Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.036%

Price spread now: Injective against MEXC+2.111%7-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 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

The price spread pays, funding is against you. Injective is 2.111% dearer against MEXC than usual: you sell high and buy low (spread +2.111% now, against zero (this spread has no 7-day history yet)): +$211 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC W_USDT	0.01184	0.0100	pay 0.0050% / 4h	1h 05m	$12.8M	$1.4M	50x
Short	Injective W/USDC PERP	0.01209	0.0033	get 0.0004% / 1h	5m 12s	$1K	$1K	12x

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 +2.111%Rate

Funding earned: −$14
Price spread: +2.111% → 0.000%: $211.15
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: $193.13
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: MEXC: live order book, 3 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, 3 min ago	2.11 bp	11.8 bp −$12	61.6 bp −$616	98.6 bp −$9,858	180.2 bp −$90.1K
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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0172%	1h	0.01183	−0.076%	$16K	$2K	10x	as long as short
Injective W/USDC PERPshort	+0.0033%	1h	0.01209	+2.111%	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01184	0.000%	$2.0M	$381K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01184	0.000%	$3.0M	$6.6M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01182	−0.160%	$4.1M	$1.9M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01183	−0.068%	$1.3M	$1.9M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01180	−0.338%	$446K	$254K	75x	as long as short
MEXC W_USDTlong	+0.0100%	4h	0.01184	long leg	$12.8M	$1.4M	50x
KuCoin WUSDTM	+0.0100%	4h	0.01184	0.000%	$383K	$214K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01184	0.000%	$1.3M	$583K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01183	−0.101%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01182	−0.159%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01188	+0.338%	$126K	$413K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01182	−0.127%	$59K	$235K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0312%	1h	0.01196	+0.988%	$14K	$16K	50x	as long as short
Backpack W_USDC_PERP	+0.0663%	1h	0.01185	+0.118%	$44K	$45K	15x	as long as short
Kraken Futures PF_WUSD	+0.1714%	1h	0.01186	+0.156%	$147K	$184K	20x	as long as short