Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1487%/8h= +162.8% APRpaid last 24h −0.786%

Price spread now: Injective against Bybit+0.332%58s7-day average — · you sell dearer than you buy

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

Long on Bybit 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 for this trade now. Funding pays +$45 a day on $10k at the current rate, and Injective is 0.332% dearer against Bybit than usual: you sell high and buy low: +$33 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 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	Bybit IOUSDT	0.1504	0.0100	pay 0.0050% / 4h	2h 48m	$1.1M	$914K	25x
Short	Injective IO/USDC PERP	0.1509	0.1587	get 0.0198% / 1h	48m 18s	$2K	$199	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.332%Rate

Funding earned: $312.24
Price spread: +0.332% → 0.000%: $33.24
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $334.47
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	6.64 bp	77.9 bp −$78	749.1 bp −$7,491	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
Hyperliquid IO	+0.0100%	1h	0.1506	+0.113%	$1.0M	$386K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1507	+0.227%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1506	+0.133%	$3.0M	$6.7M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1504	long leg	$1.1M	$914K	25x
Gate IO_USDT	+0.0100%	4h	0.1505	+0.086%	$235K	$540K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1505	+0.066%	$1.1M	$227K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1506	+0.133%	$360K	$683K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1506	+0.133%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1507	+0.199%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1504	−0.015%	$30K	$11K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1505	+0.085%	$2K	$131K	5x	as long as short
BloFin IO-USDT	+0.0158%	4h	0.1508	+0.266%	$193K	$33K	50x	as long as short
Injective IO/USDC PERPshort	+0.1587%	1h	0.1509	+0.332%	$2K	$199	5.5x
Kraken Futures PF_IOUSD	+2.1742%	1h	0.1506	+0.143%	$39K	$18K	10x	as long as short