Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0362%/8h= −39.6% APRpaid last 24h −0.039%

Price spread now: Kraken Futures against MEXC+0.181%7-day average +0.184% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$530.533% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.057%+$6 · spread now +0.181%, 7d avg +0.184%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.184%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.001% in total (about 0.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XTZ_USDT	0.3348	0.0100	pay 0.0050% / 4h	44m 08s	$2.0M	$727K	100x
Short	Kraken Futures PF_XTZUSD	0.3354	−0.0262	pay 0.0033% / 1h	44m 08s	$271K	$257K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.181%Rate

Funding earned: −$76
Price spread: +0.181% → +0.184%: −$0.36
Slippage, 4 orders: −$39.3
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$129.65
Costs to cover: 0.533%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Kraken Futures: live order book, 62 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 MEXC live order book, 1 min ago	2.99 bp	5.1 bp −$5	26.2 bp −$262	124.5 bp −$12.5K	doesn't fit
Sell Kraken Futures live order book, 62 min ago	5.91 bp	17.9 bp −$18	65.4 bp −$654	doesn't fit	doesn't fit

XTZ on 12 exchanges

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
Bybit XTZUSDT	−0.0306%	4h	0.3349	+0.030%	$2.6M	$2.2M	75x	as long as short
Kraken Futures PF_XTZUSDshort	−0.0262%	1h	0.3354	+0.181%	$271K	$257K	50x
Variational Omni XTZ	−0.0098%	4h	0.3342	−0.175%	$101K	$272K	—	as long as short
Bitget XTZUSDT	−0.0018%	4h	0.3347	−0.030%	$917K	$704K	75x	as long as short
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+4.062%	$62	$17K	5.5x	as long as short
Binance XTZUSDT	+0.0100%	4h	0.3348	0.000%	$4.7M	$7.9M	75x	as long as short
OKX XTZ-USDT-SWAP	+0.0100%	8h	0.3347	−0.030%	$1.2M	$1.1M	20x	as long as short
Gate XTZ_USDT	+0.0100%	8h	0.3349	+0.030%	$605K	$124K	75x	as long as short
MEXC XTZ_USDTlong	+0.0100%	4h	0.3348	long leg	$2.0M	$727K	100x
KuCoin XTZUSDTM	+0.0100%	4h	0.3348	0.000%	$603K	$166K	30x	as long as short

Show all 12 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XTZ-USDT	+0.0100%	4h	0.3350	+0.060%	—	$1.1M	—	as long as short
BloFin XTZ-USDT	+0.0107%	4h	0.3344	−0.119%	$284K	$94K	75x	as long as short