Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0686%/8h= +75.1% APRpaid last 24h +0.053%

Price spread now: Kraken Futures against Binance+0.093%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,206as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,174as in the Price arb table

costs, in and out, $10k−$1,17211.721% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 4 days (all we have)+0.137%+$14 · spread now +0.093%, 7d avg +0.111%

Together, before fees−0.204%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.111%, so right now this pair is about funding alone: +$21 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.341%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.341% in total (about -17.8% 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	Binance MEWUSDT	0.0004770	0.0100	pay 0.0050% / 4h	1h 26m	$1.3M	$3.6M	50x
Short	Kraken Futures PF_MEWUSD	0.0004774	0.0786	get 0.0098% / 1h	26m 15s	$93K	$135K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.093%Rate

Funding earned: $143.96
Price spread: +0.093% → +0.111%: −$1.84
Slippage, 4 orders: −$1,152.11
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$1,029.99
Costs to cover: 11.721%
Break-even: 57.1 days

Slippage from Binance: live order book, 10 min ago; Kraken Futures: live order book, 16 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 Binance live order book, 10 min ago	1.06 bp	26.8 bp −$27	188.5 bp −$1,885	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 16 min ago	11.64 bp	57.2 bp −$57	doesn't fit	doesn't fit	doesn't fit

MEW on 12 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
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004750	−0.411%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−11.544%	$46	$14K	5.5x	as long as short
Binance MEWUSDTlong	+0.0100%	4h	0.0004770	long leg	$1.3M	$3.6M	50x
Bybit MEWUSDT	+0.0100%	4h	0.0004765	−0.096%	$1.5M	$1.6M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004763	−0.138%	$549K	$920K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004760	−0.201%	$140K	$142K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004767	−0.055%	$377K	$187K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004758	−0.243%	$330K	$132K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004752	−0.369%	$485K	$542K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004750	−0.411%	—	$6.7M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004726	−0.910%	$84K	$36K	—	as long as short
Kraken Futures PF_MEWUSDshort	+0.0786%	1h	0.0004774	+0.093%	$93K	$135K	10x