Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.2174%/8h= +238.0% APRpaid last 24h −0.021%

Price spread now: Kraken Futures against BingX+0.049%7-day average +0.152% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,196as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,156as in the Price arb table

costs, in and out, $10k−$1,14511.453% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.504%−$50 on $10k

Price spread, last 3 days (all we have)+0.247%+$25 · spread now +0.049%, 7d avg +0.152%

Together, before fees−0.257%−$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.103% cheaper against BingX than usual: you would sell low and buy high (spread +0.049% now, against its 7-day average of +0.152%). If the spread goes back, that is −$10 on $10k: about 4 hours of funding at the current rate (+$65 a day). Mind the row above: over the last 7 days funding on this pair cost −0.504%, 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 -0.504% in total (about -26.3% 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	BingX MEW-USDT	0.0004664	0.0100	pay 0.0050% / 4h	37m 50s	—	$24.2M	—
Short	Kraken Futures PF_MEWUSD	0.0004666	0.2274	get 0.0284% / 1h	37m 50s	$92K	$129K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.049%Rate

Funding earned: $456.49
Price spread: +0.049% → +0.152%: −$10.34
Slippage, 4 orders: −$1,125.32
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$699.16
Costs to cover: 11.453%
Break-even: 17.7 days

Slippage from BingX: live order book, 16 min ago; Kraken Futures: live order book, 39 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 BingX live order book, 16 min ago	6.40 bp	22.0 bp −$22	79.1 bp −$791	718.3 bp −$71.8K	1087.0 bp −$543.5K
Sell Kraken Futures live order book, 39 min ago	27.84 bp	58.3 bp −$58	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	0.0004660	−0.086%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−9.541%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004665	+0.026%	$1.1M	$2.7M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004662	−0.043%	$1.5M	$1.0M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004659	−0.107%	$525K	$669K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004660	−0.086%	$124K	$77K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004665	+0.021%	$386K	$171K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004671	+0.150%	$348K	$112K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004665	+0.021%	$486K	$356K	50x	as long as short
BingX MEW-USDTlong	+0.0100%	4h	0.0004664	long leg	—	$24.2M	—

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004666	+0.052%	$82K	$32K	—	as long as short
Kraken Futures PF_MEWUSDshort	+0.2274%	1h	0.0004666	+0.049%	$92K	$129K	10x