Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h −0.022%

Price spread now: Injective against MEXC+0.085%70s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as 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−$110.110% of the position

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.085%, 7d avg +0.020%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Injective is 0.065% dearer against MEXC than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.020%. 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	MEXC BTC_USDT	85,402.5	0.0097	pay 0.0097% / 8h	4h 18m	$5.06B	$5.65B	500x
Short	Injective BTC/USDC PERP	85,475	0.0150	get 0.0019% / 1h	18m 15s	$339K	$26.9M	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 +0.085%Rate

Funding earned: $11.1
Price spread: +0.085% → +0.020%: $6.47
Slippage, 4 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $6.56
Costs to cover: 0.110%
Break-even: 2.9 days

Slippage from MEXC: live order book, 1 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, 1 min ago	0.03 bp	2.0 bp −$2	2.0 bp −$20	2.0 bp −$205	2.6 bp −$1,312
Sell Injective live order book, 1 min ago	2.22 bp	4.6 bp −$5	10.2 bp −$102	594.4 bp −$59.4K	doesn't fit

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
Phoenix BTC	−0.0179%	1h	85,530	+0.149%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,411	+0.010%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,401.2	−0.002%	$364K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,372.5	−0.035%	$918.3M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,447.7	+0.053%	$416.2M	$667.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,409	+0.008%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,384.3	−0.021%	$514.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0013%	1h	85,408.8	+0.007%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,388.2	−0.017%	$25.2M	$222.0M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,397.3	−0.006%	$4.4M	$98.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,381.3	−0.025%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,396.1	−0.007%	$2.94B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,400.1	−0.003%	$147.4M	$488.1M	150x	as long as short
Reya BTCRUSDPERP	+0.0084%	1h	85,383.4	−0.022%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,411.3	+0.010%	$172.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,416.2	+0.016%	$23.8M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,405	+0.003%	$8.6M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,392.7	−0.011%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDTlong	+0.0097%	8h	85,402.5	long leg	$5.06B	$5.65B	500x
Binance BTCUSDT	+0.0098%	8h	85,407	+0.005%	$9.35B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,378	−0.029%	$211K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,486.7	+0.099%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,478	+0.088%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,432.7	+0.035%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,401.1	−0.002%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,429.1	+0.031%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,389	−0.016%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.133%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,398.5	−0.005%	$5.50B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,427	+0.029%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	+0.048%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.119%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.130%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,457.2	+0.064%	$139.7M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,491.9	+0.105%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,461.4	+0.069%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,394	−0.010%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,396	−0.008%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,394.2	−0.010%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,437.7	+0.041%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,385.5	−0.020%	$29.9M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,391	−0.013%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,399	−0.004%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.1	−0.003%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,371.8	−0.036%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,408.9	+0.007%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,437.4	+0.041%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0128%	1h	85,442.4	+0.047%	$891.4M	$1.58B	50x	as long as short
Injective BTC/USDC PERPshort	+0.0150%	1h	85,475	+0.085%	$339K	$26.9M	52x
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,421.5	+0.022%	$187.5M	$955.3M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,405.2	+0.003%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,422.8	+0.024%	$8.2M	$42.5M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,497.8	+0.112%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,436	+0.039%	$10.3M	$756.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,486.5	+0.098%	$78K	$219K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,417.3	+0.017%	$498K	$18.8M	6.7x	as long as short