Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0217%/8h= −23.7% APRpaid last 24h −0.064%

Price spread now: Injective against MEXC+0.123%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.464%−$46 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.123% dearer against MEXC than usual: you sell high and buy low (spread +0.123% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC NIGHT_USDT	0.02432	0.0250	pay 0.0125% / 4h	1h 14m	$809K	$458K	100x
Short	Injective NIGHT/USDC PERP	0.02435	0.0033	get 0.0004% / 1h	14m 59s	$1K	$58K	5.5x

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

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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 MEXCbpFee InjectivebpOrdersPrice spread, now +0.123%Rate

Funding earned: −$45.5
Price spread: +0.123% → 0.000%: $12.34
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$37.18
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: MEXC: live order book, 41 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 MEXC live order book, 41 min ago	2.07 bp	14.8 bp −$15	88.2 bp −$882	343.3 bp −$34.3K	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.

NIGHT 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
Coinbase International NIGHT-PERP-INTX	−2.3328%	1h	0.02180	−10.354%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERPshort	+0.0033%	1h	0.02435	+0.123%	$1K	$58K	5.5x
BloFin NIGHT-USDT	+0.0098%	4h	0.02436	+0.164%	$287K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02434	+0.094%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02432	+0.018%	$5.4M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02433	+0.041%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02433	+0.045%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02433	+0.041%	$224K	$204K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02440	+0.311%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02435	+0.123%	$652K	$399K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02434	+0.082%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02433	+0.041%	—	$6.6M	—	as long as short
MEXC NIGHT_USDTlong	+0.0250%	4h	0.02432	long leg	$809K	$458K	100x
Deribit NIGHT_USDC-PERPETUAL	+0.0366%	1h	0.02436	+0.156%	$100	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+0.5569%	1h	0.02441	+0.389%	$64K	$60K	25x	as long as short