Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.040%

Price spread now: Injective against Binance−0.329%57s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Injective

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.329% cheaper against Binance than usual: you would sell low and buy high (−$33 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	Binance IMXUSDT	0.1520	0.0100	pay 0.0050% / 4h	3h 00m	$3.6M	$5.8M	75x
Short	Injective IMX/USDC PERP	0.1515	0.0033	get 0.0004% / 1h	0m 30s	$559	$28K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −0.329%Rate

Funding earned: −$14
Price spread: −0.329% → 0.000%: −$32.89
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$56.91
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 8 min ago; Injective: no order-book sample. 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 Binance live order book, 8 min ago	3.30 bp	18.6 bp −$19	83.6 bp −$836	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

IMX on 15 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 IMX	−0.0084%	4h	0.1510	−0.643%	$95K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L −0.0002% / S +0.0004%	1h	0.1521	+0.066%	$6K	—	150x	as long as short
Injective IMX/USDC PERPshort	+0.0033%	1h	0.1515	−0.329%	$559	$28K	5.5x
Hyperliquid IMX	+0.0100%	1h	0.1522	+0.099%	$3.4M	$289K	5x	as long as short
Binance IMXUSDTlong	+0.0100%	4h	0.1520	long leg	$3.6M	$5.8M	75x
Bybit IMXUSDT	+0.0100%	4h	0.1520	0.000%	$3.9M	$2.3M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1521	+0.059%	$949K	$1.5M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1519	−0.066%	$649K	$73K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1520	0.000%	$2.6M	$607K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1516	−0.263%	$357K	$184K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1517	−0.197%	$1.3M	$333K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1521	+0.066%	—	$2.8M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1514	−0.395%	$184K	$149K	75x	as long as short
dYdX IMX-USD	+0.0706%	1h	0.1514	−0.411%	$33K	$18K	5x	as long as short
Kraken Futures PF_IMXUSD	+0.3348%	1h	0.1521	+0.059%	$115K	$8K	20x	as long as short