Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.003%

Price spread now: MEXC against Bulk+0.269%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$19as in the Price arb table

costs, in and out, $10k−$90.091% of the position

Long on Bulk Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 7 days−0.268%−$27 · spread now +0.269%, 7d avg −0.009%

Together, before fees−0.282%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.278% dearer against Bulk than usual: you sell high and buy low (spread +0.269% now, against its 7-day average of −0.009%): +$28 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 23 days. At the pace of the last 3 days (−0.014% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,763.5	0.0100	pay 0.0013% / 1h	7m 56s	$172.0M	$292.0M	25x
Short	MEXC ETH_USDT	2,771	0.0059	get 0.0059% / 8h	7h 07m	$1.61B	$2.66B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Bulk. 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 BulkbpFee MEXCbpOrdersPrice spread, now +0.269%Rate

Funding earned: −$8.61
Price spread: +0.269% → −0.009%: $27.83
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee MEXC: 1 bp × 2 orders: −$2
Net: $10.15
Costs to cover: 0.091%
Break-even: from the start

Slippage from Bulk: live order book, 1 min ago; MEXC: live order book, 1 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 Bulk live order book, 1 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.7 bp −$2,340
Sell MEXC live order book, 1 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.1 bp −$110	3.8 bp −$1,925

ETH on 55 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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.371%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,771.3	+0.281%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.9	+0.266%	$322K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773	+0.343%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.5	+0.288%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.8	+0.263%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	+0.296%	$12.3M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.5	+0.325%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,771.4	+0.286%	$269.7M	$65.9M	150x	as long as short
Bullet ETH-USD	+0.0015%	1h	2,771.6	+0.292%	$185K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0032%	8h	2,771.3	+0.280%	$1.71B	$10.97B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,772.3	+0.317%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,772	+0.306%	$55.2M	$187.7M	40x	as long as short
Aster ETHUSDT	+0.0051%	8h	2,771.7	+0.296%	$261.0M	$855.9M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770	+0.235%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDTshort	+0.0059%	8h	2,771	+0.269%	$1.61B	$2.66B	500x
Binance ETHUSDT	+0.0060%	8h	2,770.9	+0.267%	$6.48B	$16.05B	150x	as long as short
Aftermath Perps ETHUSD	+0.0070%	1h	2,771.6	+0.291%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0079%	8h	2,771.5	+0.288%	$2.10B	$2.82B	150x	as long as short
HTX ETH-USDT	+0.0079%	8h	2,771.7	+0.296%	$1.08B	$1.23B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.5	+0.359%	$60.4M	$4.40B	50x	as long as short
Gate ETH_USDT	+0.0084%	8h	2,771.2	+0.279%	$3.38B	$9.11B	200x	as long as short
Vest ETH-PERP	+0.0085%	1h	2,772.1	+0.309%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,772.1	+0.309%	$420.8M	$589.6M	100x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,769	+0.198%	$8.6M	$31.4M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,772.3	+0.315%	$115.2M	$460.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.7	+0.368%	$25.6M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.2	+0.422%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.8	+0.299%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.5	+0.287%	$14.5M	$112.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.3	+0.353%	$3.17B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.6	+0.293%	$31.4M	$328.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.2	+0.277%	$2.51B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.8	+0.263%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.8	+0.299%	$2.8M	$16.7M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,763.5	long leg	$172.0M	$292.0M	25x
BingX ETH-USDC	+0.0100%	8h	2,771.1	+0.272%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.1	+0.273%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.2	+0.203%	$134.1M	$347.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.6	+0.182%	$183.7M	$750.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.284%	$161.1M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.8	+0.371%	$21.5M	$64.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.6	+0.292%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.7	+0.297%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.7	+0.369%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.5	+0.287%	$972K	$12.7M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.8	+0.261%	$30.9M	$74.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773	+0.344%	—	$36.0M	500x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,772.4	+0.321%	$8.2M	$673.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.6	+0.366%	$98.0M	$314.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0157%	8h	2,774.4	+0.395%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,774.3	+0.388%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,771.6	+0.290%	$288.0M	$175.4M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0190%	1h	2,773.5	+0.361%	$259.1M	$201.6M	50x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,771.6	+0.292%	$7.3M	$1.1M	25x	as long as short