Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.005%

Price spread now: MEXC against Coinbase International+0.043%51s7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as 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−$120.121% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$10 on $10k

Price spread, last 3 days (all we have)−0.076%−$8 · spread now +0.043%, 7d avg −0.037%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.079% dearer against Coinbase International than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.037%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,747.9	0.0088	pay 0.0011% / 1h	4m 32s	$58.7M	$4.31B	50x
Short	MEXC ETH_USDT	2,749.1	0.0080	get 0.0080% / 8h	6h 04m	$1.59B	$2.59B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. 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 Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$1.68
Price spread: +0.043% → −0.037%: $7.94
Slippage, 4 orders: −$0.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$5.81
Costs to cover: 0.121%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; MEXC: 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 Coinbase International live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	8.8 bp −$878	23.9 bp −$11.9K
Sell MEXC live order book, 5 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	2.1 bp −$1,030

ETH on 54 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
Perpl ETH	−0.0112%	43m	2,749.2	+0.044%	$311K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.2	−0.027%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,749.9	+0.072%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.1	+0.041%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.017%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,749.4	+0.053%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.3	+0.048%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,750	+0.075%	$182K	$999K	50x	as long as short
BingX ETH-USDC	+0.0041%	8h	2,748.4	+0.018%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,749.1	+0.042%	$1.70B	$10.79B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0067%	8h	2,748.9	+0.036%	$369.9M	$605.2M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,748.5	+0.021%	$253.2M	$849.8M	200x	as long as short
HTX ETH-USDT	+0.0075%	8h	2,746.8	−0.040%	$1.06B	$1.19B	200x	as long as short
ApeX Omni ETHUSDT	+0.0077%	1h	2,745.4	−0.092%	$8.7M	$31.4M	100x	as long as short
MEXC ETH_USDTshort	+0.0080%	8h	2,749.1	+0.043%	$1.59B	$2.59B	500x
Aevo ETH-PERP	+0.0080%	1h	2,744.6	−0.121%	$4.9M	$167K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,749.1	+0.043%	$6.39B	$15.98B	150x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0088%	1h	2,747.9	long leg	$58.7M	$4.31B	50x
Lighter ETH	+0.0096%	1h	2,749.5	+0.056%	$113.2M	$445.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.7	+0.065%	$24.8M	$108.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.2	+0.047%	—	$31.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,752.3	+0.160%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749	+0.039%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.6	−0.014%	$14.0M	$108.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,751.4	+0.126%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.6	+0.060%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.3	+0.048%	$2.47B	$4.24B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.8	+0.031%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750	+0.074%	$2.8M	$16.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,749.9	+0.070%	$3.40B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,749.2	+0.044%	$2.08B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.9	−0.074%	$15.0M	$41.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.2	−0.065%	$132.8M	$343.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.3	−0.098%	$181.9M	$700.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.169%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.7	−0.045%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.6	+0.059%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.7	+0.064%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.3	+0.014%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747	−0.035%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.7	+0.026%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.3	−0.060%	$963K	$12.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.8	−0.041%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.9	−0.036%	$267.5M	$65.8M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.062%	$164.3M	$302.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,747.1	−0.030%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.9	+0.036%	$30.6M	$73.2M	50x	as long as short
Kalshi KXETHPERP	+0.0148%	8h	2,747.2	−0.027%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0179%	8h	2,749.4	+0.052%	$32.3M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0201%	1h	2,748.3	+0.014%	$258.9M	$198.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.7	−0.118%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,748.7	+0.028%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,748.2	+0.009%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.7	−0.010%	$88.2M	$315.1M	100x	as long as short