Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0578%/8h= −63.3% APRpaid last 24h −0.688%

Price spread now: Injective against BloFin+0.724%7-day average — · you sell dearer than you buy

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

Long on BloFin 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

The price spread pays, funding is against you. Injective is 0.724% dearer against BloFin than usual: you sell high and buy low (spread +0.724% now, against zero (this spread has no 7-day history yet)): +$72 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin IO-USDT	0.1519	0.0148	pay 0.0074% / 4h	1h 07m	$193K	$39K	50x
Short	Injective IO/USDC PERP	0.1530	−0.0430	pay 0.0054% / 1h	7m 45s	$2K	$202	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee InjectivebpOrdersPrice spread, now +0.724%Rate

Funding earned: −$121.4
Price spread: +0.724% → 0.000%: $72.42
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$61.01
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 30 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 BloFin live order book, 30 min ago	9.89 bp	20.1 bp −$20	54.2 bp −$542	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.

IO on 14 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 IO/USDC PERPshort	−0.0430%	1h	0.1530	+0.724%	$2K	$202	5.5x
Hyperliquid IO	+0.0100%	1h	0.1516	−0.178%	$1.0M	$376K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1516	−0.174%	$23K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1516	−0.168%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1514	−0.329%	$1.1M	$913K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1515	−0.283%	$234K	$565K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1516	−0.197%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1516	−0.197%	$355K	$657K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1517	−0.132%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1517	−0.132%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1520	+0.079%	$33K	$13K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1516	−0.174%	$2K	$130K	5x	as long as short
BloFin IO-USDTlong	+0.0148%	4h	0.1519	long leg	$193K	$39K	50x
Kraken Futures PF_IOUSD	+2.3375%	1h	0.1519	+0.029%	$39K	$18K	10x	as long as short