Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.036%

Price spread now: Injective against MEXC+2.146%7-day average — · you sell dearer than you buy

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

Long on MEXC 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

The price spread pays, funding is against you. Injective is 2.146% dearer against MEXC than usual: you sell high and buy low (spread +2.146% now, against zero (this spread has no 7-day history yet)): +$215 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC W_USDT	0.01184	0.0100	pay 0.0050% / 4h	3h 25m	$12.7M	$1.3M	50x
Short	Injective W/USDC PERP	0.01209	0.0033	get 0.0004% / 1h	25m 20s	$1K	$1K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. 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 MEXCbpFee InjectivebpOrdersPrice spread, now +2.146%Rate

Funding earned: −$14
Price spread: +2.146% → 0.000%: $214.6
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $196.58
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: MEXC: live order book, 3 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 MEXC live order book, 3 min ago	2.53 bp	16.8 bp −$17	60.3 bp −$603	94.5 bp −$9,455	171.1 bp −$85.5K
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.

W on 17 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 W_USDC-PERPETUAL	−0.0003%	1h	0.01183	−0.017%	$15K	$3K	10x	as long as short
Injective W/USDC PERPshort	+0.0033%	1h	0.01209	+2.146%	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01184	+0.034%	$2.0M	$323K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01183	−0.033%	$2.9M	$5.9M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01180	−0.270%	$4.1M	$1.7M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01181	−0.253%	$1.3M	$1.8M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01180	−0.304%	$445K	$212K	75x	as long as short
MEXC W_USDTlong	+0.0100%	4h	0.01184	long leg	$12.7M	$1.3M	50x
KuCoin WUSDTM	+0.0100%	4h	0.01184	+0.034%	$380K	$205K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01184	+0.034%	$1.3M	$551K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01182	−0.135%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01180	−0.276%	$71K	$39K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01187	+0.310%	$128K	$402K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01183	−0.029%	$61K	$235K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0440%	1h	0.01195	+0.997%	$14K	$14K	50x	as long as short
Backpack W_USDC_PERP	+0.1629%	1h	0.01184	+0.042%	$44K	$42K	15x	as long as short
Kraken Futures PF_WUSD	+0.1765%	1h	0.01186	+0.200%	$147K	$185K	20x	as long as short