Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0513%/8h= +56.1% APRpaid last 24h +0.025%

Price spread now: MEXC against Perpl−0.002%46s7-day average −0.021% · you buy dearer than you sell

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

Long on Perpl Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 7 days−0.001%$0 · spread now −0.002%, 7d avg −0.021%

Together, before fees−0.141%+ Points / potential airdropPerpl: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.141%, so the current rate has only just turned in your favour. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.141% in total (about -7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,775.9	−0.0447	get 0.0040% / 43m	29m 37s	$288K	$6.9M	8.3x
Short	MEXC ETH_USDT	2,775.9	0.0066	get 0.0066% / 8h	1h 16m	$1.62B	$2.67B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Perpl. 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 PerplbpFee MEXCbpOrdersPrice spread, now −0.002%Rate

Funding earned: $107.63
Price spread: −0.002% → −0.021%: $1.91
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee MEXC: 1 bp × 2 orders: −$2
Net: $93.74
Costs to cover: 0.158%
Break-even: 0.9 days

Slippage unknown: Perpl: 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 Perpl no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.4 bp −$145	4.1 bp −$2,032

Perpl: 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
Perpl ETHlong	−0.0447%	43m	2,775.9	long leg	$288K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,776	+0.004%	$5.7M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.6	+0.024%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.133%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.1	+0.006%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0011%	1h	2,777.4	+0.054%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.6	−0.010%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	+0.133%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.9	+0.001%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,776.2	+0.009%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0019%	8h	2,776	+0.002%	$1.70B	$11.86B	100x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,775.6	−0.013%	$270.0M	$68.5M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,775.8	−0.005%	$12.9M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0027%	1h	2,776.8	+0.031%	$258.4M	$222.4M	50x	as long as short
Bullet ETH-USD	+0.0037%	1h	2,774.9	−0.035%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,775.8	−0.005%	$256.5M	$991.8M	200x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,775.6	−0.011%	$14.2M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.3	−0.057%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,775.8	−0.004%	$6.44B	$17.21B	150x	as long as short
MEXC ETH_USDTshort	+0.0066%	8h	2,775.9	−0.002%	$1.62B	$2.67B	500x
Bitget ETHUSDT	+0.0069%	8h	2,776.2	+0.011%	$2.10B	$3.10B	150x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,780.3	+0.156%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,776.2	+0.010%	$3.29B	$9.65B	200x	as long as short
SoDEX ETH-USD	+0.0076%	1h	2,775.4	−0.019%	$55.3M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,775.9	−0.001%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,774.7	−0.044%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,775.5	−0.015%	$115.2M	$502.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.2	+0.047%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.6	+0.024%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,775.5	−0.016%	$422.5M	$739.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775	−0.034%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.3	+0.014%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.6	+0.061%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776	+0.001%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.7	−0.044%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.6	+0.062%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.108%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.6	−0.012%	$15.2M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	+0.097%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779.6	+0.134%	$181.9M	$783.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.6	+0.060%	$161.5M	$91.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.3	+0.050%	$21.4M	$58.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.2	+0.012%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.6	+0.024%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.1	+0.006%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.6	+0.062%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775	−0.034%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.7	−0.008%	$32.6M	$77.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.4	+0.019%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,776.7	+0.028%	$8.4M	$679.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,778	+0.075%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,776.2	+0.011%	$86.0M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,775.5	−0.015%	$284.2M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,774.9	−0.038%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,778.8	+0.104%	$270K	$1.5M	20x	as long as short