Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0783%/8h= −85.7% APRpaid last 24h −0.035%

Price spread now: Binance against Kraken Futures−0.109%54s7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3,141as 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−$3,17931.787% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.373%+$37 on $10k

Price spread, last 4 days (all we have)−0.149%−$15 · spread now −0.109%, 7d avg −0.116%

Together, before fees+0.224%+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.116%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.373%, so the current rate has only just turned against you. The two prices were read 54 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 0.373% in total (about 19.5% 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_MEWUSD	0.0004803	0.0883	pay 0.0110% / 1h	15m 21s	$90K	$123K	10x
Short	Binance MEWUSDT	0.0004798	0.0100	get 0.0050% / 4h	3h 15m	$1.3M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.109%Rate

Funding earned: −$164.42
Price spread: −0.109% → −0.116%: $0.74
Slippage, 4 orders: −$3,158.73
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$3,342.41
Costs to cover: 31.787%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 37 min ago; Binance: live order book, 5 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, 37 min ago	11.43 bp	3049.2 bp −$3,049	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	1.04 bp	19.7 bp −$20	84.1 bp −$841	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	0.0004790	−0.276%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−12.163%	$46	$14K	5.5x	as long as short
Binance MEWUSDTshort	+0.0100%	4h	0.0004798	−0.109%	$1.3M	$3.3M	50x
Bybit MEWUSDT	+0.0100%	4h	0.0004796	−0.151%	$1.5M	$1.4M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004791	−0.255%	$549K	$875K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004790	−0.276%	$143K	$135K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004798	−0.109%	$388K	$179K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004788	−0.317%	$332K	$127K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004796	−0.151%	$511K	$487K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004797	−0.130%	—	$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	0.0004795	−0.168%	$85K	$35K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0883%	1h	0.0004803	long leg	$90K	$123K	10x