Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h +0.021%

Price spread now: MEXC against Injective−0.057%55s7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as 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−$100.101% of the position

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.057%, 7d avg −0.020%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.037% cheaper against Injective than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of −0.020%). If the spread goes back, that is −$4 on $10k: about 48 hours of funding at the current rate (+$2 a day). The two prices were read 55 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 BTC/USDC PERP	85,225	0.0023	pay 0.0003% / 1h	30m 29s	$338K	$26.8M	52x
Short	MEXC BTC_USDT	85,176.5	0.0084	get 0.0084% / 8h	2h 30m	$5.05B	$5.71B	500x

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

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 InjectivebpFee MEXCbpOrdersPrice spread, now −0.057%Rate

Funding earned: $12.82
Price spread: −0.057% → −0.020%: −$3.66
Slippage, 4 orders: −$6.07
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$0.93
Costs to cover: 0.101%
Break-even: 7.5 days

Slippage from Injective: live order book, 4 min ago; MEXC: live order book, 4 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 Injective live order book, 4 min ago	2.35 bp	2.8 bp −$3	14.0 bp −$140	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$201	2.0 bp −$1,018

BTC on 56 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
Perpl BTC	−0.0112%	43m	85,141.9	−0.098%	$524K	$18.6M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,177	−0.056%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,161	−0.075%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,161	−0.075%	$921.5M	$763.3M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,135.4	−0.105%	$420.5M	$678.3M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,184.7	−0.047%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,157.5	−0.079%	$511.9M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	−0.057%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,181.9	−0.051%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0023%	1h	85,176.1	−0.057%	$24.7M	$222.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPlong	+0.0023%	1h	85,225	long leg	$338K	$26.8M	52x
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,149.9	−0.088%	$186.9M	$955.2M	100x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,169.5	−0.065%	—	$1.56B	—	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,127.8	−0.114%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,143.9	−0.095%	$148.6M	$504.3M	150x	as long as short
MEXC BTC_USDTshort	+0.0084%	8h	85,176.5	−0.057%	$5.05B	$5.71B	500x
Bitget BTCUSDT	+0.0084%	8h	85,177.4	−0.056%	$2.95B	$5.17B	150x	as long as short
SoDEX BTC-USD	+0.0084%	1h	85,132	−0.109%	$59.6M	$335.8M	40x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,174.7	−0.059%	$9.41B	$24.82B	150x	as long as short
Bullet BTC-USD	+0.0087%	1h	85,181.6	−0.051%	$207K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,178.3	−0.055%	$171.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,181.7	−0.051%	$23.7M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,176	−0.057%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,172	−0.062%	$116.8M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,151	−0.087%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,235.2	+0.012%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,253	+0.033%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,197.7	−0.032%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,167.7	−0.067%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,180	−0.053%	$2.58B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,155	−0.082%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,173.3	−0.061%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.048%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,174.7	−0.059%	$5.49B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,131.3	−0.110%	$35.9M	$174.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.133%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.107%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,147	−0.091%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.117%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,180.9	−0.052%	$30.1M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,236.3	+0.013%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,170	−0.065%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,136.2	−0.104%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,176	−0.057%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,110.1	−0.135%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,147.9	−0.090%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,126	−0.116%	$2.25B	$947.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,134	−0.107%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,177	−0.056%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,173.2	−0.061%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0131%	1h	85,168.3	−0.067%	$872.3M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,180.1	−0.053%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0180%	8h	85,169	−0.066%	$11.3M	$744.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0212%	1h	85,230	+0.006%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.6	+0.003%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,197.9	−0.032%	$8.6M	$43.1M	25x	as long as short