Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h −0.011%

Price spread now: MEXC against Deribit−0.023%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$100.104% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.023%, 7d avg −0.045%

Together, before fees−0.063%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and MEXC is 0.022% dearer against Deribit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.045%. Mind the row above: over the last 7 days funding on this pair cost −0.054%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,734.1	0	get 0.0000% / 1h	5m 54s	$262.5M	$213.3M	50x
Short	MEXC ETH_USDT	2,733.4	0.0094	get 0.0094% / 8h	1h 05m	$1.54B	$2.61B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.023%Rate

Funding earned: $19.74
Price spread: −0.023% → −0.045%: $2.19
Slippage, 4 orders: −$1.4
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 1 bp × 2 orders: −$2
Net: $11.53
Costs to cover: 0.104%
Break-even: 2.9 days

Slippage from Deribit: live order book, 3 min ago; MEXC: live order book, 3 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 Deribit live order book, 3 min ago	0.09 bp	4.8 bp −$5	5.7 bp −$57	11.4 bp −$1,141	19.7 bp −$9,851
Sell MEXC live order book, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	2.7 bp −$1,372

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
Hotstuff ETH-PERP	−0.0080%	1h	2,734.8	+0.027%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,734.2	+0.005%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.6	+0.019%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,733.1	−0.035%	$813K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.1	0.000%	$10.5M	$42.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,734.6	+0.020%	$6.6M	$682.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,732	−0.075%	$288K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUALlong	0.0000%	1h	2,734.1	long leg	$262.5M	$213.3M	50x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,733.8	−0.010%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,734.9	+0.031%	$192K	$890K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0024%	8h	2,732.9	−0.044%	—	$18.6M	—	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.9	−0.078%	$8.6M	$31.5M	100x	as long as short
Bybit ETHUSDT	+0.0027%	8h	2,733	−0.040%	$2.34B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0029%	8h	2,732.9	−0.044%	$1.05B	$1.22B	200x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,733.7	−0.012%	$380.9M	$576.9M	100x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,732.9	−0.042%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0081%	8h	2,733.3	−0.029%	$1.65B	$10.87B	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,733.2	−0.033%	$253.1M	$846.7M	200x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,733.1	−0.035%	$263.1M	$64.6M	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,733.1	−0.035%	$188K	$1.7M	20x	as long as short
MEXC ETH_USDTshort	+0.0094%	8h	2,733.4	−0.023%	$1.54B	$2.61B	500x
Binance ETHUSDT	+0.0095%	8h	2,733.1	−0.036%	$6.34B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.8	−0.010%	$112.8M	$439.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735	+0.033%	$23.5M	$103.5M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.5	−0.130%	$4.9M	$171K	20x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,733.7	−0.013%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,733.8	−0.010%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,738.9	+0.176%	$15.4M	$7.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734	−0.001%	$14.1M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.7	+0.060%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,735.2	+0.043%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.9	−0.006%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734.9	+0.030%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	−0.082%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.4	−0.026%	$3.31B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.4	−0.024%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.1	−0.035%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.2	−0.104%	$134.1M	$321.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.3	−0.100%	$185.7M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.6	−0.052%	$158.8M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.1	+0.001%	$21.0M	$70.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.3	+0.047%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.4	+0.049%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.9	−0.005%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.9	+0.067%	$41.0M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.4	−0.023%	$959K	$10.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732.5	−0.058%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,734.7	+0.023%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734.3	+0.010%	$46.6M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,734.9	+0.031%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,733.2	−0.031%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,735.7	+0.059%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,733	−0.039%	$7.3M	$975K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,733.5	−0.019%	$82.2M	$309.8M	100x	as long as short
BloFin ETH-USDT	+0.0380%	8h	2,734.4	+0.012%	$281.2M	$175.8M	150x	as long as short