Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.009%

Price spread now: Bybit against Injective−0.398%7-day average −0.228% · you buy dearer than you sell

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 3 days (all we have)+2.172%+$217 · spread now −0.398%, 7d avg −0.228%

Together, before fees+2.225%+$222 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.171% cheaper against Injective than usual: you would sell low and buy high (spread −0.398% now, against its 7-day average of −0.228%). If the spread goes back, that is −$17 on $10k: about 8.5 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.053% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MNT/USDC PERP	0.6526	0.0033	pay 0.0004% / 1h	33m 24s	$3K	$210K	12x
Short	Bybit MNTUSDT	0.6500	0.0100	get 0.0100% / 8h	33m 24s	$42.8M	$14.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now −0.398%Rate

Funding earned: $14
Price spread: −0.398% → −0.228%: −$17.07
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$14.09
Costs to cover: 0.110%
Break-even: 14.0 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.76 bp	22.6 bp −$23	106.9 bp −$1,069	doesn't fit	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.

MNT on 15 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 MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6500	−0.396%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6501	−0.384%	$781	—	150x	as long as short
Injective MNT/USDC PERPlong	+0.0033%	1h	0.6526	long leg	$3K	$210K	12x
Hyperliquid MNT	+0.0100%	1h	0.6509	−0.260%	$6.6M	$950K	5x	as long as short
Bybit MNTUSDTshort	+0.0100%	8h	0.6500	−0.398%	$42.8M	$14.5M	25x
Gate MNT_USDT	+0.0100%	4h	0.6473	−0.812%	$405K	$148K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6497	−0.444%	$2.5M	$586K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6495	−0.475%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6519	−0.103%	$296K	$169K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6516	−0.153%	$11K	$630K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6508	−0.276%	$1K	—	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6494	−0.490%	$89K	$218K	25x	as long as short
Lighter MNT	+0.0440%	1h	0.6518	−0.124%	$141K	$69K	5x	as long as short
Kraken Futures PF_MNTUSD	+0.0649%	1h	0.6507	−0.296%	$17K	$20K	20x	as long as short
Backpack MNT_USDC_PERP	+0.0850%	1h	0.6498	−0.429%	$40K	$46K	10x	as long as short