Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0820%/8h= −89.8% APRpaid last 24h +0.061%

Price spread now: MEXC against Kraken Futures−0.310%51s7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as 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−$930.929% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.313%−$31 on $10k

Price spread, last 4 days (all we have)+0.209%+$21 · spread now −0.310%, 7d avg −0.100%

Together, before fees−0.105%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and MEXC is 0.210% cheaper against Kraken Futures than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.100%). Swap the legs. The two prices were read 51 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 -0.313% in total (about -16.3% 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	Kraken Futures PF_ETHFIUSD	0.6972	0.0820	pay 0.0102% / 1h	4m 25s	$291K	$283K	20x
Short	MEXC ETHFI_USDT	0.6950	0	get 0.0000% / 4h	4m 25s	$15.7M	$4.2M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.310%Rate

Funding earned: −$172.19
Price spread: −0.310% → −0.100%: −$20.99
Slippage, 4 orders: −$78.94
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$286.12
Costs to cover: 0.929%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 33 min ago; MEXC: 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 Kraken Futures live order book, 33 min ago	17.99 bp	34.7 bp −$35	141.0 bp −$1,410	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.72 bp	5.3 bp −$5	11.2 bp −$112	57.4 bp −$5,738	154.8 bp −$77.4K

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0468%	1h	0.6959	−0.181%	$41K	$12K	10x	as long as short
HTX ETHFI-USDT	−0.0413%	4h	0.6949	−0.325%	$82K	$149K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0285%	4h	0.6950	−0.310%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0233%	4h	0.6951	−0.295%	$916K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0109%	8h	0.6951	−0.293%	$6K	—	5x	as long as short
Bybit ETHFIUSDT	−0.0103%	4h	0.6951	−0.296%	$17.1M	$12.9M	25x	as long as short
Binance ETHFIUSDT	−0.0002%	4h	0.6949	−0.325%	$24.2M	$35.9M	75x	as long as short
Extended ETHFI-USD	0.0000%	1h	0.6948	−0.335%	$94K	$503K	10x	as long as short
MEXC ETHFI_USDTshort	0.0000%	4h	0.6950	−0.310%	$15.7M	$4.2M	125x
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.849%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0080%	1h	0.6950	−0.310%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6960	−0.161%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6959	−0.185%	$16.7M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6951	−0.301%	$178K	$253K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6956	−0.224%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6956	−0.224%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6960	−0.167%	$1.2M	$217K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6951	−0.296%	$6.1M	$4.7M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6951	−0.296%	—	$10.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6959	−0.185%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6956	−0.224%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0238%	4h	0.6954	−0.253%	$1.2M	$241K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0272%	1h	0.6990	+0.264%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0820%	1h	0.6972	long leg	$291K	$283K	20x