Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h +0.021%

Price spread now: Binance against Injective−3.559%47s7-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−1.182%−$118 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 3.559% cheaper against Injective than usual: you would sell low and buy high (−$356 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 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 ETHFI/USDC PERP	0.7240	0.0033	pay 0.0004% / 1h	52m 38s	$321	$51K	5.5x
Short	Binance ETHFIUSDT	0.6982	0.0008	get 0.0004% / 4h	2h 52m	$24.2M	$35.4M	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 −3.559%Rate

Funding earned: −$5.31
Price spread: −3.559% → 0.000%: −$355.87
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: −$371.2
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Binance: live order book, 4 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, 4 min ago	0.72 bp	12.6 bp −$13	30.0 bp −$300	139.3 bp −$13.9K	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.

ETHFI on 24 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_ETHFIUSD	−0.0410%	1h	0.6979	−3.604%	$266K	$240K	20x	as long as short
HTX ETHFI-USDT	−0.0382%	4h	0.6940	−4.144%	$81K	$182K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0324%	1h	0.6964	−3.812%	$40K	$10K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0255%	4h	0.6957	−3.909%	$16K	$1K	10x	as long as short
Bybit ETHFIUSDT	−0.0131%	4h	0.6982	−3.564%	$17.4M	$12.7M	25x	as long as short
Variational Omni ETHFI	−0.0049%	4h	0.6972	−3.698%	$957K	$717K	—	as long as short
Extended ETHFI-USD	+0.0008%	1h	0.6977	−3.631%	$94K	$507K	10x	as long as short
MEXC ETHFI_USDT	+0.0008%	4h	0.6978	−3.619%	$15.8M	$4.1M	125x	as long as short
Binance ETHFIUSDTshort	+0.0008%	4h	0.6982	−3.559%	$24.2M	$35.4M	75x
Aster ETHFIUSDT	+0.0030%	4h	0.6980	−3.590%	$178K	$254K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ETHFI/USDC PERPlong	+0.0033%	1h	0.7240	long leg	$321	$51K	5.5x
BloFin ETHFI-USDT	+0.0035%	4h	0.6948	−4.033%	$1.2M	$238K	75x	as long as short
Paradex ETHFI-USD-PERP	+0.0038%	8h	0.6980	−3.594%	$6K	—	5x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6961	−3.852%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6981	−3.576%	$1.1M	$830K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6977	−3.627%	$17.0M	$8.3M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6994	−3.398%	$5.0M	$12.4M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6980	−3.591%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6969	−3.743%	$1.2M	$230K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6979	−3.605%	$6.0M	$5.2M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6980	−3.591%	—	$8.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6957	−3.909%	$64K	$125K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6967	−3.771%	$1K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0376%	1h	0.7054	−2.569%	$31K	$6K	50x	as long as short