Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against MEXC−3.885%85s7-day average — · you buy dearer than you sell

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 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 3.885% cheaper against MEXC than usual: you would sell low and buy high (−$388 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 85 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	MEXC NOT_USDT	0.0005071	0.0100	pay 0.0050% / 4h	3h 59m	$1.3M	$435K	200x
Short	Injective NOT/USDC PERP	0.0004874	0.0033	get 0.0004% / 1h	59m 48s	$1K	$13K	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

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 −3.885%Rate

Funding earned: −$14
Price spread: −3.885% → 0.000%: −$388.48
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: −$406.5
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 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, 1 min ago	3.94 bp	13.2 bp −$13	38.0 bp −$380	92.6 bp −$9,255	116.0 bp −$58.0K
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.

NOT on 16 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
Variational Omni NOT	−0.0381%	4h	0.0005065	−0.126%	$72K	$38K	—	as long as short
KuCoin NOTUSDTM	−0.0262%	4h	0.0005060	−0.217%	$471K	$129K	50x	as long as short
Injective NOT/USDC PERPshort	+0.0033%	1h	0.0004874	−3.885%	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005081	+0.207%	$11K	$4K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005070	−0.020%	$360K	$54K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005072	+0.018%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005072	+0.018%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005065	−0.118%	$2.1M	$855K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005072	+0.020%	$641K	$668K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005070	−0.020%	$141K	$70K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDTlong	+0.0100%	4h	0.0005071	long leg	$1.3M	$435K	200x
Bitget NOTUSDT	+0.0100%	4h	0.0005073	+0.039%	$672K	$413K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005070	−0.020%	—	$8.8M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005070	−0.023%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0150%	4h	0.0005065	−0.118%	$111K	$16K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1693%	1h	0.0005102	+0.607%	$50K	$8K	10x	as long as short