Funding arb · Price arb /

IO

all IO markets

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 Bybit+0.133%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 pays, funding is against you. Injective is 0.133% dearer against Bybit than usual: you sell high and buy low (spread +0.133% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1501	0.0100	pay 0.0050% / 4h	2h 38m	$1.1M	$862K	25x
Short	Injective IO/USDC PERP	0.1503	−0.0157	pay 0.0020% / 1h	38m 51s	$2K	$101	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.133%Rate

Funding earned: −$53.94
Price spread: +0.133% → 0.000%: $13.32
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$51.64
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	6.66 bp	104.7 bp −$105	453.0 bp −$4,530	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	+0.133%	$2K	$101	5.5x
Hyperliquid IO	+0.0100%	1h	0.1503	+0.140%	$1.0M	$392K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1503	+0.160%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1503	+0.118%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1501	long leg	$1.1M	$862K	25x
Gate IO_USDT	+0.0100%	4h	0.1503	+0.147%	$230K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1502	+0.067%	$1.1M	$237K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1502	+0.067%	$400K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1503	+0.133%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1503	+0.133%	—	$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	+0.034%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1503	+0.117%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0114%	4h	0.1506	+0.333%	$191K	$30K	50x	as long as short
Kraken Futures PF_IOUSD	+0.5462%	1h	0.1505	+0.274%	$39K	$21K	10x	as long as short