Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.021%

Price spread now: gTrade (Gains Network) against MEXC−0.010%7-day average +0.016% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$100.101% of the position

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now −0.010%, 7d avg +0.016%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and gTrade (Gains Network) is 0.026% cheaper against MEXC than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,743.4	0.0082	pay 0.0082% / 8h	5h 54m	$1.56B	$2.51B	500x
Short	gTrade (Gains Network) ETH/USD	2,743.2	L +0.0006% / S −0.0006%	get 0.0001% / 1h	54m 02s	$22.2M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.010%Rate

Funding earned: −$15.98
Price spread: −0.010% → +0.016%: −$2.61
Slippage, 4 orders: −$1.11
Fee MEXC: 1 bp × 2 orders: −$2
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$28.7
Costs to cover: 0.101%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 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 MEXC live order book, 5 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.5 bp −$154	4.0 bp −$1,997
Sell gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$502	8.9 bp −$4,460

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
ApeX Omni ETHUSDT	−0.0362%	1h	2,743	−0.015%	$8.7M	$31.1M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,743.4	0.000%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,743.6	+0.006%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.1	+0.024%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.1	−0.014%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.181%	$847K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.1	+0.023%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0006% / S −0.0006%	1h	2,743.2	−0.010%	$22.2M	—	200x
BingX ETH-USDT	+0.0043%	8h	2,743	−0.015%	—	$1.16B	—	as long as short
OKX ETH-USDT-SWAP	+0.0055%	8h	2,743.3	−0.003%	$1.70B	$10.56B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0056%	1h	2,743.3	−0.005%	$183K	$919K	50x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,743.6	+0.007%	$378.9M	$596.0M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,743.8	+0.014%	$252.2M	$840.8M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,743.5	+0.002%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.6	−0.066%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDTlong	+0.0082%	8h	2,743.4	long leg	$1.56B	$2.51B	500x
Binance ETHUSDT	+0.0084%	8h	2,743.2	−0.007%	$6.38B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,743.8	+0.012%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,744.3	+0.030%	$112.9M	$430.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.3	+0.066%	$24.7M	$103.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.8	+0.013%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,744.7	+0.046%	$58.6M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.9	+0.128%	$16.2M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.3	−0.005%	$485K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.1	−0.014%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.9	+0.054%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,743.7	+0.010%	$31.6M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743.4	0.000%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.5	+0.003%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.6	+0.004%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.3	−0.005%	$163.1M	$304.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.3	−0.007%	$3.39B	$8.64B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.5	+0.001%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.7	−0.028%	$15.0M	$41.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748	+0.168%	$132.7M	$342.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.9	−0.019%	$181.7M	$689.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.2	−0.008%	$159.5M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.5	+0.185%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.3	+0.032%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.6	+0.006%	$10.7M	$8.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,742.7	−0.027%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.2	+0.027%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.5	+0.077%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.2	−0.044%	$962K	$11.8M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744	+0.021%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.4	−0.003%	$267.0M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.7	−0.026%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,746	+0.093%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0147%	1h	2,745.5	+0.077%	$258.9M	$195.4M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,744.9	+0.054%	$7.7M	$669.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,746.7	+0.118%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,744.7	+0.046%	$88.0M	$309.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,742.4	−0.037%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,749.7	+0.227%	$250K	$1.4M	20x	as long as short