Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0519%/8h= −56.9% APRpaid last 24h +0.539%

Price spread now: Gate against Injective−0.033%69s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Gate

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 against this trade now: funding costs −$16 a day on $10k at the current rate, and Gate is 0.033% cheaper against Injective than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 69 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	0.1494	0.0619	pay 0.0077% / 1h	44m 10s	$2K	$198	5.5x
Short	Gate IO_USDT	0.1494	0.0100	get 0.0050% / 4h	2h 44m	$232K	$445K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.033%Rate

Funding earned: −$109.08
Price spread: −0.033% → 0.000%: −$3.35
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$127.44
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Gate: 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 Gate live order book, 2 min ago	5.35 bp	209.0 bp −$209	doesn't fit	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
BloFin IO-USDT	+0.0083%	4h	0.1494	0.000%	$193K	$39K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1494	−0.033%	$998K	$361K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1494	−0.009%	$23K	$47K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1494	−0.024%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1491	−0.174%	$1.1M	$899K	25x	as long as short
Gate IO_USDTshort	+0.0100%	4h	0.1494	−0.033%	$232K	$445K	50x
MEXC IO_USDT	+0.0100%	4h	0.1492	−0.134%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1494	0.000%	$349K	$624K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1496	+0.134%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1493	−0.067%	—	$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	0.1492	−0.118%	$30K	$16K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1494	+0.008%	$3K	$215K	5x	as long as short
Injective IO/USDC PERPlong	+0.0619%	1h	0.1494	long leg	$2K	$198	5.5x
Kraken Futures PF_IOUSD	+2.7444%	1h	0.1491	−0.205%	$38K	$10K	10x	as long as short