Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.011%

Price spread now: Deribit against MEXC+0.103%52s7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on MEXC Short on Deribit

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)−0.093%−$9 · spread now +0.103%, 7d avg +0.047%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.056% dearer against MEXC than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of +0.047%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.053%, so the current rate has only just turned against you. The two prices were read 52 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	MEXC ETH_USDT	2,728.9	0.0089	pay 0.0089% / 8h	3h 25m	$1.55B	$2.57B	500x
Short	Deribit ETH-PERPETUAL	2,731.7	0.0069	get 0.0009% / 1h	25m 26s	$259.5M	$200.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.103%Rate

Funding earned: −$4.2
Price spread: +0.103% → +0.047%: $5.61
Slippage, 4 orders: −$0.84
Fee MEXC: 1 bp × 2 orders: −$2
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$8.43
Costs to cover: 0.098%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Deribit: 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	1.1 bp −$11	1.6 bp −$164	4.4 bp −$2,194
Sell Deribit live order book, 4 min ago	0.09 bp	3.8 bp −$4	5.5 bp −$55	11.8 bp −$1,184	20.7 bp −$10.4K

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	2,730.7	+0.063%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.3	+0.050%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,729.2	+0.011%	$1.06B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.1	+0.080%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,739	+0.369%	$821K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.5	+0.020%	$28.0M	—	200x	as long as short
dYdX ETH-USD	+0.0009%	1h	2,731.3	+0.086%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USD	+0.0026%	1h	2,729	+0.002%	$177K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,728.3	−0.022%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,729.2	+0.010%	$2.36B	$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	2,730.2	+0.047%	$186K	$815K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,729.4	+0.018%	$379.0M	$573.6M	100x	as long as short
Deribit ETH-PERPETUALshort	+0.0069%	1h	2,731.7	+0.103%	$259.5M	$200.2M	50x
SunX ETH-USDT	+0.0070%	8h	2,731.1	+0.079%	$957K	$11.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0074%	1h	2,732.1	+0.115%	$8.6M	$31.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,729.4	+0.019%	$1.66B	$10.73B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,729	+0.004%	$250.6M	$841.1M	200x	as long as short
Phemex ETHUSDT	+0.0085%	8h	2,731.2	+0.084%	$264.8M	$65.1M	150x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.4	+0.018%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDTlong	+0.0089%	8h	2,728.9	long leg	$1.55B	$2.57B	500x
Binance ETHUSDT	+0.0089%	8h	2,729	+0.003%	$6.34B	$15.93B	150x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,730.6	+0.061%	$54.4M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,730.5	+0.058%	$112.4M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.7	+0.102%	$23.4M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.9	+0.073%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	+0.153%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.6	+0.025%	$498K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732	+0.114%	$15.6M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.2	+0.048%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.6	+0.098%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.2	+0.081%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.6	+0.025%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	+0.066%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.275%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.8	+0.033%	$3.33B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.5	+0.021%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.6	+0.060%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.6	+0.026%	$133.3M	$321.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.8	+0.106%	$183.8M	$670.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.6	+0.209%	$159.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.2	+0.156%	$21.0M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.2	+0.082%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.1	+0.080%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.4	+0.091%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	+0.136%	$41.2M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.7	−0.008%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,730.4	+0.052%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,734.3	+0.198%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,732.2	+0.120%	$6.5M	$684.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.2	+0.082%	$50.9M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,731.2	+0.082%	$83.2M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,733.1	+0.153%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,728.6	−0.011%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.4	+0.127%	$242K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,732	+0.112%	$282.9M	$174.9M	150x	as long as short