Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h +0.031%

Price spread now: Binance against Injective−1.463%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.182%−$118 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 1.463% cheaper against Injective than usual: you would sell low and buy high (spread −1.463% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$146 on $10k: about 4 months of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −1.182%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETHFI/USDC PERP	0.7240	0.0033	pay 0.0004% / 1h	55m 13s	$321	$51K	5.5x
Short	Binance ETHFIUSDT	0.7134	0.0078	get 0.0039% / 4h	1h 55m	$24.8M	$37.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −1.463%Rate

Funding earned: $9.38
Price spread: −1.463% → 0.000%: −$146.32
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$146.96
Costs to cover: 0.100%
Break-even: 116.7 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 2 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	0.70 bp	14.7 bp −$15	42.0 bp −$420	151.1 bp −$15.1K	doesn't fit

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.

ETHFI on 24 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 ETHFI_USDC-PERPETUAL	−0.0870%	1h	0.7136	−1.436%	$42K	$18K	10x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0253%	1h	0.7151	−1.229%	$281K	$145K	20x	as long as short
HTX ETHFI-USDT	−0.0194%	4h	0.7127	−1.561%	$83K	$165K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0173%	4h	0.7138	−1.409%	$16K	$1K	10x	as long as short
Injective ETHFI/USDC PERPlong	+0.0033%	1h	0.7240	long leg	$321	$51K	5.5x
Paradex ETHFI-USD-PERP	+0.0040%	8h	0.7137	−1.427%	$6K	—	5x	as long as short
Bitget ETHFIUSDT	+0.0056%	4h	0.7138	−1.409%	$6.1M	$5.7M	75x	as long as short
Binance ETHFIUSDTshort	+0.0078%	4h	0.7134	−1.463%	$24.8M	$37.1M	75x
MEXC ETHFI_USDT	+0.0078%	4h	0.7136	−1.436%	$15.2M	$3.8M	125x	as long as short
Extended ETHFI-USD	+0.0080%	1h	0.7135	−1.455%	$92K	$495K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7141	−1.362%	$1.1M	$898K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7143	−1.338%	$18.1M	$9.0M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7144	−1.321%	$183K	$256K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7143	−1.340%	$18.2M	$12.9M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7140	−1.381%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7143	−1.340%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7139	−1.395%	$1.2M	$270K	50x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7141	−1.367%	—	$1.2M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7124	−1.604%	$1.0M	$746K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7141	−1.360%	$60K	$85K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7143	−1.340%	$2K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7131	−1.502%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7147	−1.285%	$31K	$8K	50x	as long as short
BloFin ETHFI-USDT	+0.0312%	4h	0.7135	−1.450%	$1.3M	$292K	75x	as long as short