Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Binance against Injective+3.447%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 Binance

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 Binance is 3.447% dearer against Injective than usual: you sell high and buy low: +$345 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 NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	57m 14s	$1K	$13K	5.5x
Short	Binance NOTUSDT	0.0005042	0.0100	get 0.0050% / 4h	2h 57m	$2.1M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +3.447%Rate

Funding earned: $14
Price spread: +3.447% → 0.000%: $344.69
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $348.67
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 9 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 Binance live order book, 9 min ago	1.98 bp	15.3 bp −$15	76.3 bp −$763	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.

NOT on 16 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
Variational Omni NOT	+0.0020%	4h	0.0005049	+3.582%	$66K	$34K	—	as long as short
Injective NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005051	+3.638%	$11K	$5K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005050	+3.611%	$369K	$51K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005041	+3.416%	$14K	$13K	5x	as long as short
Binance NOTUSDTshort	+0.0100%	4h	0.0005042	+3.447%	$2.1M	$3.1M	50x
Bybit NOTUSDT	+0.0100%	4h	0.0005036	+3.324%	$2.1M	$837K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005039	+3.385%	$610K	$601K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005035	+3.303%	$140K	$76K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005041	+3.426%	$1.4M	$479K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0005036	+3.324%	$489K	$121K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005045	+3.508%	$665K	$387K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005039	+3.385%	—	$719K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005041	+3.434%	$4K	$1K	5x	as long as short
BloFin NOT-USDT	+0.0124%	4h	0.0005044	+3.488%	$113K	$17K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.7070%	1h	0.0005081	+4.257%	$49K	$9K	10x	as long as short