Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0440%/8h= +48.2% APRpaid last 24h +0.150%

Price spread now: Binance against Injective−0.087%107s7-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+0.823%+$82 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 0.087% cheaper against Injective than usual: you would sell low and buy high (spread −0.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 16 hours of funding at the current rate (+$13 a day). The two prices were read 107 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 COIN/USDC PERP	196.38	−0.0440	get 0.0055% / 1h	39m 42s	$43K	$48K	30x
Short	Binance COINUSDT	196.21	0	get 0.0000% / 8h	39m 42s	$15.0M	$82.2M	20x

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 −0.087%Rate

Funding earned: $92.4
Price spread: −0.087% → 0.000%: −$8.66
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: $73.72
Costs to cover: 0.100%
Break-even: 1.4 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 3 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, 3 min ago	0.25 bp	7.2 bp −$7	13.7 bp −$137	51.8 bp −$5,178	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.

COIN on 26 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
Injective COIN/USDC PERPlong	−0.0440%	1h	196.38	long leg	$43K	$48K	30x
Bitget COINUSDT	−0.0366%	8h	196.31	−0.036%	$6.4M	$10.6M	20x	as long as short
Vest COIN-USD-PERP	−0.0054%	1h	196.03	−0.178%	—	$326K	25x	as long as short
Aster COINUSDT	0.0000%	8h	196.16	−0.111%	$342K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.15	−0.119%	$106K	$861K	10x	as long as short
Binance COINUSDTshort	0.0000%	8h	196.21	−0.087%	$15.0M	$82.2M	20x
Bybit COINUSDT	0.0000%	8h	196.15	−0.117%	$4.7M	$6.2M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	196.30	−0.041%	$3.0M	$4.7M	20x	as long as short
Gate COIN_USDT	0.0000%	8h	196.19	−0.097%	$1.2M	$7.3M	50x	as long as short
Variational Omni COIN	0.0000%	8h	196.44	+0.029%	$714K	$974K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.45	+0.036%	$22K	$2.8M	10x	as long as short
Lighter COIN	+0.0032%	1h	196.13	−0.125%	$363K	$2.3M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	196.13	−0.127%	$462K	$1.5M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.50	+0.061%	$17K	$58K	5x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.10	−0.143%	$15.2M	$13.0M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.22	−0.081%	$134K	$1.4M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	196.23	−0.076%	$97	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.18	−0.102%	$446K	$2.8M	10x	as long as short
QFEX COIN-USD	+0.0065%	1h	196.13	−0.127%	$1.3M	$2.9M	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	195.98	−0.204%	$988K	$136K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	196.32	−0.031%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.29	−0.046%	$568	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.25	−0.066%	$116	—	10x	as long as short
edgeX COINUSDC	+0.0104%	4h	196.45	+0.035%	$51K	$294K	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.49	+0.056%	$187K	$437K	20x	as long as short
Phoenix COIN	+0.0163%	1h	196.40	+0.010%	$4K	$283K	10x	as long as short