Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0051%/8h= +5.5% APRpaid last 24h −0.021%

Price spread now: MEXC against Injective−1.648%70s7-day average — · you buy dearer than you sell

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

Long on Injective Short on MEXC

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

Funding pays, the price is against you. MEXC is 1.648% cheaper against Injective than usual: you would sell low and buy high (spread −1.648% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$165 on $10k: about 4 months of funding at the current rate (+$2 a day). The two prices were read 70 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	Injective AR/USDC PERP	4.6110	0.0033	pay 0.0004% / 1h	58m 07s	$2K	$2K	5.5x
Short	MEXC AR_USDT	4.5350	0.0084	get 0.0084% / 8h	5h 58m	$6.4M	$4.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now −1.648%Rate

Funding earned: $10.64
Price spread: −1.648% → 0.000%: −$164.82
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$158.2
Costs to cover: 0.040%
Break-even: 111.1 days

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 4 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	1.10 bp	3.1 bp −$3	16.7 bp −$167	201.5 bp −$20.2K	doesn't fit

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.

AR on 16 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 AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.5415	−1.508%	$584K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0099%	8h	4.5240	−1.887%	$2.3M	$19.1M	20x	as long as short
Injective AR/USDC PERPlong	+0.0033%	1h	4.6110	long leg	$2K	$2K	5.5x
MEXC AR_USDTshort	+0.0084%	8h	4.5350	−1.648%	$6.4M	$4.1M	100x
Binance ARUSDT	+0.0085%	8h	4.5269	−1.823%	$9.0M	$52.1M	75x	as long as short
Extended AR-USD	+0.0088%	1h	4.5258	−1.847%	$37K	$237K	10x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5381	−1.581%	$4.1M	$4.6M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5470	−1.387%	$19K	$500K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5284	−1.791%	$4.7M	$8.4M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.5320	−1.713%	$2.5M	$1.9M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.5410	−1.518%	$1.2M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5330	−1.692%	$3.9M	$5.4M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5310	−1.735%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5507	−1.308%	$236K	$261K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5520	−1.280%	$20K	$749K	50x	as long as short
Kraken Futures PF_ARUSD	+0.1923%	1h	4.5469	−1.390%	$56K	$149K	20x	as long as short