Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0003%/8h= −0.4% APRpaid last 24h +0.031%

Price spread now: MEXC against Injective−1.202%85s7-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 7 days−1.182%−$118 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 1.202% cheaper against Injective than usual: you would sell low and buy high, −$120 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 85 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 ETHFI/USDC PERP	0.7240	0.0033	pay 0.0004% / 1h	15m 43s	$321	$51K	5.5x
Short	MEXC ETHFI_USDT	0.7153	0.0030	get 0.0015% / 4h	1h 15m	$15.1M	$3.8M	125x

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 −1.202%Rate

Funding earned: −$0.7
Price spread: −1.202% → 0.000%: −$120.17
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: −$124.89
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 3 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, 3 min ago	0.70 bp	7.4 bp −$7	16.4 bp −$164	60.5 bp −$6,045	174.8 bp −$87.4K

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.

ETHFI on 24 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 ETHFI_USDC-PERPETUAL	−0.0587%	1h	0.7162	−1.077%	$42K	$18K	10x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0252%	1h	0.7175	−0.892%	$281K	$147K	20x	as long as short
HTX ETHFI-USDT	−0.0217%	4h	0.7153	−1.202%	$83K	$165K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0187%	4h	0.7163	−1.064%	$16K	$1K	10x	as long as short
Extended ETHFI-USD	+0.0024%	1h	0.7152	−1.220%	$93K	$493K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0025%	8h	0.7158	−1.132%	$6K	—	5x	as long as short
Binance ETHFIUSDT	+0.0028%	4h	0.7145	−1.312%	$24.8M	$37.2M	75x	as long as short
MEXC ETHFI_USDTshort	+0.0030%	4h	0.7153	−1.202%	$15.1M	$3.8M	125x
Injective ETHFI/USDC PERPlong	+0.0033%	1h	0.7240	long leg	$321	$51K	5.5x
Bitget ETHFIUSDT	+0.0088%	4h	0.7144	−1.326%	$6.1M	$5.7M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0088%	1h	0.7160	−1.107%	$9K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7152	−1.214%	$1.1M	$898K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7156	−1.157%	$18.1M	$8.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7153	−1.197%	$183K	$258K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7147	−1.285%	$18.1M	$13.0M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7148	−1.271%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7156	−1.160%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7155	−1.174%	$1.2M	$272K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7153	−1.202%	—	$26.1M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7166	−1.028%	$1.0M	$755K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7167	−1.012%	$59K	$93K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7167	−1.008%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0120%	4h	0.7155	−1.174%	$1.2M	$290K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7177	−0.870%	$31K	$7K	50x	as long as short