Funding arb · Price arb /

NMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0630%/8h= −69.0% APRpaid last 24h 0.000%

Price spread now: MEXC against Gate−0.042%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1001.002% of the position

Long on Gate Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.042%, 7d avg −0.081%

Together, before fees+0.007%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.039% dearer against Gate than usual: you sell high and buy low (spread −0.042% now, against its 7-day average of −0.081%): +$4 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (0.000% in total) that is about years.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.000% in total (about -0.0% 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	Gate NMR_USDT	9.4880	0.0730	pay 0.0730% / 8h	7h 58m	$226K	$74K	50x
Short	MEXC NMR_USDT	9.4840	0.0100	get 0.0050% / 4h	3h 58m	$5.0M	$159K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee MEXCbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$132.3
Price spread: −0.042% → −0.081%: $3.91
Slippage, 4 orders: −$81.19
Fee Gate: 7.5 bp × 2 orders: −$15
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$228.57
Costs to cover: 1.002%
Break-even: never at this rate

Slippage from Gate: live order book, 8 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 Gate live order book, 8 min ago	4.22 bp	47.7 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	1.58 bp	8.1 bp −$8	24.5 bp −$245	74.4 bp −$7,441	244.6 bp −$122.3K

NMR on 11 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
Lighter NMR	+0.0096%	1h	9.4908	+0.030%	$47K	$20K	3x	as long as short
Binance NMRUSDT	+0.0100%	4h	9.4843	−0.039%	$2.0M	$2.2M	50x	as long as short
Bybit NMRUSDT	+0.0100%	4h	9.4790	−0.095%	$625K	$210K	50x	as long as short
OKX NMR-USDT-SWAP	+0.0100%	4h	9.4730	−0.158%	$419K	$393K	20x	as long as short
MEXC NMR_USDTshort	+0.0100%	4h	9.4840	−0.042%	$5.0M	$159K	50x
KuCoin NMRUSDTM	+0.0100%	4h	9.4851	−0.031%	$285K	$37K	30x	as long as short
Bitget NMRUSDT	+0.0100%	4h	9.4830	−0.053%	$865K	$160K	50x	as long as short
BingX NMR-USDT	+0.0100%	4h	9.4780	−0.105%	—	$2.4M	—	as long as short
Variational Omni NMR	+0.0100%	4h	9.4802	−0.082%	$2K	$442	—	as long as short
Gate NMR_USDTlong	+0.0730%	8h	9.4880	long leg	$226K	$74K	50x

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_NMRUSD	+0.2101%	1h	9.5096	+0.228%	$27K	$14K	10x	as long as short