Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.969%

Price spread now: Binance against Injective+0.292%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Binance

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. Binance is 0.292% dearer against Injective than usual: you sell high and buy low (spread +0.292% now, against zero (this spread has no 7-day history yet)): +$29 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IO/USDC PERP	0.1509	0.0163	pay 0.0020% / 1h	55m 23s	$2K	$102	5.5x
Short	Binance IOUSDT	0.1513	0.0100	get 0.0050% / 4h	1h 55m	$3.0M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +0.292%Rate

Funding earned: −$13.27
Price spread: +0.292% → 0.000%: $29.17
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $5.88
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 13 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 13 min ago	3.31 bp	21.3 bp −$21	89.9 bp −$899	doesn't fit	doesn't fit

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
Kraken Futures PF_IOUSD	−0.0640%	1h	0.1514	+0.349%	$39K	$21K	10x	as long as short
BloFin IO-USDT	+0.0083%	4h	0.1514	+0.331%	$194K	$30K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1513	+0.239%	$1.0M	$389K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1510	+0.038%	$6K	$32K	5x	as long as short
Binance IOUSDTshort	+0.0100%	4h	0.1513	+0.292%	$3.0M	$6.5M	50x
Bybit IOUSDT	+0.0100%	4h	0.1511	+0.159%	$1.1M	$867K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1513	+0.278%	$231K	$525K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1511	+0.133%	$1.2M	$226K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1512	+0.199%	$402K	$655K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1512	+0.199%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1513	+0.265%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1506	−0.174%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1513	+0.272%	$5K	$171K	5x	as long as short
Injective IO/USDC PERPlong	+0.0163%	1h	0.1509	long leg	$2K	$102	5.5x