Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.009%

Price spread now: Injective against Bybit+1.969%98s7-day average +0.239% · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 3 days (all we have)−3.816%−$382 · spread now +1.969%, 7d avg +0.239%

Together, before fees−3.868%−$387 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.729% dearer against Bybit than usual: you sell high and buy low (spread +1.969% now, against its 7-day average of +0.239%): +$173 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. At the pace of the last 7 days (−0.053% in total) that is about 8 months. 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	Bybit MNTUSDT	0.6400	0.0100	pay 0.0100% / 8h	6h 01m	$41.9M	$14.6M	25x
Short	Injective MNT/USDC PERP	0.6526	0.0033	get 0.0004% / 1h	1m 33s	$3K	$210K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +1.969%Rate

Funding earned: −$14
Price spread: +1.969% → +0.239%: $172.93
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $147.91
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.56 bp	20.7 bp −$21	79.4 bp −$794	doesn't fit	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.

MNT on 14 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 MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6407	+0.112%	$19	—	100x	as long as short
ApeX Omni MNTUSDT	−0.0110%	1h	0.6400	0.000%	$11K	$639K	50x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6408	+0.121%	$769	—	150x	as long as short
Injective MNT/USDC PERPshort	+0.0033%	1h	0.6526	+1.969%	$3K	$210K	12x
Hyperliquid MNT	+0.0100%	1h	0.6414	+0.214%	$6.6M	$918K	5x	as long as short
Bybit MNTUSDTlong	+0.0100%	8h	0.6400	long leg	$41.9M	$14.6M	25x
Gate MNT_USDT	+0.0100%	4h	0.6393	−0.109%	$414K	$166K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6399	−0.016%	$2.4M	$106K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6396	−0.063%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6401	+0.022%	$284K	$173K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6410	+0.156%	$1K	—	10x	as long as short
Lighter MNT	+0.0112%	1h	0.6417	+0.267%	$140K	$75K	5x	as long as short
Backpack MNT_USDC_PERP	+0.0270%	1h	0.6403	+0.047%	$46K	$56K	10x	as long as short
Kraken Futures PF_MNTUSD	+0.0385%	1h	0.6405	+0.072%	$16K	$28K	20x	as long as short