Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0149%/8h= −16.3% APRpaid last 24h −0.022%

Price spread now: Injective against MEXC+0.313%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.219%+$22 on $10k

Price spread, last 3 days (all we have)−0.442%−$44 · spread now +0.313%, 7d avg +0.066%

Together, before fees−0.223%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.246% dearer against MEXC than usual: you sell high and buy low (spread +0.313% now, against its 7-day average of +0.066%): +$25 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 5.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.219%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,773.2	0.0061	pay 0.0061% / 8h	31m 04s	$1.60B	$2.64B	500x
Short	Injective ETH/USDC PERP	2,781.9	−0.0088	pay 0.0011% / 1h	31m 04s	$119K	$22.5M	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 +0.313%Rate

Funding earned: −$31.19
Price spread: +0.313% → +0.066%: $24.64
Slippage, 4 orders: −$60.29
Fee MEXC: 1 bp × 2 orders: −$2
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$68.86
Costs to cover: 0.623%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Injective: live order book, 3 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, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	2.9 bp −$1,453
Sell Injective live order book, 3 min ago	13.31 bp	46.9 bp −$47	48.1 bp −$481	48.2 bp −$4,822	doesn't fit

ETH on 55 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	−0.0447%	43m	2,773.7	+0.016%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773.8	+0.020%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERPshort	−0.0088%	1h	2,781.9	+0.313%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,774.2	+0.035%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,774.2	+0.034%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.7	+0.053%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.6	+0.051%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,775.6	+0.085%	$878K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.5	+0.045%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0012%	1h	2,776.7	+0.125%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,772.8	−0.015%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,773.1	−0.006%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,774.4	+0.044%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,773.8	+0.022%	$270.4M	$69.1M	150x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,773.5	+0.009%	$256.4M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,773.2	−0.001%	$55.2M	$229.1M	40x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,773.7	+0.017%	$183K	$1.7M	20x	as long as short
MEXC ETH_USDTlong	+0.0061%	8h	2,773.2	long leg	$1.60B	$2.64B	500x
Binance ETHUSDT	+0.0062%	8h	2,773.1	−0.003%	$6.45B	$17.28B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.8	−0.089%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,773.2	0.000%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,774.6	+0.048%	$258.9M	$222.3M	50x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,773.3	+0.004%	$3.29B	$9.64B	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,773.6	+0.014%	$421.4M	$739.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,774.7	+0.053%	$60.0M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,773.4	+0.006%	$2.50B	$4.62B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,774.3	+0.039%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,773.2	−0.001%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,774.2	+0.034%	$116.0M	$497.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	+0.067%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.5	+0.046%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.2	0.000%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.9	+0.024%	$478K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.6	+0.014%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.7	+0.089%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.1	+0.031%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.5	+0.010%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.9	+0.059%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.168%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.5	+0.009%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.3	+0.002%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.6	+0.012%	$182.1M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.2	+0.034%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.9	+0.096%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774	+0.028%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.5	+0.046%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	+0.093%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.3	+0.003%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.5	−0.027%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,774.5	+0.046%	$8.3M	$684.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.5	+0.047%	$86.5M	$333.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,776.3	+0.111%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,773.3	+0.004%	$286.5M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,773.6	+0.012%	$7.4M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,775.5	+0.083%	$252K	$1.6M	20x	as long as short