Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against Binance−0.014%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1711.708% of the position

Long on Binance Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now −0.014%, 7d avg −0.038%

Together, before fees−0.063%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.025% dearer against Binance than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IOUSDT	0.1504	0.0100	pay 0.0050% / 4h	2h 39m	$3.0M	$6.4M	50x
Short	Extended IO-USD	0.1504	0.0104	get 0.0013% / 1h	39m 36s	$5K	$171K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Binance. 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 BinancebpFee ExtendedbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0.84
Price spread: −0.014% → −0.038%: $2.5
Slippage, 4 orders: −$155.75
Fee Binance: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$167.41
Costs to cover: 1.708%
Break-even: 1402.1 days

Slippage from Binance: live order book, 14 min ago; Extended: live order book, 46 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 Binance live order book, 14 min ago	3.33 bp	20.1 bp −$20	98.1 bp −$981	doesn't fit	doesn't fit
Sell Extended live order book, 46 min ago	7.30 bp	55.3 bp −$55	doesn't fit	doesn't fit	doesn't fit

IO 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 IO/USDC PERP	−0.0157%	1h	0.1503	−0.084%	$2K	$101	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1504	+0.002%	$1.0M	$392K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1505	+0.018%	$6K	$32K	5x	as long as short
Binance IOUSDTlong	+0.0100%	4h	0.1504	long leg	$3.0M	$6.4M	50x
Bybit IOUSDT	+0.0100%	4h	0.1501	−0.191%	$1.1M	$863K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1505	+0.015%	$230K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1502	−0.151%	$1.1M	$237K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1503	−0.084%	$401K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1504	−0.018%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1504	−0.018%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1502	−0.184%	$30K	$5K	—	as long as short
BloFin IO-USDT	+0.0103%	4h	0.1506	+0.115%	$192K	$30K	50x	as long as short
Extended IO-USDshort	+0.0104%	1h	0.1504	−0.014%	$5K	$171K	5x
Kraken Futures PF_IOUSD	+0.5462%	1h	0.1505	+0.067%	$39K	$21K	10x	as long as short