Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0257%/8h= +28.1% APRpaid last 24h +0.969%

Price spread now: BingX against Injective−0.396%102s7-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 BingX

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

Funding pays, the price is against you. BingX is 0.396% cheaper against Injective than usual: you would sell low and buy high (spread −0.396% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$40 on $10k: about 5.1 days of funding at the current rate (+$8 a day). The two prices were read 102 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 IO/USDC PERP	0.1516	−0.0157	get 0.0020% / 1h	11m 40s	$2K	$103	5.5x
Short	BingX IO-USDT	0.1510	0.0100	get 0.0050% / 4h	2h 11m	—	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.396%Rate

Funding earned: $53.94
Price spread: −0.396% → 0.000%: −$39.58
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $4.35
Costs to cover: 0.100%
Break-even: 6.4 days

Slippage unknown: Injective: no order-book sample; BingX: 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 BingX live order book, 4 min ago	9.92 bp	25.6 bp −$26	61.0 bp −$610	454.0 bp −$45.4K	597.0 bp −$298.5K

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 PERPlong	−0.0157%	1h	0.1516	long leg	$2K	$103	5.5x
BloFin IO-USDT	+0.0042%	4h	0.1514	−0.132%	$193K	$30K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1510	−0.389%	$1.0M	$391K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1511	−0.353%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1510	−0.383%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1507	−0.607%	$1.1M	$868K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1511	−0.323%	$231K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1508	−0.528%	$1.1M	$239K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1509	−0.462%	$402K	$655K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1511	−0.330%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDTshort	+0.0100%	4h	0.1510	−0.396%	—	$1.3M	—
Variational Omni IO	+0.0100%	4h	0.1509	−0.433%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1510	−0.393%	$5K	$171K	5x	as long as short
Kraken Futures PF_IOUSD	+0.5440%	1h	0.1511	−0.307%	$39K	$21K	10x	as long as short