Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Binance−4.931%7-day average — · you buy dearer than you sell

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

Long on Binance 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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.931% cheaper against Binance than usual: you would sell low and buy high (−$493 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LAYERUSDT	0.07651	0.0100	pay 0.0050% / 4h	37m 15s	$2.1M	$2.4M	50x
Short	Injective LAYER/USDC PERP	0.07274	0.0033	get 0.0004% / 1h	37m 15s	—	$18K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −4.931%Rate

Funding earned: −$14
Price spread: −4.931% → 0.000%: −$493.12
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$517.14
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 13 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 Binance live order book, 13 min ago	1.30 bp	20.6 bp −$21	161.1 bp −$1,611	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.

LAYER on 13 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_LAYERUSD	−0.0547%	1h	0.07655	+0.053%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERPshort	+0.0033%	1h	0.07274	−4.931%	—	$18K	5.5x
Hyperliquid LAYER	+0.0100%	1h	0.07665	+0.178%	$590K	$166K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07651	+0.002%	$9K	$2K	5x	as long as short
Binance LAYERUSDTlong	+0.0100%	4h	0.07651	long leg	$2.1M	$2.4M	50x
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07650	−0.017%	$706K	$667K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07657	+0.074%	$136K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07652	+0.009%	$339K	$115K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07659	+0.101%	$1.1M	$165K	50x	as long as short
BingX LAYER-USDT	+0.0100%	4h	0.07658	+0.088%	—	$1.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07660	+0.114%	$26K	$184K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07650	−0.016%	$2K	$174K	5x	as long as short
BloFin LAYER-USDT	+0.0133%	4h	0.07655	+0.048%	$113K	$12K	50x	as long as short