Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h −0.035%

Price spread now: MEXC against Injective−2.056%100s7-day average — · you buy dearer than you sell

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

Long on Injective Short on MEXC

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

Funding pays, the price is against you. MEXC is 2.056% cheaper against Injective than usual: you would sell low and buy high (spread −2.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$206 on $10k: about 4 months of funding at the current rate (+$2 a day). 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	Injective AR/USDC PERP	4.5720	0.0033	pay 0.0004% / 1h	43m 34s	$3K	$339	5.5x
Short	MEXC AR_USDT	4.4780	0.0098	get 0.0098% / 8h	1h 43m	$6.7M	$4.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now −2.056%Rate

Funding earned: $13.58
Price spread: −2.056% → 0.000%: −$205.6
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$196.04
Costs to cover: 0.040%
Break-even: 108.1 days

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	1.12 bp	3.1 bp −$3	19.7 bp −$197	198.2 bp −$19.8K	doesn't fit

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.

AR 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
Kraken Futures PF_ARUSD	−0.1931%	1h	4.4796	−2.021%	$46K	$154K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.4759	−2.102%	$575K	—	50x	as long as short
Injective AR/USDC PERPlong	+0.0033%	1h	4.5720	long leg	$3K	$339	5.5x
OKX AR-USDT-SWAP	+0.0089%	8h	4.4730	−2.165%	$2.2M	$20.4M	20x	as long as short
Extended AR-USD	+0.0096%	1h	4.4779	−2.059%	$36K	$237K	10x	as long as short
MEXC AR_USDTshort	+0.0098%	8h	4.4780	−2.056%	$6.7M	$4.5M	100x
Binance ARUSDT	+0.0099%	8h	4.4787	−2.041%	$8.8M	$55.6M	75x	as long as short
Hyperliquid AR	+0.0100%	1h	4.4849	−1.905%	$3.8M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4812	−1.986%	$20K	$621K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4764	−2.091%	$4.6M	$8.9M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.4760	−2.100%	$2.5M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.4780	−2.056%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4740	−2.143%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4750	−2.122%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4711	−2.207%	$136K	$174K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4760	−2.100%	$57K	$746K	50x	as long as short
BloFin AR-USDT	+0.0218%	8h	4.4780	−2.056%	$420K	$669K	20x	as long as short