Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.025%

Price spread now: Injective against MEXC+0.254%85s7-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+0.799%+$80 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 0.254% dearer against MEXC than usual: you sell high and buy low (spread +0.254% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 13 days. Mind the row above: over the last 7 days funding on this pair paid +0.799%, so the current rate has only just turned against you. 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 VIRTUAL_USDT	0.7099	0.0100	pay 0.0050% / 4h	23m 59s	$15.6M	$5.3M	100x
Short	Injective VIRTUAL/USDC PERP	0.7117	0.0033	get 0.0004% / 1h	23m 59s	$46	$88K	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 +0.254%Rate

Funding earned: −$14
Price spread: +0.254% → 0.000%: $25.36
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $11.34
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: MEXC: live order book, 5 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, 5 min ago	1.40 bp	4.5 bp −$5	8.3 bp −$83	75.6 bp −$7,559	255.5 bp −$127.8K
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.

VIRTUAL on 33 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_VIRTUALUSD	−0.0338%	1h	0.7106	+0.093%	$516K	$741K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0313%	1h	0.7098	−0.014%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7097	−0.026%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0115%	4h	0.7103	+0.052%	$533K	$837K	—	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7098	−0.014%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0080%	1h	0.7094	−0.072%	$320K	$403K	5x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7119	+0.280%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7099	+0.002%	$22K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0028%	4h	0.7096	−0.042%	$16.1M	$18.9M	50x	as long as short
Injective VIRTUAL/USDC PERPshort	+0.0033%	1h	0.7117	+0.254%	$46	$88K	5.5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7097	−0.028%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7099	+0.002%	$92K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7104	+0.076%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7098	−0.016%	$16.0M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7103	+0.056%	$2.8M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7099	0.000%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7099	long leg	$15.6M	$5.3M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7099	0.000%	$3.0M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7099	0.000%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7099	0.000%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7101	+0.028%	$235K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7128	+0.406%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7122	+0.330%	$632K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7121	+0.310%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7095	−0.052%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7100	+0.014%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7097	−0.021%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7097	−0.034%	$53K	$309K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7097	−0.035%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0280%	1h	0.7112	+0.180%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7100	+0.009%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7101	+0.028%	$785K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7170	+1.000%	$200K	$100K	50x	as long as short