Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0806%/8h= −88.3% APRpaid last 24h −0.020%

Price spread now: Injective against MEXC−0.293%115s7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$620.618% of the position

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 3 days (all we have)+0.203%+$20 · spread now −0.293%, 7d avg +0.069%

Together, before fees+0.413%+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Injective is 0.362% cheaper against MEXC than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of +0.069%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.210%, so the current rate has only just turned against you. The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.210% in total (about 11.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,771	0.0054	pay 0.0054% / 8h	7h 33m	$1.63B	$2.63B	500x
Short	Injective ETH/USDC PERP	2,762.9	−0.0752	pay 0.0094% / 1h	33m 23s	$119K	$22.5M	52x

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 −0.293%Rate

Funding earned: −$169.27
Price spread: −0.293% → +0.069%: −$36.23
Slippage, 4 orders: −$59.73
Fee MEXC: 1 bp × 2 orders: −$2
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$267.26
Costs to cover: 0.618%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Injective: live order book, 1 min ago.

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, 6 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.2 bp −$121	3.9 bp −$1,935
Sell Injective live order book, 1 min ago	9.73 bp	50.0 bp −$50	51.4 bp −$514	51.5 bp −$5,151	doesn't fit

ETH on 55 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
Injective ETH/USDC PERPshort	−0.0752%	1h	2,762.9	−0.293%	$119K	$22.5M	52x
RISEx ETH/USDC	−0.0128%	1h	2,771	0.000%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,769.8	−0.045%	$320K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772	+0.035%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.8	−0.008%	$168K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0020%	8h	2,770.8	−0.009%	$269.7M	$67.4M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	+0.017%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771	−0.001%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.7	−0.012%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0024%	1h	2,770	−0.037%	$183K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0024%	8h	2,770	−0.037%	$1.71B	$11.20B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,770.5	−0.018%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0036%	1h	2,771	−0.001%	$55.2M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,771	0.000%	$256.7M	$885.8M	200x	as long as short
MEXC ETH_USDTlong	+0.0054%	8h	2,771	long leg	$1.63B	$2.63B	500x
Binance ETHUSDT	+0.0054%	8h	2,769.9	−0.041%	$6.47B	$16.36B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.6	−0.125%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0064%	1h	2,772.1	+0.038%	$31K	$23K	20x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,770.6	−0.016%	$1.08B	$1.26B	200x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,770.8	−0.010%	$2.10B	$2.88B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,772.4	+0.049%	$60.3M	$4.45B	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,770.7	−0.013%	$419.9M	$632.9M	100x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,770.9	−0.004%	—	$876K	50x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,770.2	−0.031%	$3.35B	$8.97B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,772	+0.034%	$115.3M	$457.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.6	+0.056%	$25.8M	$111.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.3	+0.044%	$15.9M	$8.7M	50x	as long as short
SunX ETH-USDT	+0.0099%	8h	2,770.3	−0.025%	$972K	$13.3M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.7	−0.012%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.7	−0.013%	$14.7M	$114.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.8	+0.064%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.7	+0.024%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.3	−0.026%	$2.51B	$4.38B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.7	−0.012%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.2	+0.044%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.043%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.1	−0.033%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.6	+0.020%	$15.2M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.3	+0.045%	$142.1M	$343.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.9	−0.041%	$181.8M	$787.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.6	−0.053%	$161.0M	$84.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,772.1	+0.038%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.5	−0.019%	$21.4M	$62.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.9	−0.005%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.8	−0.008%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773	+0.073%	$42.6M	$29.0M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.5	−0.054%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.2	+0.005%	—	$37.0M	500x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,771.5	+0.017%	$8.0M	$682.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,772.5	+0.053%	$259.1M	$207.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,772.5	+0.054%	$93.4M	$316.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0150%	8h	2,772.8	+0.065%	$32.6M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.6	+0.020%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,768.4	−0.093%	$287.6M	$185.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,770.5	−0.020%	$7.3M	$1.2M	25x	as long as short