Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.007%

Price spread now: Deribit against MEXC+0.112%52s7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as 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−$100.104% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)−0.076%−$8 · spread now +0.112%, 7d avg +0.047%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Deribit is 0.065% dearer against MEXC than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.047%. The two prices were read 52 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	MEXC ETH_USDT	2,745.2	0.0083	pay 0.0083% / 8h	6h 00m	$1.57B	$2.60B	500x
Short	Deribit ETH-PERPETUAL	2,748.3	0.0132	get 0.0016% / 1h	0m 18s	$258.9M	$197.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.112%Rate

Funding earned: $10.29
Price spread: +0.112% → +0.047%: $6.51
Slippage, 4 orders: −$1.4
Fee MEXC: 1 bp × 2 orders: −$2
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $6.4
Costs to cover: 0.104%
Break-even: 2.6 days

Slippage from MEXC: live order book, 4 min ago; Deribit: live order book, 4 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, 4 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.5 bp −$150	3.7 bp −$1,842
Sell Deribit live order book, 4 min ago	0.09 bp	4.2 bp −$4	5.2 bp −$52	11.5 bp −$1,149	24.8 bp −$12.4K

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	2,746.4	+0.043%	$306K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.8	+0.058%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.8	+0.059%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.6	+0.014%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.117%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.7	+0.056%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.8	+0.021%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,747.3	+0.076%	$181K	$979K	50x	as long as short
BingX ETH-USDC	+0.0042%	8h	2,745.9	+0.024%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0053%	8h	2,745.6	+0.016%	$1.70B	$10.64B	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	+0.0066%	8h	2,745.6	+0.014%	$369.5M	$604.1M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,746.6	+0.050%	$252.6M	$843.9M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,743.4	−0.064%	$4.9M	$167K	20x	as long as short
HTX ETH-USDT	+0.0083%	8h	2,747	+0.064%	$1.06B	$1.18B	200x	as long as short
MEXC ETH_USDTlong	+0.0083%	8h	2,745.2	long leg	$1.57B	$2.60B	500x
Binance ETHUSDT	+0.0084%	8h	2,745.3	+0.005%	$6.38B	$15.83B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.1	+0.105%	$58.6M	$4.29B	50x	as long as short
ApeX Omni ETHUSDT	+0.0090%	1h	2,748.3	+0.113%	$8.8M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,746.6	+0.051%	$113.0M	$445.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.4	+0.116%	$24.7M	$108.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.5	+0.083%	—	$31.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.1	+0.213%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.7	+0.055%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.1	+0.032%	$13.9M	$107.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.4	+0.117%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.1	+0.069%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.8	+0.020%	$2.46B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.8	+0.058%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.9	+0.063%	$2.8M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,745.7	+0.019%	$3.39B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.8	+0.021%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.4	+0.043%	$15.0M	$41.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	+0.051%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.2	+0.109%	$182.1M	$701.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	+0.119%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.2	+0.109%	$21.3M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747	+0.067%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.5	+0.047%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.2	0.000%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	+0.036%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.5	+0.083%	$41.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.6	+0.015%	$962K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.9	+0.062%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.5	+0.083%	$267.5M	$65.7M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	+0.038%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.5	+0.012%	$30.6M	$72.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,747.4	+0.080%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUALshort	+0.0132%	1h	2,748.3	+0.112%	$258.9M	$197.0M	50x
Kalshi KXETHPERP	+0.0149%	8h	2,748	+0.102%	$7.9M	$672.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,748.3	+0.112%	$32.3M	$11.0M	100x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	+0.113%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,745	−0.008%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,750	+0.176%	$250K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.8	+0.096%	$88.1M	$313.6M	100x	as long as short