Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h −0.003%

Price spread now: MEXC against Kraken Futures−0.088%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$140.135% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 3 days (all we have)+0.110%+$11 · spread now −0.088%, 7d avg −0.012%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and MEXC is 0.076% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,776	0.0170	pay 0.0021% / 1h	5m 45s	$86.4M	$332.4M	100x
Short	MEXC ETH_USDT	2,773.5	0.0059	get 0.0059% / 8h	1h 05m	$1.60B	$2.68B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$23.22
Price spread: −0.088% → −0.012%: −$7.62
Slippage, 4 orders: −$1.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$44.35
Costs to cover: 0.135%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; MEXC: live order book, 8 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 Kraken Futures live order book, 3 min ago	0.18 bp	5.9 bp −$6	6.9 bp −$69	8.7 bp −$873	12.1 bp −$6,029
Sell MEXC live order book, 8 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	2.3 bp −$1,141

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
Perpl ETH	−0.0447%	43m	2,774.9	−0.040%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,774.7	−0.047%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.5	−0.053%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.130%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,774.8	−0.043%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.2	−0.026%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.7	−0.046%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,774	−0.070%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.7	−0.010%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0017%	8h	2,774.5	−0.052%	$1.70B	$11.86B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0022%	8h	2,774.7	−0.045%	$270.2M	$68.8M	150x	as long as short
Bullet ETH-USD	+0.0026%	1h	2,774.8	−0.042%	$181K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,775.7	−0.010%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,774.7	−0.047%	$255.8M	$995.1M	200x	as long as short
ApeX Omni ETHUSDT	+0.0052%	1h	2,772.6	−0.121%	$8.7M	$32.6M	100x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.2	−0.136%	$5.0M	$636K	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,775	−0.037%	$14.2M	$118.1M	50x	as long as short
Binance ETHUSDT	+0.0059%	8h	2,774.6	−0.049%	$6.44B	$17.23B	150x	as long as short
MEXC ETH_USDTshort	+0.0059%	8h	2,773.5	−0.088%	$1.60B	$2.68B	500x
Deribit ETH-PERPETUAL	+0.0063%	1h	2,776.5	+0.018%	$258.7M	$222.4M	50x	as long as short
SoDEX ETH-USD	+0.0065%	1h	2,774.8	−0.043%	$55.2M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,774.6	−0.049%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,774.7	−0.048%	$3.29B	$9.68B	200x	as long as short
BingX ETH-USDC	+0.0077%	8h	2,774.4	−0.058%	—	$17.4M	—	as long as short
HTX ETH-USDT	+0.0088%	8h	2,774.6	−0.049%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,774.9	−0.039%	$2.52B	$4.62B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,775	−0.034%	$115.1M	$503.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.5	+0.020%	$25.4M	$121.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.8	−0.006%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0096%	8h	2,773.9	−0.077%	$421.6M	$739.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.3	−0.061%	$15.9M	$10.5M	50x	as long as short
Vest ETH-PERP	+0.0099%	1h	2,774.9	−0.039%	—	$1.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.9	−0.039%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.3	+0.048%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775	−0.036%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.2	−0.064%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776.2	+0.007%	$2.7M	$17.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.186%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.7	−0.046%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.9	−0.185%	$144.7M	$334.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	−0.176%	$181.4M	$779.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,773.3	−0.095%	$161.3M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	−0.165%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.2	+0.008%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.4	−0.023%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.4	+0.051%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.2	−0.066%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.9	−0.111%	$32.6M	$77.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.2	+0.006%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,775	−0.035%	$8.3M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,778	+0.072%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0170%	1h	2,776	long leg	$86.4M	$332.4M	100x
BloFin ETH-USDT	+0.0180%	8h	2,772.7	−0.118%	$284.7M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,774.9	−0.040%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,773.3	−0.097%	$270K	$1.5M	20x	as long as short