Funding arb · Price arb /

H

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.078%

Price spread now: Injective against BloFin−9.721%114s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 9.721% cheaper against BloFin than usual: you would sell low and buy high (−$972 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 114 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	BloFin H-USDT	0.06923	0.0089	pay 0.0044% / 4h	1h 21m	$586K	$115K	25x
Short	Injective H/USDC PERP	0.06250	0.0033	get 0.0004% / 1h	21m 22s	$1K	$1	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now −9.721%Rate

Funding earned: −$11.59
Price spread: −9.721% → 0.000%: −$972.12
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$995.73
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 60 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 BloFin live order book, 60 min ago	0.71 bp	16.4 bp −$16	72.2 bp −$722	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.

H on 14 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 H/USDC PERPshort	+0.0033%	1h	0.06250	−9.721%	$1K	$1	5.5x
BloFin H-USDTlong	+0.0089%	4h	0.06923	long leg	$586K	$115K	25x
Aster HUSDT	+0.0100%	4h	0.06919	−0.064%	$114K	$53K	5x	as long as short
Binance HUSDT	+0.0100%	4h	0.06929	+0.080%	$14.9M	$10.6M	10x	as long as short
Bybit HUSDT	+0.0100%	4h	0.06926	+0.043%	$7.6M	$4.6M	13x	as long as short
OKX H-USDT-SWAP	+0.0100%	4h	0.06938	+0.217%	$1.7M	$5.9M	10x	as long as short
Gate H_USDT	+0.0100%	4h	0.06930	+0.101%	$2.8M	$1.9M	10x	as long as short
MEXC H_USDT	+0.0100%	4h	0.06923	0.000%	$6.2M	$1.1M	20x	as long as short
KuCoin HUSDTM	+0.0100%	4h	0.06914	−0.130%	$1.6M	$10.1M	8x	as long as short
Bitget HUSDT	+0.0100%	4h	0.06919	−0.058%	$1.7M	$455K	4x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX H-USDT	+0.0100%	4h	0.06934	+0.159%	—	$2.7M	—	as long as short
Variational Omni H	+0.0100%	4h	0.06904	−0.280%	$8K	$10K	—	as long as short
GRVT H_USDT_Perp	+0.0100%	4h	0.06915	−0.115%	$1.1M	$437K	10x	as long as short
Extended H-USD	+0.0104%	1h	0.06927	+0.061%	$11K	$107K	5x	as long as short