Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0093%/8h= −10.1% APRpaid last 24h +0.587%

Price spread now: Bitget against Injective−0.466%7-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 Bitget

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 −$3 a day on $10k at the current rate, and Bitget is 0.466% cheaper against Injective than usual: you would sell low and buy high (−$47 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IO/USDC PERP	0.1502	0.0193	pay 0.0024% / 1h	1m 15s	$2K	$201	5.5x
Short	Bitget IOUSDT	0.1495	0.0100	get 0.0050% / 4h	3h 01m	$1.4M	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.466%Rate

Funding earned: −$19.44
Price spread: −0.466% → 0.000%: −$46.6
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$78.06
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	3.33 bp	35.6 bp −$36	188.9 bp −$1,889	doesn't fit	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.

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
BloFin IO-USDT	+0.0085%	4h	0.1492	−0.666%	$193K	$38K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1492	−0.659%	$996K	$364K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1492	−0.684%	$23K	$48K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1492	−0.666%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1489	−0.832%	$1.1M	$901K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1490	−0.792%	$226K	$560K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1489	−0.866%	$1.2M	$233K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1492	−0.666%	$352K	$623K	50x	as long as short
Bitget IOUSDTshort	+0.0100%	4h	0.1495	−0.466%	$1.4M	$1.3M	50x
BingX IO-USDT	+0.0100%	4h	0.1491	−0.732%	—	$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	0.1498	−0.284%	$32K	$14K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1492	−0.692%	$1K	$207K	5x	as long as short
Injective IO/USDC PERPlong	+0.0193%	1h	0.1502	long leg	$2K	$201	5.5x
Kraken Futures PF_IOUSD	+1.6791%	1h	0.1496	−0.418%	$39K	$10K	10x	as long as short