Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.017%

Price spread now: Injective against MEXC−4.378%100s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.378% cheaper against MEXC than usual: you would sell low and buy high (−$438 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 100 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	MEXC 2Z_USDT	0.05208	0.0100	pay 0.0050% / 4h	2h 37m	$323K	$126K	50x
Short	Injective 2Z/USDC PERP	0.04980	0.0033	get 0.0004% / 1h	37m 29s	$867	$213	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. 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 MEXCbpFee InjectivebpOrdersPrice spread, now −4.378%Rate

Funding earned: −$14
Price spread: −4.378% → 0.000%: −$437.79
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$455.81
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 58 min ago; Injective: no order-book sample. 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 MEXC live order book, 58 min ago	2.86 bp	11.2 bp −$11	66.2 bp −$662	247.8 bp −$24.8K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

2Z on 17 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
Backpack 2Z_USDC_PERP	−0.0865%	1h	0.05195	−0.250%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERPshort	+0.0033%	1h	0.04980	−4.378%	$867	$213	5.5x
Lighter 2Z	+0.0096%	1h	0.05209	+0.019%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05203	−0.088%	$656K	$350K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05208	+0.007%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05205	−0.048%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05206	−0.033%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05209	+0.019%	$708K	$943K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05208	0.000%	$444K	$694K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05200	−0.154%	$90K	$60K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDTlong	+0.0100%	4h	0.05208	long leg	$323K	$126K	50x
KuCoin 2ZUSDTM	+0.0100%	4h	0.05199	−0.182%	$177K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05205	−0.058%	$152K	$639K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05208	0.000%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05200	−0.159%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05201	−0.134%	$1K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0515%	1h	0.05180	−0.530%	$5K	$3K	10x	as long as short