Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0645%/8h= −70.7% APRpaid last 24h −0.062%

Price spread now: KuCoin against Kraken Futures+0.085%7-day average −0.170% · you sell dearer than you buy

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

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.269%+$27 on $10k

Price spread, last 4 days (all we have)−0.308%−$31 · spread now +0.085%, 7d avg −0.170%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.255% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of −0.170%): +$26 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 32 hours. Mind the row above: over the last 7 days funding on this pair paid +0.269%, 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 0.269% in total (about 14.0% 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	0.0004759	0.0745	pay 0.0093% / 1h	31m 44s	$97K	$140K	10x
Short	KuCoin MEWUSDTM	0.0004763	0.0100	get 0.0050% / 4h	31m 44s	$336K	$118K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Kraken Futures. 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 Kraken FuturesbpFee KuCoinbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$135.51
Price spread: +0.085% → −0.170%: $25.53
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$131.98
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 6 min ago; KuCoin: live order book, 1 min ago. 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 Kraken Futures live order book, 6 min ago	30.40 bp	5305.6 bp −$5,306	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 1 min ago	23.08 bp	215.7 bp −$216	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	0.0004740	−0.398%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−11.346%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004758	−0.009%	$1.3M	$3.7M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004752	−0.146%	$1.5M	$1.6M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004751	−0.167%	$551K	$940K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004744	−0.314%	$138K	$147K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004760	+0.022%	$382K	$181K	125x	as long as short
KuCoin MEWUSDTMshort	+0.0100%	4h	0.0004763	+0.085%	$336K	$118K	30x
Bitget MEWUSDT	+0.0100%	4h	0.0004760	+0.022%	$492K	$551K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004755	−0.083%	—	$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	0.0004750	−0.186%	$84K	$36K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0745%	1h	0.0004759	long leg	$97K	$140K	10x