Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h −0.022%

Price spread now: Injective against MEXC+0.135%85s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$100.096% of the position

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now +0.135%, 7d avg +0.020%

Together, before fees−0.201%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Injective is 0.114% dearer against MEXC than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.020%. The two prices were read 85 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 BTC_USDT	85,554.9	0.0089	pay 0.0089% / 8h	4h 49m	$5.04B	$5.58B	500x
Short	Injective BTC/USDC PERP	85,670	0.0150	get 0.0019% / 1h	49m 53s	$340K	$26.9M	52x

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

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 MEXCbpFee InjectivebpOrdersPrice spread, now +0.135%Rate

Funding earned: $12.78
Price spread: +0.135% → +0.020%: $11.43
Slippage, 4 orders: −$5.6
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $14.6
Costs to cover: 0.096%
Break-even: from the start

Slippage from MEXC: live order book, 4 min ago; Injective: live order book, 4 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 MEXC live order book, 4 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.5 bp −$249	3.0 bp −$1,516
Sell Injective live order book, 4 min ago	2.39 bp	2.9 bp −$3	19.4 bp −$194	741.4 bp −$74.1K	doesn't fit

BTC on 56 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
Bluefin BTC-PERP	−0.1630%	1h	85,626.9	+0.084%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,587	+0.038%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	+0.131%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,586.5	+0.037%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,599.8	+0.052%	$417.7M	$665.6M	150x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	85,561.4	+0.008%	$919.0M	$749.3M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,605.7	+0.059%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,597.3	+0.050%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,566.3	+0.013%	$515.7M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,570.1	+0.018%	$6.9M	$97.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0054%	1h	85,583.7	+0.034%	$22.6M	$218.7M	50x	as long as short
BingX BTC-USDT	+0.0058%	8h	85,570.4	+0.018%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0074%	8h	85,567.7	+0.015%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0077%	1h	85,583.9	+0.034%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,605.2	+0.059%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDTlong	+0.0089%	8h	85,554.9	long leg	$5.04B	$5.58B	500x
Binance BTCUSDT	+0.0089%	8h	85,573.2	+0.021%	$9.34B	$23.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,592.2	+0.044%	$173.9M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,595.2	+0.047%	$23.8M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	+0.042%	$8.4M	$52.5M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,581	+0.031%	$60.0M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,677.3	+0.143%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,567	+0.014%	$233K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,653	+0.115%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,628	+0.085%	$40.1M	$576.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,576	+0.025%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,578.5	+0.028%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,590	+0.041%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.166%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,572.1	+0.020%	$5.54B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,561.4	+0.008%	$35.8M	$175.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	+0.034%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637.5	+0.097%	$279.7M	$917.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,650.2	+0.111%	$214.9M	$165.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,649.2	+0.110%	$140.0M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,613.8	+0.069%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,649.3	+0.110%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,584	+0.034%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,590.8	+0.042%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,575.4	+0.024%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,580.2	+0.030%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,576.4	+0.025%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,582.5	+0.032%	$2.27B	$938.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,581.9	+0.032%	$150.9M	$482.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,527.8	−0.032%	$44.5M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,633.8	+0.092%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,621	+0.077%	$117.4M	$5.14B	50x	as long as short
Injective BTC/USDC PERPshort	+0.0150%	1h	85,670	+0.135%	$340K	$26.9M	52x
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,601.2	+0.054%	$188.6M	$952.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,598.4	+0.051%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,616.9	+0.072%	$698K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,618.7	+0.075%	$8.4M	$42.4M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0196%	1h	85,631.3	+0.089%	$893.2M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0200%	1h	85,664.4	+0.128%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,619	+0.075%	$10.7M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,632.2	+0.090%	$495K	$18.9M	6.7x	as long as short