Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0314%/8h= +34.4% APRpaid last 24h −0.833%

Price spread now: Injective against BingX−0.066%102s7-day average — · you buy dearer than you sell

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

Long on BingX 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

Funding pays, the price is against you. Injective is 0.066% cheaper against BingX than usual: you would sell low and buy high (spread −0.066% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 17 hours of funding at the current rate (+$9 a day). The two prices were read 102 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	BingX IO-USDT	0.1518	0.0100	pay 0.0050% / 4h	3h 43m	—	$1.3M	—
Short	Injective IO/USDC PERP	0.1517	0.0414	get 0.0052% / 1h	43m 37s	$2K	$202	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now −0.066%Rate

Funding earned: $65.93
Price spread: −0.066% → 0.000%: −$6.59
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $49.32
Costs to cover: 0.100%
Break-even: 1.8 days

Slippage unknown: BingX: live order book, 7 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 BingX live order book, 7 min ago	9.91 bp	23.7 bp −$24	60.0 bp −$600	454.3 bp −$45.4K	570.5 bp −$285.2K
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
BloFin IO-USDT	+0.0096%	4h	0.1518	0.000%	$193K	$31K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1518	+0.020%	$1.0M	$386K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1518	−0.004%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1519	+0.064%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1517	−0.066%	$1.1M	$893K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1517	−0.079%	$242K	$545K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1517	−0.066%	$1.2M	$230K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1517	−0.066%	$374K	$672K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1518	0.000%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDTlong	+0.0100%	4h	0.1518	long leg	—	$1.3M	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1516	−0.147%	$33K	$8K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1518	−0.018%	$906	$173K	5x	as long as short
Injective IO/USDC PERPshort	+0.0414%	1h	0.1517	−0.066%	$2K	$202	5.5x
Kraken Futures PF_IOUSD	+0.0621%	1h	0.1519	+0.038%	$39K	$18K	10x	as long as short