Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0695%/8h= −76.1% APRpaid last 24h −0.053%

Price spread now: OKX against Kraken Futures−0.164%7-day average −0.181% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,168as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,195as in the Price arb table

costs, in and out, $10k−$1,19611.963% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.287%+$29 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now −0.164%, 7d avg −0.181%

Together, before fees+0.266%+$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.181%, 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 +0.287%, 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 0.287% in total (about 15.0% 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	0.0004716	0.0795	pay 0.0099% / 1h	40m 09s	$92K	$134K	10x
Short	OKX MEW-USDT-SWAP	0.0004708	0.0100	get 0.0050% / 4h	1h 40m	$542K	$905K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$146
Price spread: −0.164% → −0.181%: $1.7
Slippage, 4 orders: −$1,176.32
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$1,340.61
Costs to cover: 11.963%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; OKX: 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 Kraken Futures live order book, 2 min ago	11.64 bp	1065.4 bp −$1,065	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	4.24 bp	35.3 bp −$35	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	0.0004710	−0.122%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−10.534%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004715	−0.016%	$1.3M	$3.5M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004713	−0.058%	$1.5M	$1.5M	25x	as long as short
OKX MEW-USDT-SWAPshort	+0.0100%	4h	0.0004708	−0.164%	$542K	$905K	20x
Gate MEW_USDT	+0.0100%	4h	0.0004718	+0.048%	$138K	$142K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004713	−0.058%	$374K	$186K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004717	+0.027%	$328K	$132K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004715	−0.016%	$481K	$540K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004714	−0.037%	—	$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	0.0004716	−0.001%	$83K	$36K	—	as long as short
Kraken Futures PF_MEWUSDlong	+0.0795%	1h	0.0004716	long leg	$92K	$134K	10x