Funding arb · Price arb /

MEW

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0788%/8h= −86.3% APRpaid last 24h −0.035%

Price spread now: BingX against Kraken Futures+0.094%7-day average −0.160% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3,141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3,153as in the Price arb table

costs, in and out, $10k−$3,17831.779% of the position

Long on Kraken Futures Short on BingX

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)−0.374%−$37 · spread now +0.094%, 7d avg −0.160%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.254% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of −0.160%): +$25 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 26 hours. 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 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	0.0004775	0.0888	pay 0.0111% / 1h	6m 47s	$90K	$123K	10x
Short	BingX MEW-USDT	0.0004779	0.0100	get 0.0050% / 4h	3h 06m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$165.53
Price spread: +0.094% → −0.160%: $25.36
Slippage, 4 orders: −$3,157.88
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$3,318.05
Costs to cover: 31.779%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 45 min ago; BingX: live order book, 15 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, 45 min ago	11.43 bp	3049.2 bp −$3,049	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	7.30 bp	18.7 bp −$19	49.5 bp −$495	590.9 bp −$59.1K	921.7 bp −$460.8K

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	0.0004760	−0.304%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−11.635%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004785	+0.228%	$1.3M	$3.3M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004783	+0.178%	$1.5M	$1.4M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004780	+0.115%	$548K	$873K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004774	−0.011%	$142K	$135K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004785	+0.220%	$384K	$180K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004778	+0.073%	$331K	$127K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004783	+0.178%	$497K	$501K	50x	as long as short
BingX MEW-USDTshort	+0.0100%	4h	0.0004779	+0.094%	—	$6.7M	—

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004784	+0.191%	$85K	$35K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0888%	1h	0.0004775	long leg	$90K	$123K	10x