Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0338%/8h= +37.0% APRpaid last 24h −0.017%

Price spread now: Kraken Futures against Bybit+0.239%7-day average +0.188% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4,397as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,341as in the Price arb table

costs, in and out, $10k−$4,34643.463% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.511%−$51 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now +0.239%, 7d avg +0.188%

Together, before fees−0.509%−$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Kraken Futures is 0.051% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.188%. Mind the row above: over the last 7 days funding on this pair cost −0.511%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MEWUSDT	0.0004670	0.0100	pay 0.0050% / 4h	1h 23m	$1.5M	$1.0M	25x
Short	Kraken Futures PF_MEWUSD	0.0004681	0.0438	get 0.0055% / 1h	23m 53s	$93K	$130K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.239%Rate

Funding earned: $70.89
Price spread: +0.239% → +0.188%: $5.06
Slippage, 4 orders: −$4,325.27
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$4,270.32
Costs to cover: 43.463%
Break-even: 428.7 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 58 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 Bybit live order book, 2 min ago	6.43 bp	28.5 bp −$29	73.1 bp −$731	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 58 min ago	48.10 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit

MEW on 12 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
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004670	0.000%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−9.657%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004671	+0.024%	$1.1M	$2.6M	50x	as long as short
Bybit MEWUSDTlong	+0.0100%	4h	0.0004670	long leg	$1.5M	$1.0M	25x
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004665	−0.107%	$524K	$665K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004662	−0.171%	$124K	$75K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004672	+0.043%	$386K	$172K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004674	+0.086%	$354K	$111K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004670	0.000%	$487K	$353K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004669	−0.021%	—	$24.2M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004670	−0.002%	$82K	$32K	—	as long as short
Kraken Futures PF_MEWUSDshort	+0.0438%	1h	0.0004681	+0.239%	$93K	$130K	10x