Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h +0.004%

Price spread now: MEXC against SoDEX+0.049%53s7-day average +0.010% · 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 SoDEX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now +0.049%, 7d avg +0.010%

Together, before fees−0.002%$0 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: MEXC is 0.039% dearer against SoDEX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.010%. 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	SoDEX ETH-USD	2,742.4	0.0100	pay 0.0013% / 1h	6m 18s	$61.8M	$121.7M	40x
Short	MEXC ETH_USDT	2,743.8	0.0091	get 0.0091% / 8h	5h 06m	$1.59B	$2.38B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against SoDEX. 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 SoDEXbpFee MEXCbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$1.89
Price spread: +0.049% → +0.010%: $3.92
Slippage, 4 orders: −$0.4
Fee SoDEX: 4 bp × 2 orders: −$8
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$8.37
Costs to cover: 0.104%
Break-even: never at this rate

Slippage from SoDEX: live order book, 1 min ago; MEXC: live order book, 1 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 SoDEX live order book, 1 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.6 bp −$563	30.5 bp −$15.3K
Sell MEXC live order book, 1 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	3.3 bp −$1,658

ETH on 55 exchanges

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
Hotstuff ETH-PERP	−0.0080%	1h	2,749.9	+0.273%	$5K	$1K	50x	as long as short
Hibachi ETH/USDT-P	−0.0080%	1h	2,743.1	+0.026%	$231K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,743.8	+0.050%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,741.3	−0.040%	$820K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,742.2	−0.007%	$7.2M	$655.0M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,741.6	−0.030%	$277K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,741.9	−0.019%	$33.1M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0027%	1h	2,739.9	−0.090%	$8.2M	$25.1M	100x	as long as short
Bybit ETHUSDT	+0.0036%	8h	2,743.6	+0.042%	$2.37B	$3.78B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,743.5	+0.040%	$182K	$909K	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0069%	8h	2,743.3	+0.032%	$1.68B	$9.10B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,740.9	−0.053%	$4.9M	$244K	20x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,743.6	+0.044%	$255.5M	$713.5M	200x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,743.6	+0.043%	$365.3M	$435.3M	100x	as long as short
MEXC ETH_USDTshort	+0.0091%	8h	2,743.8	+0.049%	$1.59B	$2.38B	500x
Binance ETHUSDT	+0.0091%	8h	2,743.7	+0.048%	$6.41B	$13.82B	150x	as long as short
dYdX ETH-USD	+0.0095%	1h	2,742.6	+0.009%	$15.2M	$42.4M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,743.4	+0.035%	$114.0M	$391.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.7	+0.082%	$23.6M	$96.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.2	+0.030%	—	$23.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,744.3	+0.069%	$47.7M	$3.88B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.7	+0.011%	$513K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743	+0.023%	$14.9M	$93.9M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,744	+0.057%	$32.2M	$322.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.4	−0.073%	$2.8M	$14.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.6	+0.081%	$1.6M	$14.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741	−0.053%	$163.6M	$316.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.8	+0.053%	$3.27B	$7.80B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.4	+0.035%	$2.11B	$2.28B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,742.7	+0.011%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.9	−0.020%	$14.9M	$36.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739.5	−0.107%	$132.3M	$277.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.6	−0.101%	$184.4M	$560.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.6	−0.067%	$159.3M	$69.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.2	−0.007%	$21.1M	$74.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.6	+0.079%	—	$316K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.2	+0.102%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.8	+0.050%	$177K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,743.1	+0.025%	$20K	$12K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.9	+0.018%	$40.9M	$26.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,741.9	−0.020%	$944K	$8.4M	100x	as long as short
SoDEX ETH-USDlong	+0.0100%	1h	2,742.4	long leg	$61.8M	$121.7M	40x
HTX ETH-USDT	+0.0100%	8h	2,742	−0.015%	$1.05B	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,742.6	+0.008%	$263.1M	$56.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.1	−0.012%	$30.1M	$63.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,742.9	+0.018%	$82.7M	$268.2M	100x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,741.6	−0.029%	$30K	$8K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0118%	1h	2,744.5	+0.075%	$267.1M	$182.2M	50x	as long as short
Reya ETHRUSDPERP	+0.0148%	1h	2,742.7	+0.011%	$7.3M	$854K	25x	as long as short
Hyperliquid ETH	+0.0168%	1h	2,746.4	+0.146%	$3.15B	$1.69B	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,745.9	+0.129%	$32.4M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,744.5	+0.078%	$5.7M	$10.5M	25x	as long as short
BloFin ETH-USDT	+0.0362%	8h	2,742.2	−0.006%	$284.9M	$147.7M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,745.8	+0.124%	$118K	$27.2M	52x	as long as short
Paradex ETH-USD-PERP	+0.0507%	8h	2,745.5	+0.114%	$15.8M	$6.2M	50x	as long as short