Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.013%

Price spread now: BloFin against Injective+6.200%7-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 BloFin

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 +$2 a day on $10k at the current rate, and BloFin is 6.200% dearer against Injective than usual: you sell high and buy low: +$620 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective LAYER/USDC PERP	0.07274	0.0033	pay 0.0004% / 1h	19m 09s	—	$18K	5.5x
Short	BloFin LAYER-USDT	0.07725	0.0087	get 0.0044% / 4h	1h 19m	$116K	$14K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +6.200%Rate

Funding earned: $11.28
Price spread: +6.200% → 0.000%: $620.02
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $619.27
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 16 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 BloFin live order book, 16 min ago	0.65 bp	27.7 bp −$28	85.9 bp −$859	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.

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	−0.0417%	1h	0.07712	+6.021%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERPlong	+0.0033%	1h	0.07274	long leg	—	$18K	5.5x
BloFin LAYER-USDTshort	+0.0087%	4h	0.07725	+6.200%	$116K	$14K	50x
Hyperliquid LAYER	+0.0100%	1h	0.07724	+6.184%	$600K	$167K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07715	+6.063%	$10K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07711	+6.001%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07698	+5.829%	$722K	$740K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07717	+6.090%	$139K	$50K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07710	+5.994%	$342K	$118K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07705	+5.925%	$1.1M	$165K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX LAYER-USDT	+0.0100%	4h	0.07713	+6.035%	—	$1.6M	—	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07710	+5.994%	$25K	$187K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07708	+5.972%	$746	$170K	5x	as long as short