Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.035%

Price spread now: MEXC against Coinbase International−0.477%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 5 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 −$8 a day on $10k at the current rate, and MEXC is 0.477% cheaper against Coinbase International than usual: you would sell low and buy high (−$48 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	Coinbase International W-PERP-INTX	0.01195	0.0360	pay 0.0045% / 1h	1m 39s	$14K	$15K	50x
Short	MEXC W_USDT	0.01190	0.0100	get 0.0050% / 4h	1m 39s	$12.9M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. 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 Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now −0.477%Rate

Funding earned: −$54.6
Price spread: −0.477% → 0.000%: −$47.68
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$116.28
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; MEXC: live order book, 2 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 Coinbase International no order-book sample	—	—	—	—	—
Sell MEXC live order book, 2 min ago	2.10 bp	11.8 bp −$12	58.8 bp −$588	86.0 bp −$8,602	179.4 bp −$89.7K

Coinbase International: 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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0086%	1h	0.01189	−0.527%	$15K	$3K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+1.138%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01189	−0.535%	$2.0M	$331K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01189	−0.518%	$3.0M	$6.3M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01188	−0.577%	$4.2M	$1.8M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01189	−0.494%	$1.3M	$1.8M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01187	−0.719%	$449K	$231K	75x	as long as short
MEXC W_USDTshort	+0.0100%	4h	0.01190	−0.477%	$12.9M	$1.4M	50x
KuCoin WUSDTM	+0.0100%	4h	0.01189	−0.535%	$377K	$210K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01191	−0.368%	$1.3M	$568K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01189	−0.535%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01186	−0.800%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01189	−0.535%	$128K	$414K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01191	−0.409%	$62K	$230K	5x	as long as short
Coinbase International W-PERP-INTXlong	+0.0360%	1h	0.01195	long leg	$14K	$15K	50x
Backpack W_USDC_PERP	+0.1142%	1h	0.01191	−0.393%	$44K	$43K	15x	as long as short
Kraken Futures PF_WUSD	+0.1677%	1h	0.01192	−0.259%	$148K	$184K	20x	as long as short