Injured race horse Red Cadeaux has successfully undergone surgery and is standing and eating.

The three-time Melbourne Cup runner-up was pulled out of Tuesday's race in the final stages after suffering an injury to his left fore fetlock.

Trainer Ed Dunlop said three experts had conducted the surgery on Wednesday afternoon and evening.

"The vets have advised me that the surgery went well and that Red Cadeaux is comfortable standing back in his box and has eaten, which is fantastic news for all," Dunlop said on Wednesday night.

Red Cadeaux was sedated on course after his injury and after that wore off, he was eating and wandering around his box.

Dunlop's assistant Robin Trevor-Jones said owner Ronald Arculli wants the best possible medical care for Red Cadeaux so he can live out the rest of his life in Australia at Living Legends when he recovers.

Red Cadeaux was subjected to a vigorous veterinary examination before the Cup and there was no suggestion there was anything wrong with the gelding before Tuesday's race.

"We wouldn't have run him if there was," Trevor-Jones said.

"(Dr) Brian Stewart watched him jog up here, so it's just a freak accident that can happen to any horse."

Trevor-Jones said the quick thinking of jockey Gerald Mosse had probably saved Red Cadeaux's life.

He said the veterinary staff had got to the gelding quickly and lifted the injured leg off the ground, preventing further damage before placing the leg in a splint.