Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0157%/8h= +17.2% APRpaid last 24h +0.022%

Price spread now: MEXC against Injective−0.197%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$620.620% of the position

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.232%−$23 on $10k

Price spread, last 3 days (all we have)+0.355%+$36 · spread now −0.197%, 7d avg −0.067%

Together, before fees+0.123%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.130% cheaper against Injective than usual: you would sell low and buy high (spread −0.197% now, against its 7-day average of −0.067%). If the spread goes back, that is −$13 on $10k: about 2.8 days of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.232%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,776.2	−0.0107	get 0.0013% / 1h	10m 37s	$119K	$22.5M	52x
Short	MEXC ETH_USDT	2,770.7	0.0050	get 0.0050% / 8h	2h 10m	$1.59B	$2.69B	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 −0.197%Rate

Funding earned: $32.9
Price spread: −0.197% → −0.067%: −$13
Slippage, 4 orders: −$60.01
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$42.13
Costs to cover: 0.620%
Break-even: 16.0 days

Slippage from Injective: live order book, 4 min ago; MEXC: live order book, 9 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	14.57 bp	14.6 bp −$15	14.6 bp −$146	14.6 bp −$1,458	20650.5 bp −$10.33M
Sell MEXC live order book, 9 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.2 bp −$122	3.6 bp −$1,782

ETH on 55 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 ETH	−0.0112%	43m	2,770.7	−0.198%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERPlong	−0.0107%	1h	2,776.2	long leg	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	−0.184%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,771.3	−0.177%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.9	−0.011%	$886K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.2	−0.181%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	−0.161%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,775.1	−0.041%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.3	−0.177%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,771	−0.188%	$1.71B	$11.90B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0026%	8h	2,770.8	−0.196%	$266.9M	$66.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.2	−0.180%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,770.7	−0.198%	$256.2M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,775.9	−0.013%	$8.8M	$32.7M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.5	−0.278%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDTshort	+0.0050%	8h	2,770.7	−0.197%	$1.59B	$2.69B	500x
Binance ETHUSDT	+0.0051%	8h	2,771	−0.187%	$6.44B	$17.23B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0057%	1h	2,772.1	−0.148%	$258.5M	$225.1M	50x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,770.6	−0.201%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,771	−0.188%	$3.28B	$9.69B	200x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,770.5	−0.205%	$183K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.174%	$114.7M	$515.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.7	−0.126%	$25.3M	$123.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.5	−0.170%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,776.8	+0.023%	$141.1M	$320.7M	—	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.3	−0.212%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.5	−0.206%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.2	−0.180%	$486K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.5	−0.204%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773	−0.115%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.1	−0.184%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.1	−0.183%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.3	−0.213%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.7	−0.125%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.203%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.8	−0.195%	$422.0M	$742.2M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.4	−0.208%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.8	−0.196%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.1	−0.004%	$179.9M	$795.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.7	−0.127%	$161.3M	$97.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.6	−0.166%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.7	−0.161%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772	−0.151%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.8	−0.159%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	−0.117%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.8	−0.231%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,770.5	−0.205%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.3	−0.214%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.3	−0.142%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,771.4	−0.173%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,773.4	−0.101%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770.6	−0.203%	$285.4M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,770.5	−0.205%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.7	−0.163%	$86.7M	$330.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0456%	1h	2,772.9	−0.120%	$281K	$1.5M	20x	as long as short