Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0484%/8h= +53.0% APRpaid last 24h −0.653%

Price spread now: Injective against BloFin−0.726%7-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

Funding pays, the price is against you. Injective is 0.726% cheaper against BloFin than usual: you would sell low and buy high (spread −0.726% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$73 on $10k: about 5.0 days of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin IO-USDT	0.1516	0.0099	pay 0.0050% / 4h	27m 41s	$192K	$39K	50x
Short	Injective IO/USDC PERP	0.1505	0.0583	get 0.0073% / 1h	27m 41s	$2K	$200	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 −0.726%Rate

Funding earned: $101.73
Price spread: −0.726% → 0.000%: −$72.56
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: $17.15
Costs to cover: 0.120%
Break-even: 5.8 days

Slippage unknown: BloFin: live order book, 3 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, 3 min ago	3.29 bp	9.3 bp −$9	54.0 bp −$540	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
BloFin IO-USDTlong	+0.0099%	4h	0.1516	long leg	$192K	$39K	50x
Hyperliquid IO	+0.0100%	1h	0.1513	−0.178%	$1.0M	$373K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1512	−0.258%	$23K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1513	−0.166%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1511	−0.303%	$1.1M	$910K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1512	−0.244%	$234K	$550K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1511	−0.330%	$1.2M	$228K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1513	−0.198%	$361K	$644K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1514	−0.132%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1513	−0.198%	—	$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	0.1514	−0.149%	$33K	$13K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1513	−0.215%	$2K	$134K	5x	as long as short
Injective IO/USDC PERPshort	+0.0583%	1h	0.1505	−0.726%	$2K	$200	5.5x
Kraken Futures PF_IOUSD	+3.7090%	1h	0.1516	−0.020%	$39K	$18K	10x	as long as short