Funding arb · Price arb /

MEW

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against OKX−10.935%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Injective

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 10.935% cheaper against OKX than usual: you would sell low and buy high (−$1,094 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MEW-USDT-SWAP	0.0004737	0.0100	pay 0.0050% / 4h	1h 12m	$545K	$911K	20x
Short	Injective MEW/USDC PERP	0.0004219	0.0033	get 0.0004% / 1h	12m 48s	$46	$14K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −10.935%Rate

Funding earned: −$14
Price spread: −10.935% → 0.000%: −$1,093.52
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,117.54
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 28 min ago; Injective: no order-book sample. 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 OKX live order book, 28 min ago	4.24 bp	38.4 bp −$38	13182.4 bp −$131.8K	207643.3 bp −$20.76M	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.148%	—	—	100x	as long as short
Injective MEW/USDC PERPshort	+0.0033%	1h	0.0004219	−10.935%	$46	$14K	5.5x
Binance MEWUSDT	+0.0100%	4h	0.0004745	+0.169%	$1.3M	$3.6M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004737	0.000%	$1.5M	$1.6M	25x	as long as short
OKX MEW-USDT-SWAPlong	+0.0100%	4h	0.0004737	long leg	$545K	$911K	20x
Gate MEW_USDT	+0.0100%	4h	0.0004738	+0.021%	$138K	$143K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004743	+0.127%	$375K	$188K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004747	+0.211%	$330K	$117K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004749	+0.253%	$484K	$537K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004737	0.000%	—	$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	0.0004747	+0.204%	$84K	$36K	—	as long as short
Kraken Futures PF_MEWUSD	+0.0790%	1h	0.0004744	+0.157%	$92K	$133K	10x	as long as short