Funding arb · Price arb /

UMA

all UMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.3072%/8h= −336.4% APRpaid last 24h −0.481%

Price spread now: MEXC against Kraken Futures−0.302%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$92 a day on $10k at the current rate, and MEXC is 0.302% cheaper against Kraken Futures than usual: you would sell low and buy high (−$30 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_UMAUSD	0.3994	0.3172	pay 0.0397% / 1h	50m 40s	$14K	$6K	10x
Short	MEXC UMA_USDT	0.3982	0.0100	get 0.0050% / 4h	50m 40s	$208K	$179K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.302%Rate

Funding earned: −$645.13
Price spread: −0.302% → 0.000%: −$30.24
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$689.37
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; MEXC: live order book, 45 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell MEXC live order book, 45 min ago	1.25 bp	17.1 bp −$17	72.3 bp −$723	121.6 bp −$12.2K	353.6 bp −$176.8K

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

UMA on 13 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
Hyperliquid UMA	+0.0100%	1h	0.3987	−0.187%	$214K	$72K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.3984	−0.250%	$24K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.3982	−0.302%	$1.5M	$1.2M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.3986	−0.202%	$679K	$147K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.3984	−0.252%	$309K	$241K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.3990	−0.102%	$71K	$41K	25x	as long as short
MEXC UMA_USDTshort	+0.0100%	4h	0.3982	−0.302%	$208K	$179K	50x
KuCoin UMAUSDTM	+0.0100%	4h	0.3983	−0.277%	$152K	$59K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.3987	−0.177%	$980K	$79K	50x	as long as short
BingX UMA-USDT	+0.0100%	4h	0.3984	−0.252%	—	$2.3M	—	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni UMA	+0.0100%	4h	0.3988	−0.141%	$4K	$1	—	as long as short
BloFin UMA-USDT	+0.0123%	4h	0.3986	−0.202%	$73K	$5K	50x	as long as short
Kraken Futures PF_UMAUSDlong	+0.3172%	1h	0.3994	long leg	$14K	$6K	10x