Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0129%/8h= −14.2% APRpaid last 24h +0.030%

Price spread now: MEXC against Injective+0.079%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$630.630% of the position

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.079%, 7d avg −0.071%

Together, before fees−0.218%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.149% dearer against Injective than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of −0.071%): +$15 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,744.7	0.0209	pay 0.0026% / 1h	7m 05s	$118K	$22.5M	52x
Short	MEXC ETH_USDT	2,746.9	0.0080	get 0.0080% / 8h	6h 07m	$1.57B	$2.58B	500x

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 +0.079%Rate

Funding earned: −$27.17
Price spread: +0.079% → −0.071%: $14.94
Slippage, 4 orders: −$60.96
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$75.21
Costs to cover: 0.630%
Break-even: never at this rate

Slippage from Injective: live order book, 2 min ago; MEXC: live order book, 2 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 Injective live order book, 2 min ago	18.02 bp	18.0 bp −$18	18.0 bp −$180	18.0 bp −$1,803	20896.9 bp −$10.45M
Sell MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	2.1 bp −$1,030

ETH on 54 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
Perpl ETH	−0.0112%	43m	2,745.3	+0.020%	$310K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.1	+0.087%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.2	+0.053%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.3	+0.059%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,744.8	+0.004%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.3	+0.059%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.4	+0.062%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.2	+0.055%	$181K	$1.0M	50x	as long as short
BingX ETH-USDT	+0.0040%	8h	2,746.8	+0.075%	—	$1.17B	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,746.5	+0.067%	$1.70B	$10.82B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0066%	1h	2,741.8	−0.107%	$8.7M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,746.8	+0.078%	$370.2M	$608.7M	100x	as long as short
Aster ETHUSDT	+0.0067%	8h	2,746.6	+0.067%	$253.6M	$853.6M	200x	as long as short
HTX ETH-USDT	+0.0070%	8h	2,746.7	+0.073%	$1.06B	$1.19B	200x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,746.8	+0.076%	$6.38B	$16.06B	150x	as long as short
MEXC ETH_USDTshort	+0.0080%	8h	2,746.9	+0.079%	$1.57B	$2.58B	500x
Aevo ETH-PERP	+0.0080%	1h	2,744.1	−0.023%	$4.9M	$167K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.1	+0.124%	$58.8M	$4.31B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,746.9	+0.081%	$3.40B	$8.94B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,747.2	+0.090%	$113.0M	$444.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.7	+0.145%	$24.8M	$107.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.5	+0.067%	—	$31.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749.2	+0.165%	$16.2M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	+0.029%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.5	+0.064%	$13.9M	$109.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749	+0.157%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.8	+0.076%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.9	+0.081%	$2.46B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.2	+0.055%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.5	+0.064%	$2.8M	$16.4M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.8	+0.076%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.5	+0.066%	$15.0M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.9	+0.009%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.2	−0.092%	$181.3M	$699.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.051%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.8	+0.040%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	+0.054%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.2	+0.055%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.9	+0.044%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	+0.055%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.4	+0.136%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.7	+0.038%	$963K	$12.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747	+0.084%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.2	+0.093%	$267.5M	$65.8M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.108%	$164.0M	$301.0M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,746.6	+0.069%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.9	+0.044%	$30.5M	$73.1M	50x	as long as short
Kalshi KXETHPERP	+0.0147%	8h	2,746.9	+0.080%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0178%	8h	2,748.6	+0.142%	$32.3M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0209%	1h	2,748.4	+0.136%	$258.8M	$198.6M	50x	as long as short
Injective ETH/USDC PERPlong	+0.0209%	1h	2,744.7	long leg	$118K	$22.5M	52x
Reya ETHRUSDPERP	+0.0222%	1h	2,745.6	+0.033%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,746.6	+0.071%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.8	+0.114%	$88.2M	$315.4M	100x	as long as short