Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0688%/8h= −75.3% APRpaid last 24h −0.053%

Price spread now: Gate against Kraken Futures−0.243%7-day average −0.263% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,352as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,384as in the Price arb table

costs, in and out, $10k−$1,38613.859% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.341%+$34 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now −0.243%, 7d avg −0.263%

Together, before fees+0.255%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.263%, so right now this pair is about funding alone: −$21 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.341%, 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 0.341% in total (about 17.8% 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	Kraken Futures PF_MEWUSD	0.0004760	0.0788	pay 0.0098% / 1h	26m 44s	$92K	$135K	10x
Short	Gate MEW_USDT	0.0004748	0.0100	get 0.0050% / 4h	1h 26m	$139K	$142K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. 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 Kraken FuturesbpFee GatebpOrdersPrice spread, now −0.243%Rate

Funding earned: −$144.46
Price spread: −0.243% → −0.263%: $1.93
Slippage, 4 orders: −$1,360.9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,528.44
Costs to cover: 13.859%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 15 min ago; Gate: live order book, 9 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 Kraken Futures live order book, 15 min ago	11.64 bp	1065.4 bp −$1,065	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 9 min ago	7.43 bp	124.3 bp −$124	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	0.0004750	−0.201%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−11.358%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004758	−0.025%	$1.3M	$3.6M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004755	−0.096%	$1.5M	$1.6M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004759	−0.012%	$548K	$919K	20x	as long as short
Gate MEW_USDTshort	+0.0100%	4h	0.0004748	−0.243%	$139K	$142K	50x
MEXC MEW_USDT	+0.0100%	4h	0.0004756	−0.075%	$376K	$187K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004747	−0.264%	$330K	$132K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004752	−0.159%	$485K	$542K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004744	−0.327%	—	$6.7M	—	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	0.0004726	−0.702%	$84K	$36K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0788%	1h	0.0004760	long leg	$92K	$135K	10x