Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0005%/8h= +0.5% APRpaid last 24h −0.011%

Price spread now: MEXC against Deribit−0.037%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$100.098% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.037%, 7d avg −0.047%

Together, before fees−0.025%−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,733.3	0.0087	pay 0.0011% / 1h	26m 50s	$259.5M	$200.1M	50x
Short	MEXC ETH_USDT	2,732.3	0.0092	get 0.0092% / 8h	3h 26m	$1.55B	$2.57B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.037%Rate

Funding earned: $1.05
Price spread: −0.037% → −0.047%: $0.99
Slippage, 4 orders: −$0.84
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$7.79
Costs to cover: 0.098%
Break-even: 59.0 days

Slippage from Deribit: live order book, 2 min ago; MEXC: 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 Deribit live order book, 2 min ago	0.09 bp	4.0 bp −$4	5.1 bp −$51	9.9 bp −$986	19.7 bp −$9,873
Sell MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	1.8 bp −$898

ETH on 55 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
Perpl ETH	−0.0335%	43m	2,732.3	−0.037%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.8	−0.017%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.3	−0.034%	$11.9M	—	200x	as long as short
HTX ETH-USDT	−0.0009%	8h	2,730.7	−0.093%	$1.06B	$1.20B	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,739	+0.210%	$821K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,732.8	−0.018%	$10.7M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732.5	−0.029%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0025%	1h	2,731.9	−0.050%	$178K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,732	−0.046%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0040%	8h	2,731.7	−0.057%	$2.37B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,732.8	−0.017%	$186K	$816K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,731.8	−0.055%	$380.2M	$573.6M	100x	as long as short
SunX ETH-USDT	+0.0074%	8h	2,731.1	−0.080%	$957K	$11.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,731.9	−0.051%	$1.67B	$10.73B	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,732.5	−0.027%	$250.9M	$842.0M	200x	as long as short
ApeX Omni ETHUSDT	+0.0085%	1h	2,737.8	+0.165%	$8.7M	$31.2M	100x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,732.1	−0.042%	$264.9M	$65.1M	150x	as long as short
Deribit ETH-PERPETUALlong	+0.0087%	1h	2,733.3	long leg	$259.5M	$200.1M	50x
Binance ETHUSDT	+0.0091%	8h	2,732.2	−0.040%	$6.35B	$15.90B	150x	as long as short
MEXC ETH_USDTshort	+0.0092%	8h	2,732.3	−0.037%	$1.55B	$2.57B	500x
SoDEX ETH-USD	+0.0092%	1h	2,732	−0.046%	$54.4M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,732.5	−0.029%	$112.6M	$432.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.7	+0.016%	$23.4M	$104.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.9	−0.014%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.7	−0.130%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	−0.006%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.1	−0.042%	$505K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735	+0.062%	$15.6M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.3	−0.036%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.2	+0.034%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.1	−0.006%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.8	−0.053%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.1	−0.004%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.116%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732	−0.046%	$3.33B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.1	−0.042%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.6	−0.062%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.4	+0.152%	$133.6M	$321.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.7	+0.051%	$184.0M	$670.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.6	+0.050%	$159.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,735.1	+0.067%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.5	+0.008%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.6	+0.012%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733	−0.008%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.9	+0.023%	$41.3M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.1	−0.079%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,732.8	−0.015%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,735.9	+0.095%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.8	−0.018%	$50.8M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,732.8	−0.017%	$6.5M	$684.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,732.7	−0.022%	$83.2M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,734.4	+0.042%	$32.1M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,731.3	−0.071%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,735.5	+0.083%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,732	−0.046%	$282.9M	$174.9M	150x	as long as short