Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.014%

Price spread now: Injective against BloFin−4.977%7-day average — · you buy dearer than you sell

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

Long on BloFin 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 −$3 a day on $10k at the current rate, and Injective is 4.977% cheaper against BloFin than usual: you would sell low and buy high (−$498 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	BloFin LAYER-USDT	0.07655	0.0133	pay 0.0066% / 4h	35m 21s	$113K	$12K	50x
Short	Injective LAYER/USDC PERP	0.07274	0.0033	get 0.0004% / 1h	35m 21s	—	$18K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now −4.977%Rate

Funding earned: −$20.89
Price spread: −4.977% → 0.000%: −$497.71
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$530.63
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 25 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 BloFin live order book, 25 min ago	3.92 bp	16.7 bp −$17	70.2 bp −$702	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	−0.0546%	1h	0.07661	+0.072%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERPshort	+0.0033%	1h	0.07274	−4.977%	—	$18K	5.5x
Hyperliquid LAYER	+0.0100%	1h	0.07666	+0.141%	$591K	$166K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07643	−0.154%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07643	−0.151%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07647	−0.105%	$705K	$667K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07652	−0.039%	$136K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07652	−0.039%	$339K	$115K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07646	−0.118%	$1.1M	$165K	50x	as long as short
BingX LAYER-USDT	+0.0100%	4h	0.07658	+0.039%	—	$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	0.07650	−0.065%	$26K	$184K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07654	−0.016%	$2K	$174K	5x	as long as short
BloFin LAYER-USDTlong	+0.0133%	4h	0.07655	long leg	$113K	$12K	50x