Funding arb · Price arb /

MEW

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Bitget−9.386%101s7-day average — · you buy dearer than you sell

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

Long on Bitget 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 9.386% cheaper against Bitget than usual: you would sell low and buy high (−$939 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 101 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	Bitget MEWUSDT	0.0004656	0.0100	pay 0.0050% / 4h	2h 45m	$490K	$371K	50x
Short	Injective MEW/USDC PERP	0.0004219	0.0033	get 0.0004% / 1h	45m 32s	$46	$14K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now −9.386%Rate

Funding earned: −$14
Price spread: −9.386% → 0.000%: −$938.57
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$964.59
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 15 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 Bitget live order book, 15 min ago	8.60 bp	29.5 bp −$30	329.0 bp −$3,290	doesn't fit	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.

MEW on 12 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
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004650	−0.129%	—	—	100x	as long as short
Injective MEW/USDC PERPshort	+0.0033%	1h	0.0004219	−9.386%	$46	$14K	5.5x
Binance MEWUSDT	+0.0100%	4h	0.0004657	+0.026%	$1.2M	$2.9M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004657	+0.021%	$1.5M	$1.1M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004651	−0.107%	$524K	$728K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004653	−0.064%	$132K	$102K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004656	0.000%	$387K	$176K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004652	−0.086%	$337K	$116K	30x	as long as short
Bitget MEWUSDTlong	+0.0100%	4h	0.0004656	long leg	$490K	$371K	50x
BingX MEW-USDT	+0.0100%	4h	0.0004658	+0.043%	—	$24.2M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004656	+0.006%	$82K	$32K	—	as long as short
Kraken Futures PF_MEWUSD	+0.0811%	1h	0.0004670	+0.305%	$91K	$106K	10x	as long as short