Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: BingX against Injective−3.463%57s7-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 BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 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. BingX is 3.463% cheaper against Injective than usual: you would sell low and buy high (spread −3.463% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$346 on $10k: about 6 months of funding at the current rate (+$2 a day). The two prices were read 57 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	54m 19s	$2K	$37K	12x
Short	BingX S-USDT	0.03958	0.0100	get 0.0050% / 4h	2h 54m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −3.463%Rate

Funding earned: $14
Price spread: −3.463% → 0.000%: −$346.34
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$342.36
Costs to cover: 0.100%
Break-even: 178.2 days

Slippage unknown: Injective: no order-book sample; BingX: live order book, 13 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 BingX live order book, 13 min ago	5.00 bp	19.8 bp −$20	59.8 bp −$598	343.6 bp −$34.4K	727.3 bp −$363.6K

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
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−3.756%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1278%	1h	0.03964	−3.313%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0631%	4h	0.03947	−3.722%	$614K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03963	−3.334%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03958	−3.460%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03963	−3.350%	$611	—	150x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0039%	4h	0.03967	−3.244%	$101K	$331K	10x	as long as short
01 Exchange SUSD	+0.0056%	1h	0.03950	−3.659%	$24K	$2K	5x	as long as short
Lighter S	+0.0096%	1h	0.03965	−3.293%	$163K	$164K	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	0.03961	−3.398%	$990K	$609K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03960	−3.407%	$43K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03961	−3.390%	$5.4M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03958	−3.463%	$5.6M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03962	−3.366%	$965K	$4.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03952	−3.610%	$326K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03956	−3.512%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03960	−3.415%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03967	−3.244%	$1.2M	$2.4M	50x	as long as short
BingX S-USDTshort	+0.0100%	4h	0.03958	−3.463%	—	$6.7M	—
ApeX Omni SUSDT	+0.0100%	1h	0.03980	−2.927%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03966	−3.272%	$223K	$1.1M	10x	as long as short
Backpack S_USDC_PERP	+0.0233%	1h	0.03970	−3.171%	$115K	$329K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03952	−3.610%	$268K	$119K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0758%	1h	0.03974	−3.073%	$67K	$10K	10x	as long as short