Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.020%

Price spread now: Injective against BingX−4.678%102s7-day average — · you buy dearer than you sell

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

Long on BingX 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 4.678% cheaper against BingX than usual: you would sell low and buy high (−$468 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 102 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	BingX LAYER-USDT	0.07631	0.0116	pay 0.0058% / 4h	1h 57m	—	$1.6M	—
Short	Injective LAYER/USDC PERP	0.07274	0.0033	get 0.0004% / 1h	57m 37s	—	$18K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now −4.678%Rate

Funding earned: −$17.36
Price spread: −4.678% → 0.000%: −$467.83
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$495.21
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 3 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 BingX live order book, 3 min ago	5.24 bp	23.2 bp −$23	105.2 bp −$1,052	546.0 bp −$54.6K	746.5 bp −$373.3K
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	−0.0449%	1h	0.07626	−0.067%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERPshort	+0.0033%	1h	0.07274	−4.678%	—	$18K	5.5x
Hyperliquid LAYER	+0.0100%	1h	0.07633	+0.021%	$586K	$163K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07629	−0.026%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07628	−0.033%	$2.1M	$2.3M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07616	−0.197%	$700K	$654K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07631	0.000%	$136K	$54K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07620	−0.144%	$351K	$112K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07626	−0.066%	$1.1M	$163K	50x	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07640	+0.118%	$26K	$185K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended LAYER-USD	+0.0104%	1h	0.07627	−0.050%	$2K	$174K	5x	as long as short
BingX LAYER-USDTlong	+0.0116%	4h	0.07631	long leg	—	$1.6M	—
BloFin LAYER-USDT	+0.0129%	4h	0.07632	+0.013%	$114K	$12K	50x	as long as short