Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against BingX−4.222%87s7-day average — · you buy dearer than you sell

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

Long on BingX 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 4.222% cheaper against BingX than usual: you would sell low and buy high (−$422 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 87 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	BingX DEXE-USDT	1.9420	0.0100	pay 0.0050% / 4h	59m 42s	—	$1.8M	—
Short	Injective DEXE/USDC PERP	1.8600	0.0033	get 0.0004% / 1h	59m 42s	—	$3K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now −4.222%Rate

Funding earned: −$14
Price spread: −4.222% → 0.000%: −$422.25
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$446.27
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 13 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 BingX live order book, 13 min ago	2.59 bp	13.6 bp −$14	53.6 bp −$536	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.

DEXE 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
Injective DEXE/USDC PERPshort	+0.0033%	1h	1.8600	−4.222%	—	$3K	5.5x
Aster DEXEUSDT	+0.0100%	4h	1.9412	−0.041%	$172K	$35K	5x	as long as short
Binance DEXEUSDT	+0.0100%	4h	1.9412	−0.041%	$7.0M	$8.6M	20x	as long as short
Bybit DEXEUSDT	+0.0100%	4h	1.9448	+0.144%	$2.4M	$899K	20x	as long as short
Gate DEXE_USDT	+0.0100%	4h	1.9420	0.000%	$485K	$786K	20x	as long as short
MEXC DEXE_USDT	+0.0100%	4h	1.9410	−0.051%	$1.8M	$215K	20x	as long as short
Bitget DEXEUSDT	+0.0100%	4h	1.9400	−0.103%	$3.2M	$524K	10x	as long as short
BingX DEXE-USDTlong	+0.0100%	4h	1.9420	long leg	—	$1.8M	—
Variational Omni DEXE	+0.0100%	4h	1.9442	+0.115%	$35K	$2K	—	as long as short
Orderly PERP_DEXE_USDC_mythos	+0.0100%	4h	1.9410	−0.051%	$8K	—	10x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_DEXEUSD	+0.0234%	1h	1.9430	+0.051%	$43K	$57K	20x	as long as short
BloFin DEXE-USDT	+0.0340%	4h	1.9420	0.000%	$393K	$30K	20x	as long as short