Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.003%

Price spread now: Bulk against MEXC−0.059%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$90.092% of the position

Long on MEXC Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.059%+$6 · spread now −0.059%, 7d avg +0.011%

Together, before fees+0.080%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.070% cheaper against MEXC than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of +0.011%). If the spread goes back, that is −$7 on $10k: about 21 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,725.4	0.0089	pay 0.0089% / 8h	2h 35m	$1.56B	$2.57B	500x
Short	Bulk ETH-USD	2,723.8	0.0100	get 0.0013% / 1h	35m 18s	$163.8M	$329.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against MEXC. 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 MEXCbpFee BulkbpOrdersPrice spread, now −0.059%Rate

Funding earned: $2.31
Price spread: −0.059% → +0.011%: −$7
Slippage, 4 orders: −$0.22
Fee MEXC: 1 bp × 2 orders: −$2
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$13.91
Costs to cover: 0.092%
Break-even: 49.2 days

Slippage from MEXC: live order book, 4 min ago; Bulk: live order book, 4 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	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.1 bp −$112	4.0 bp −$2,006
Sell Bulk live order book, 4 min ago	0.09 bp	3.6 bp −$4	3.9 bp −$39	4.7 bp −$467	5.3 bp −$2,628

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	−0.0447%	43m	2,724.6	−0.031%	$283K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.2	−0.008%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0010%	8h	2,724	−0.054%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.2	−0.010%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,721.6	−0.141%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.5	+0.001%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.2	−0.155%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0012%	1h	2,725.1	−0.013%	$10.8M	$41.9M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.5	−0.034%	$186K	$786K	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,725.1	−0.012%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,723.7	−0.065%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0068%	1h	2,723.7	−0.064%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0070%	8h	2,724.6	−0.032%	$956K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,724.9	−0.019%	$179K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,725.4	−0.002%	$375.3M	$578.4M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,722.8	−0.096%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,724.6	−0.031%	$252.2M	$845.0M	200x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,724.3	−0.040%	$263.4M	$64.3M	150x	as long as short
MEXC ETH_USDTlong	+0.0089%	8h	2,725.4	long leg	$1.56B	$2.57B	500x
OKX ETH-USDT-SWAP	+0.0090%	8h	2,723.8	−0.059%	$1.66B	$10.81B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0091%	1h	2,726.3	+0.033%	$258.8M	$205.2M	50x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,724.8	−0.023%	$6.30B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,725.2	−0.007%	$111.5M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.2	+0.027%	$23.4M	$103.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.3	−0.041%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.1	+0.063%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,724.8	−0.024%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.3	+0.069%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.5	+0.002%	$31.9M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.2	−0.082%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.2	−0.010%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,723.8	−0.059%	$163.8M	$329.7M	25x
Gate ETH_USDT	+0.0100%	8h	2,725.2	−0.008%	$3.30B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.2	−0.007%	$2.08B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,723.7	−0.063%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	−0.081%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	−0.137%	$184.3M	$675.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	−0.067%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,723.1	−0.085%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,723.2	−0.082%	$20.9M	$71.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726	+0.021%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726.4	+0.036%	$11.2M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,725.2	−0.010%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.4	+0.036%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,725.2	−0.008%	$54.3M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.5	−0.036%	$30.5M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,725.2	−0.010%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,726.3	+0.031%	$49.9M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,725.3	−0.005%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,725.3	−0.005%	$6.4M	$692.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,725.6	+0.008%	$82.9M	$316.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,727.5	+0.077%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,724.5	−0.033%	$7.3M	$1.2M	25x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,724.8	−0.024%	$282.9M	$174.7M	150x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,724.2	−0.047%	$249K	$1.4M	20x	as long as short