Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.015%

Price spread now: Binance against Injective−4.561%67s7-day average — · you buy dearer than you sell

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 7 days−0.019%−$2 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 4.561% cheaper against Injective than usual: you would sell low and buy high (spread −4.561% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$456 on $10k: about 8 months of funding at the current rate (+$2 a day). The two prices were read 67 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	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	34m 07s	$2K	$37K	12x
Short	Binance SUSDT	0.03913	0.0100	get 0.0050% / 4h	34m 07s	$5.4M	$17.3M	75x

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 −4.561%Rate

Funding earned: $14
Price spread: −4.561% → 0.000%: −$456.1
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: −$452.12
Costs to cover: 0.100%
Break-even: 233.1 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 7 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, 7 min ago	1.27 bp	21.7 bp −$22	57.5 bp −$575	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.

S on 25 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
01 Exchange SUSD	−0.6232%	1h	0.03840	−6.341%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2137%	1h	0.03902	−4.826%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−6.683%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1003%	4h	0.03900	−4.877%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0202% / S +0.0194%	1h	0.03911	−4.600%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03907	−4.699%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03911	−4.601%	$603	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03909	−4.659%	$100K	$340K	10x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Lighter S	+0.0096%	1h	0.03913	−4.561%	$164K	$217K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03910	−4.634%	$980K	$694K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03921	−4.376%	$43K	$145K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.03913	−4.561%	$5.4M	$17.3M	75x
Bybit SUSDT	+0.0100%	4h	0.03908	−4.683%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03912	−4.585%	$977K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03907	−4.707%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03909	−4.659%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03910	−4.634%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03913	−4.561%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03910	−4.634%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−4.634%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03907	−4.704%	$220K	$877K	10x	as long as short
Backpack S_USDC_PERP	+0.0231%	1h	0.03920	−4.390%	$114K	$311K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0261%	1h	0.03914	−4.537%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03906	−4.732%	$267K	$126K	75x	as long as short