Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: SoDEX against MEXC+0.059%53s7-day average −0.009% · you sell dearer than you buy

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

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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.059%, 7d avg −0.009%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.068% dearer against MEXC than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.009%. The two prices were read 53 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	2,724	0.0095	pay 0.0095% / 8h	1h 46m	$1.52B	$2.58B	500x
Short	SoDEX ETH-USD	2,725.6	0.0099	get 0.0012% / 1h	46m 21s	$54.3M	$187.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0.74
Price spread: +0.059% → −0.009%: $6.83
Slippage, 4 orders: −$0.4
Fee MEXC: 1 bp × 2 orders: −$2
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$2.83
Costs to cover: 0.104%
Break-even: 33.7 days

Slippage from MEXC: live order book, 3 min ago; SoDEX: 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 MEXC live order book, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.4 bp −$138	4.2 bp −$2,084
Sell SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	5.8 bp −$585	34.2 bp −$17.1K

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	−0.0112%	43m	2,725.1	+0.040%	$286K	$5.8M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0108%	1h	2,726.7	+0.100%	$8.6M	$31.5M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.6	+0.096%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,728.6	+0.169%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.5	+0.019%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,730	+0.221%	$817K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,726.8	+0.104%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.6	+0.096%	$6.6M	$691.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.1	+0.041%	$262.5M	$214.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,724.9	+0.032%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0007%	8h	2,725.2	+0.043%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,724.9	+0.033%	$191K	$892K	50x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,724.1	+0.005%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0037%	8h	2,724.5	+0.018%	$2.34B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0069%	1h	2,728.2	+0.156%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,723.8	−0.006%	$374.7M	$576.1M	100x	as long as short
SunX ETH-USDT	+0.0083%	8h	2,723.3	−0.024%	$954K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,724.4	+0.013%	$251.7M	$850.0M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0092%	8h	2,724.5	+0.017%	$1.66B	$10.93B	100x	as long as short
MEXC ETH_USDTlong	+0.0095%	8h	2,724	long leg	$1.52B	$2.58B	500x
Binance ETHUSDT	+0.0095%	8h	2,724.1	+0.005%	$6.32B	$16.19B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,725.7	+0.062%	$111.9M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727	+0.109%	$23.4M	$102.8M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,722.4	−0.058%	$4.9M	$165K	20x	as long as short
SoDEX ETH-USDshort	+0.0099%	1h	2,725.6	+0.059%	$54.3M	$187.4M	40x
Katana Perps ETH-USD	+0.0100%	8h	2,723.8	−0.007%	$507K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.3	+0.231%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.6	−0.015%	$13.9M	$105.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.1	+0.077%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.5	+0.091%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.2	+0.044%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.8	+0.029%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	+0.070%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.3	+0.012%	$3.27B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.5	+0.019%	$2.08B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725	+0.037%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	+0.112%	$133.2M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.4	+0.126%	$184.9M	$682.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.1	+0.116%	$158.5M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.1	+0.114%	$21.0M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726	+0.072%	—	$767K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.2	+0.044%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,724	0.000%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,725.3	+0.047%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.7	+0.098%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.5	+0.054%	$262.7M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,723.9	−0.004%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,725.6	+0.059%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.6	+0.060%	$50.2M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,724.4	+0.015%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,727.2	+0.118%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,723.1	−0.034%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,725.3	+0.049%	$83.2M	$311.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,730.9	+0.254%	$246K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0381%	8h	2,725.1	+0.041%	$282.1M	$174.9M	150x	as long as short