Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Bybit against Injective+12.230%98s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 12.230% dearer against Injective than usual: you sell high and buy low: +$1,223 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 98 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 MEW/USDC PERP	0.0004219	0.0033	pay 0.0004% / 1h	35m 33s	$46	$14K	5.5x
Short	Bybit MEWUSDT	0.0004735	0.0100	get 0.0050% / 4h	3h 35m	$1.5M	$1.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +12.230%Rate

Funding earned: $14
Price spread: +12.230% → 0.000%: $1,223.04
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $1,226.02
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	7.39 bp	27.3 bp −$27	109.9 bp −$1,099	doesn't fit	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.

MEW on 12 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 MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004730	+12.112%	—	—	100x	as long as short
Injective MEW/USDC PERPlong	+0.0033%	1h	0.0004219	long leg	$46	$14K	5.5x
Binance MEWUSDT	+0.0100%	4h	0.0004737	+12.287%	$1.3M	$3.7M	50x	as long as short
Bybit MEWUSDTshort	+0.0100%	4h	0.0004735	+12.230%	$1.5M	$1.6M	25x
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004728	+12.064%	$551K	$945K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004731	+12.136%	$137K	$148K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004732	+12.159%	$378K	$182K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004735	+12.230%	$334K	$117K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004738	+12.301%	$490K	$557K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004737	+12.278%	—	$6.7M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004731	+12.141%	$84K	$36K	—	as long as short
Kraken Futures PF_MEWUSD	+0.1418%	1h	0.0004769	+13.045%	$97K	$141K	10x	as long as short