Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0257%/8h= −28.1% APRpaid last 24h −0.969%

Price spread now: Injective against Binance−0.014%107s7-day average — · you buy dearer than you sell

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

Long on Binance 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 107 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	Binance IOUSDT	0.1503	0.0100	pay 0.0050% / 4h	2h 39m	$3.0M	$6.4M	50x
Short	Injective IO/USDC PERP	0.1503	−0.0157	pay 0.0020% / 1h	39m 30s	$2K	$101	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.014%Rate

Funding earned: −$53.94
Price spread: −0.014% → 0.000%: −$1.45
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$65.41
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 14 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 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 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.

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 PERPshort	−0.0157%	1h	0.1503	−0.014%	$2K	$101	5.5x
Hyperliquid IO	+0.0100%	1h	0.1503	−0.008%	$1.0M	$392K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1505	+0.088%	$6K	$32K	5x	as long as short
Binance IOUSDTlong	+0.0100%	4h	0.1503	long leg	$3.0M	$6.4M	50x
Bybit IOUSDT	+0.0100%	4h	0.1501	−0.148%	$1.1M	$863K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1505	+0.085%	$230K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1502	−0.081%	$1.1M	$237K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1502	−0.081%	$400K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1504	+0.052%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1504	+0.052%	—	$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	−0.114%	$30K	$5K	—	as long as short
BloFin IO-USDT	+0.0103%	4h	0.1506	+0.185%	$192K	$30K	50x	as long as short
Extended IO-USD	+0.0104%	1h	0.1504	+0.056%	$5K	$171K	5x	as long as short
Kraken Futures PF_IOUSD	+0.5462%	1h	0.1505	+0.137%	$39K	$21K	10x	as long as short