Funding arb · Price arb /

THETA

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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−4.728%7-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 4.728% cheaper against MEXC than usual: you would sell low and buy high (−$473 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC THETA_USDT	0.2242	0.0100	pay 0.0100% / 8h	4h 47m	$1.4M	$551K	100x
Short	Injective THETA/USDC PERP	0.2136	0.0033	get 0.0004% / 1h	47m 13s	$208	$25K	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 −4.728%Rate

Funding earned: −$14
Price spread: −4.728% → 0.000%: −$472.79
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: −$490.81
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 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, 4 min ago	2.23 bp	10.5 bp −$11	25.3 bp −$253	168.2 bp −$16.8K	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.

THETA on 13 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
Kraken Futures PF_THETAUSD	−0.0500%	1h	0.2239	−0.117%	$82K	$35K	20x	as long as short
Variational Omni THETA	−0.0200%	8h	0.2244	+0.072%	$293K	$74K	—	as long as short
Injective THETA/USDC PERPshort	+0.0033%	1h	0.2136	−4.728%	$208	$25K	5.5x
BingX THETA-USDT	+0.0070%	8h	0.2244	+0.089%	—	$2.4M	—	as long as short
Aster THETAUSDT	+0.0100%	8h	0.2245	+0.131%	$8K	$5K	5x	as long as short
Binance THETAUSDT	+0.0100%	8h	0.2243	+0.045%	$3.2M	$4.8M	75x	as long as short
Bybit THETAUSDT	+0.0100%	8h	0.2242	0.000%	$3.1M	$2.1M	75x	as long as short
OKX THETA-USDT-SWAP	+0.0100%	8h	0.2243	+0.045%	$629K	$1.3M	20x	as long as short
Gate THETA_USDT	+0.0100%	8h	0.2244	+0.089%	$391K	$127K	50x	as long as short
MEXC THETA_USDTlong	+0.0100%	8h	0.2242	long leg	$1.4M	$551K	100x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin THETAUSDTM	+0.0100%	8h	0.2241	−0.045%	$1.0M	$309K	50x	as long as short
Bitget THETAUSDT	+0.0100%	8h	0.2244	+0.089%	$1.3M	$602K	50x	as long as short
BloFin THETA-USDT	+0.0220%	8h	0.2242	0.000%	$160K	$179K	75x	as long as short