Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0169%/8h= −18.5% APRpaid last 24h +0.027%

Price spread now: BingX against Injective−0.123%72s7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$710.711% of the position

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.123%, 7d avg −0.069%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BingX is 0.055% cheaper against Injective than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.069%). Swap the legs. The two prices were read 72 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	Injective ETH/USDC PERP	2,746.7	0.0209	pay 0.0026% / 1h	10m 05s	$118K	$22.5M	52x
Short	BingX ETH-USDT	2,743.3	0.0040	get 0.0040% / 8h	6h 10m	—	$1.17B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$35.57
Price spread: −0.123% → −0.069%: −$5.46
Slippage, 4 orders: −$61.1
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$112.16
Costs to cover: 0.711%
Break-even: never at this rate

Slippage from Injective: live order book, 4 min ago; BingX: live order book, 14 min ago.

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 Injective live order book, 4 min ago	16.34 bp	16.4 bp −$16	16.4 bp −$164	16.4 bp −$1,635	20850.2 bp −$10.43M
Sell BingX live order book, 14 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	5.4 bp −$2,698

ETH on 54 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
Perpl ETH	−0.0112%	43m	2,744.6	−0.075%	$310K	$5.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.8	+0.004%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,744.7	−0.072%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,744.1	−0.093%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.5	+0.066%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745	−0.062%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,744	−0.099%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,744.9	−0.066%	$181K	$1.1M	50x	as long as short
BingX ETH-USDTshort	+0.0040%	8h	2,743.3	−0.123%	—	$1.17B	—
OKX ETH-USDT-SWAP	+0.0051%	8h	2,743.1	−0.132%	$1.69B	$10.91B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0062%	1h	2,748	+0.047%	$8.8M	$31.5M	100x	as long as short
HTX ETH-USDT	+0.0064%	8h	2,743.5	−0.118%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,743.7	−0.110%	$370.5M	$609.5M	100x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,744.4	−0.085%	$253.4M	$858.2M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,742.7	−0.147%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,743.6	−0.115%	$1.58B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,743.6	−0.114%	$6.38B	$16.20B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,744.5	−0.081%	$58.7M	$4.32B	50x	as long as short
Gate ETH_USDT	+0.0089%	8h	2,743.5	−0.118%	$3.39B	$8.93B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,744	−0.100%	$112.9M	$444.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.3	−0.050%	$24.7M	$107.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.3	−0.086%	—	$35.4M	500x	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,747.6	+0.033%	$30K	$20K	20x	as long as short
Bitget ETHUSDT	+0.0099%	8h	2,743.5	−0.117%	$2.08B	$2.83B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,748.6	+0.068%	$16.2M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744	−0.098%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.5	−0.080%	$14.0M	$112.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.6	−0.041%	$3.12B	$2.11B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.5	−0.044%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743.4	−0.121%	$2.46B	$4.31B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.8	−0.069%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.3	−0.050%	$2.8M	$16.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.2	−0.127%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.9	−0.064%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.2	−0.018%	$181.6M	$705.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	+0.016%	$159.8M	$82.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.3	−0.015%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.6	−0.040%	—	$851K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.4	−0.084%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.9	−0.103%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.5	−0.082%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.9	−0.030%	$41.7M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.4	−0.048%	$964K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.9	−0.102%	$54.6M	$187.8M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.5	−0.082%	$267.1M	$66.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.035%	$164.0M	$301.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.1	−0.129%	$30.5M	$73.4M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,745.7	−0.036%	$7.7M	$672.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0162%	1h	2,745.1	−0.057%	$258.7M	$200.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0177%	8h	2,746.6	−0.004%	$32.3M	$11.2M	100x	as long as short
Injective ETH/USDC PERPlong	+0.0209%	1h	2,746.7	long leg	$118K	$22.5M	52x
Hibachi ETH/USDT-P	+0.0216%	1h	2,748	+0.046%	$250K	$1.5M	20x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,743.6	−0.113%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,744.2	−0.090%	$88.5M	$316.8M	100x	as long as short