Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0516%/8h= −56.4% APRpaid last 24h −0.031%

Price spread now: Perpl against MEXC+0.116%7-day average +0.021% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.137%+$14 on $10k

Price spread, last 7 days−0.104%−$10 · spread now +0.116%, 7d avg +0.021%

Together, before fees+0.032%+ Points / potential airdropPerpl: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.094% dearer against MEXC than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.021%): +$9 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 7 days funding on this pair paid +0.137%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.137% in total (about 7.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,780.9	0.0069	pay 0.0069% / 8h	42m 47s	$1.60B	$2.64B	500x
Short	Perpl ETH	2,784.2	−0.0447	pay 0.0040% / 43m	38m 47s	$287K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$108.26
Price spread: +0.116% → +0.021%: $9.45
Slippage, 4 orders: no order book: not counted
Fee MEXC: 1 bp × 2 orders: −$2
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$114.61
Costs to cover: 0.158%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 min ago; Perpl: no order-book sample. Net counts fees only.

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, 1 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.6 bp −$156	4.3 bp −$2,149
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 ETHshort	−0.0447%	43m	2,784.2	+0.116%	$287K	$6.9M	8.3x
RISEx ETH/USDC	−0.0206%	1h	2,782.9	+0.071%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.035%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,783.7	+0.099%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0043%	1h	2,784.9	+0.141%	$8.9M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,783.6	+0.096%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0007%	1h	2,783.7	+0.099%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.8	+0.138%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,783.8	+0.103%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,783.4	+0.087%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,779.6	−0.047%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,779.5	−0.052%	$1.71B	$11.92B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,781.5	+0.019%	$271.1M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,783.2	+0.080%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,782	+0.039%	$257.5M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0061%	1h	2,782.5	+0.056%	$183K	$1.7M	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,779.5	−0.051%	$2.10B	$3.11B	150x	as long as short
MEXC ETH_USDTlong	+0.0069%	8h	2,780.9	long leg	$1.60B	$2.64B	500x
Gate ETH_USDT	+0.0070%	8h	2,780.8	−0.005%	$3.31B	$9.62B	200x	as long as short
Binance ETHUSDT	+0.0070%	8h	2,779.3	−0.060%	$6.46B	$17.32B	150x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,780.1	−0.029%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,780.7	−0.009%	$55.4M	$229.1M	40x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,781.2	+0.008%	$423.2M	$740.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,781.8	+0.031%	$60.2M	$4.62B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,779.7	−0.044%	$2.52B	$4.64B	150x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,782.1	+0.042%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,781.9	+0.033%	$116.2M	$496.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,782.9	+0.069%	$25.5M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,783.1	+0.077%	—	$42.0M	500x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,783.6	+0.097%	—	$1.1M	50x	as long as short
Nado ETH-PERP	+0.0098%	1h	2,782.5	+0.057%	$14.4M	$118.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,782.9	+0.072%	$16.0M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,782.9	+0.070%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.8	+0.031%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,784.2	+0.116%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782.6	+0.060%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,784.1	+0.115%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.118%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.1	+0.005%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,783.3	+0.084%	$147.8M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,784.6	+0.133%	$183.5M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.3	+0.122%	$161.9M	$89.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784	+0.110%	$21.5M	$58.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,783.8	+0.103%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,782.7	+0.062%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.7	+0.098%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.3	−0.024%	$974K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.4	−0.019%	$32.7M	$77.8M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0113%	1h	2,782.7	+0.062%	$258.9M	$223.1M	50x	as long as short
Kalshi KXETHPERP	+0.0122%	8h	2,784.3	+0.121%	$8.4M	$684.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,781.9	+0.033%	$86.7M	$333.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,784.1	+0.112%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0190%	8h	2,780.6	−0.011%	$285.1M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,782.6	+0.059%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,784.6	+0.133%	$271K	$1.5M	20x	as long as short