Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.040%

Price spread now: Bitget against Injective−0.396%71s7-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 Bitget

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

Funding pays, the price is against you. Bitget is 0.396% cheaper against Injective than usual: you would sell low and buy high (spread −0.396% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$40 on $10k: about 20 days of funding at the current rate (+$2 a day). The two prices were read 71 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 IMX/USDC PERP	0.1515	0.0033	pay 0.0004% / 1h	54m 17s	$559	$28K	5.5x
Short	Bitget IMXUSDT	0.1509	0.0100	get 0.0050% / 4h	54m 17s	$1.3M	$400K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.396%Rate

Funding earned: $14
Price spread: −0.396% → 0.000%: −$39.6
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$37.62
Costs to cover: 0.120%
Break-even: 25.8 days

Slippage unknown: Injective: no order-book sample; Bitget: 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 Bitget live order book, 2 min ago	3.31 bp	41.4 bp −$41	88.6 bp −$886	doesn't fit	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.

IMX on 15 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
Variational Omni IMX	−0.0659%	4h	0.1508	−0.445%	$94K	$131K	—	as long as short
dYdX IMX-USD	0.0000%	1h	0.1510	−0.310%	$26K	$2K	5x	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1509	−0.378%	$2K	—	150x	as long as short
OKX IMX-USDT-SWAP	+0.0021%	4h	0.1507	−0.515%	$945K	$1.6M	20x	as long as short
Injective IMX/USDC PERPlong	+0.0033%	1h	0.1515	long leg	$559	$28K	5.5x
Binance IMXUSDT	+0.0100%	4h	0.1508	−0.487%	$3.6M	$5.7M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1506	−0.587%	$3.8M	$2.2M	75x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1507	−0.528%	$646K	$81K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1508	−0.462%	$2.6M	$570K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1508	−0.462%	$376K	$161K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDTshort	+0.0100%	4h	0.1509	−0.396%	$1.3M	$400K	75x
BingX IMX-USDT	+0.0100%	4h	0.1507	−0.528%	—	$2.9M	—	as long as short
Hyperliquid IMX	+0.0233%	1h	0.1512	−0.172%	$3.5M	$287K	5x	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1504	−0.726%	$190K	$124K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.1078%	1h	0.1511	−0.284%	$115K	$10K	20x	as long as short