Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.259%

Price spread now: MEXC against Injective−1.071%7-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 1.071% cheaper against Injective than usual: you would sell low and buy high (spread −1.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$107 on $10k: about 54 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IO/USDC PERP	0.1494	0.0033	pay 0.0004% / 1h	52m 37s	$2K	$185	5.5x
Short	MEXC IO_USDT	0.1478	0.0100	get 0.0050% / 4h	52m 37s	$1.2M	$201K	125x

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 −1.071%Rate

Funding earned: $14
Price spread: −1.071% → 0.000%: −$107.1
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: −$97.12
Costs to cover: 0.040%
Break-even: 55.6 days

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 1 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, 1 min ago	6.76 bp	22.3 bp −$22	160.2 bp −$1,602	277.3 bp −$27.7K	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.

IO on 14 exchanges

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
Injective IO/USDC PERPlong	+0.0033%	1h	0.1494	long leg	$2K	$185	5.5x
Hyperliquid IO	+0.0100%	1h	0.1480	−0.910%	$990K	$272K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1480	−0.919%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1480	−0.951%	$2.9M	$4.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1479	−1.004%	$1.1M	$520K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1479	−0.984%	$212K	$392K	50x	as long as short
MEXC IO_USDTshort	+0.0100%	4h	0.1478	−1.071%	$1.2M	$201K	125x
KuCoin IOUSDTM	+0.0100%	4h	0.1478	−1.071%	$336K	$190K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1481	−0.870%	$1.3M	$797K	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1480	−0.937%	—	$1.3M	—	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1479	−1.030%	$28K	$20K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1479	−0.986%	$728	$205K	5x	as long as short
BloFin IO-USDT	+0.0135%	4h	0.1483	−0.736%	$189K	$27K	50x	as long as short
Kraken Futures PF_IOUSD	+3.9954%	1h	0.1485	−0.596%	$51K	$19K	10x	as long as short