Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: Binance against Injective+9.805%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

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 +$2 a day on $10k at the current rate, and Binance is 9.805% dearer against Injective than usual: you sell high and buy low: +$980 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	18m 53s	$2K	$37K	12x
Short	Binance SUSDT	0.04502	0.0100	get 0.0050% / 4h	2h 18m	$6.7M	$19.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +9.805%Rate

Funding earned: $14
Price spread: +9.805% → 0.000%: $980.49
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $984.47
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 15 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 Binance live order book, 15 min ago	3.35 bp	21.9 bp −$22	72.4 bp −$724	485.6 bp −$48.6K	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.

S on 25 exchanges

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
01 Exchange SUSD	−1.0504%	1h	0.04340	+5.854%	$26K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.2114%	1h	0.04488	+9.455%	$39K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1328%	1h	0.04128	+0.683%	$50K	$18K	25x	as long as short
Variational Omni S	−0.0421%	4h	0.04509	+9.965%	$699K	$7K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04505	+9.871%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04520	+10.239%	$5	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04497	+9.683%	$76K	$512	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04503	+9.835%	$694	—	150x	as long as short
Orderly PERP_S_USDC	+0.0025%	4h	0.04494	+9.610%	$112K	$649K	10x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04499	+9.732%	$156K	$144K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04503	+9.839%	$1.2M	$836K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04505	+9.880%	$48K	$153K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.04502	+9.805%	$6.7M	$19.2M	75x
Bybit SUSDT	+0.0100%	4h	0.04495	+9.634%	$6.4M	$5.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04498	+9.707%	$1.3M	$5.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04500	+9.756%	$379K	$225K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04506	+9.902%	$4.4M	$2.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04490	+9.512%	$2.2M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04508	+9.951%	$1.4M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04502	+9.805%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04520	+10.244%	$26K	$524K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04491	+9.546%	$248K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04508	+9.951%	$329K	$217K	75x	as long as short
Backpack S_USDC_PERP	+0.1243%	1h	0.04510	+10.000%	$107K	$471K	5x	as long as short