Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Bybit−9.425%88s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 9.425% cheaper against Bybit than usual: you would sell low and buy high (−$942 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 88 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	Bybit MEWUSDT	0.0004658	0.0100	pay 0.0050% / 4h	1h 13m	$1.4M	$1.2M	25x
Short	Injective MEW/USDC PERP	0.0004219	0.0033	get 0.0004% / 1h	13m 52s	$46	$14K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −9.425%Rate

Funding earned: −$14
Price spread: −9.425% → 0.000%: −$942.46
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$967.48
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Injective: no order-book sample. 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 Bybit live order book, 2 min ago	4.29 bp	22.4 bp −$22	246.2 bp −$2,462	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

MEW on 12 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
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004650	−0.172%	—	—	100x	as long as short
Injective MEW/USDC PERPshort	+0.0033%	1h	0.0004219	−9.425%	$46	$14K	5.5x
Binance MEWUSDT	+0.0100%	4h	0.0004663	+0.103%	$1.2M	$2.9M	50x	as long as short
Bybit MEWUSDTlong	+0.0100%	4h	0.0004658	long leg	$1.4M	$1.2M	25x
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004659	+0.021%	$526K	$768K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004659	+0.021%	$136K	$120K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004662	+0.086%	$389K	$176K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004659	+0.021%	$346K	$118K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004661	+0.064%	$498K	$375K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004663	+0.107%	—	$24.2M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004668	+0.206%	$82K	$32K	—	as long as short
Kraken Futures PF_MEWUSD	+0.1042%	1h	0.0004669	+0.245%	$92K	$108K	10x	as long as short