Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.016%

Price spread now: MEXC against Derive−0.127%54s7-day average −0.061% · you buy dearer than you sell

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

Long on Derive Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$16 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.127%, 7d avg −0.061%

Together, before fees−0.075%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and MEXC is 0.066% cheaper against Derive than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.061%). Swap the legs. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,776	0.0100	pay 0.0013% / 1h	36m 24s	$42.7M	$29.0M	15x
Short	MEXC ETH_USDT	2,772.5	0.0055	get 0.0055% / 8h	7h 36m	$1.63B	$2.63B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Derive. 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 DerivebpFee MEXCbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$9.45
Price spread: −0.127% → −0.061%: −$6.62
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$24.07
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; MEXC: live order book, 3 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 Derive no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.5 bp −$152	4.3 bp −$2,149

Derive: 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.

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
Injective ETH/USDC PERP	−0.0752%	1h	2,762.9	−0.472%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,773.5	−0.089%	$5.7M	$11.3M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,772	−0.143%	$321K	$6.4M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.2	−0.065%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0052%	8h	2,773.8	−0.079%	$270.0M	$67.4M	150x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.6	−0.087%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	−0.162%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.2	−0.065%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.3	−0.099%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0024%	8h	2,772.9	−0.113%	$1.71B	$11.24B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0024%	1h	2,772.5	−0.126%	$183K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,773.2	−0.102%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,773.2	−0.100%	$256.9M	$886.9M	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,773.9	−0.076%	$55.3M	$187.9M	40x	as long as short
MEXC ETH_USDTshort	+0.0055%	8h	2,772.5	−0.127%	$1.63B	$2.63B	500x
Binance ETHUSDT	+0.0055%	8h	2,772.8	−0.114%	$6.47B	$16.39B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.5	−0.162%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0060%	1h	2,773.2	−0.101%	$31K	$23K	20x	as long as short
HTX ETH-USDT	+0.0064%	8h	2,773.8	−0.081%	$1.08B	$1.26B	200x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,773	−0.109%	$2.10B	$2.89B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,772.8	−0.116%	$3.35B	$8.97B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.3	−0.027%	$60.4M	$4.46B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,772.9	−0.114%	$420.7M	$634.7M	100x	as long as short
Vest ETH-PERP	+0.0084%	1h	2,773	−0.110%	—	$878K	50x	as long as short
ApeX Omni ETHUSDT	+0.0093%	1h	2,773	−0.108%	$8.7M	$32.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,774.4	−0.059%	$115.4M	$457.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.9	−0.003%	$25.8M	$111.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.3	−0.098%	$15.9M	$8.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.7	−0.083%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.7	−0.119%	$14.8M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.1	−0.033%	$3.18B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.4	−0.057%	$31.4M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.2	−0.101%	$2.51B	$4.39B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.2	−0.101%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.2	−0.064%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.222%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,772.4	−0.128%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.3	−0.061%	$15.2M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.8	−0.151%	$148.1M	$340.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773	−0.110%	$182.0M	$786.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	−0.164%	$161.2M	$84.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	−0.123%	$21.4M	$61.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.9	−0.112%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.9	−0.074%	$21K	$22K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,776	long leg	$42.7M	$29.0M	15x
SunX ETH-USDT	+0.0100%	8h	2,771.4	−0.164%	$971K	$13.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.8	−0.115%	$32.5M	$72.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.5	−0.090%	—	$38.0M	500x	as long as short
Kalshi KXETHPERP	+0.0107%	8h	2,773.3	−0.097%	$8.0M	$684.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0125%	1h	2,775.5	−0.019%	$259.1M	$207.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,775.4	−0.020%	$93.5M	$317.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0149%	8h	2,775.6	−0.016%	$32.7M	$11.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.4	−0.166%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,773.9	−0.075%	$288.3M	$186.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,772.6	−0.122%	$7.3M	$1.2M	25x	as long as short