fit	doesn't fit	doesn't fit

OP on 30 exchanges

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 OP/USD [OP-USDC]	L −0.0886% / S +0.0200%	1h	0.1247	+0.095%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUALshort	−0.0552%	1h	0.1246	+0.016%	$30K	$113K	25x
Hyperliquid OP	−0.0429%	1h	0.1246	+0.008%	$3.8M	$4.0M	5x	as long as short
Orderly PERP_OP_USDC	−0.0059%	8h	0.1246	+0.016%	$12K	$232K	10x	as long as short
Coinbase International OP-PERP-INTX	−0.0048%	1h	0.1244	−0.144%	$25K	$67K	50x	as long as short
Binance OPUSDT	−0.0023%	8h	0.1246	−0.008%	$19.2M	$65.9M	75x	as long as short
MEXC OP_USDTlong	−0.0018%	8h	0.1246	long leg	$22.0M	$7.3M	300x
Extended OP-USD	−0.0016%	1h	0.1246	+0.013%	$100K	$581K	25x	as long as short
SoDEX OP-USD	−0.0005%	1h	0.1246	−0.016%	$195	$5K	5x	as long as short
dYdX OP-USD	0.0000%	1h	0.1247	+0.072%	$39K	$522	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1247	+0.064%	—	—	150x	as long as short
Gate OP_USDT	+0.0013%	8h	0.1247	+0.072%	$2.0M	$1.3M	50x	as long as short
GRVT OP_USDT_Perp	+0.0030%	8h	0.1246	−0.009%	$307K	$5.4M	10x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1257	+0.899%	$35K	$67K	12x	as long as short
Variational Omni OP	+0.0065%	8h	0.1244	−0.132%	$220K	$46K	—	as long as short
Aevo OP-PERP	+0.0080%	1h	0.1247	+0.067%	$3K	$1K	3x	as long as short
Lighter OP	+0.0096%	1h	0.1246	+0.048%	$264K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1247	+0.096%	$207K	$211K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1246	0.000%	$18.1M	$24.6M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1246	+0.032%	$6.0M	$27.7M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1246	+0.016%	$2.9M	$5.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1246	+0.016%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1246	+0.032%	—	$6.5M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1246	−0.016%	$109K	$219K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1244	−0.148%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1247	+0.096%	$43K	$689K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1249	+0.241%	$169K	$252K	50x	as long as short
BloFin OP-USDT	+0.0101%	8h	0.1247	+0.104%	$983K	$282K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0155%	1h	0.1248	+0.165%	$742K	$747K	20x	as long as short
Reya OPRUSDPERP	+0.0446%	1h	0.1246	+0.004%	$693	—	20x	as long as short