Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0530%/8h= +58.0% APRpaid last 24h +0.684%

Price spread now: Bybit against Injective+0.461%68s7-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 Bybit

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

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Bybit is 0.461% dearer against Injective than usual: you sell high and buy low: +$46 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 68 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	Injective IO/USDC PERP	0.1518	−0.0430	get 0.0054% / 1h	18m 07s	$2K	$201	5.5x
Short	Bybit IOUSDT	0.1525	0.0100	get 0.0050% / 4h	1h 18m	$1.1M	$918K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.461%Rate

Funding earned: $111.22
Price spread: +0.461% → 0.000%: $46.11
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $146.32
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	6.56 bp	86.1 bp −$86	343.9 bp −$3,439	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
Injective IO/USDC PERPlong	−0.0430%	1h	0.1518	long leg	$2K	$201	5.5x
BloFin IO-USDT	+0.0085%	4h	0.1527	+0.593%	$195K	$39K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1527	+0.560%	$1.0M	$378K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1528	+0.640%	$24K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1527	+0.581%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1525	+0.461%	$1.1M	$918K	25x
Gate IO_USDT	+0.0100%	4h	0.1528	+0.639%	$235K	$562K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1526	+0.527%	$1.2M	$228K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1525	+0.461%	$358K	$658K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1528	+0.659%	$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	0.1527	+0.593%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1527	+0.607%	$33K	$13K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1527	+0.585%	$2K	$135K	5x	as long as short
Kraken Futures PF_IOUSD	+2.3232%	1h	0.1529	+0.709%	$39K	$18K	10x	as long as short