Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.036%

Price spread now: Binance against Injective−2.041%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 Binance

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. Binance is 2.041% cheaper against Injective than usual: you would sell low and buy high (spread −2.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$204 on $10k: about 3 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective W/USDC PERP	0.01209	0.0033	pay 0.0004% / 1h	20m 54s	$1K	$1K	12x
Short	Binance WUSDT	0.01184	0.0100	get 0.0050% / 4h	2h 20m	$3.0M	$6.6M	50x

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 −2.041%Rate

Funding earned: $14
Price spread: −2.041% → 0.000%: −$204.1
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: −$200.12
Costs to cover: 0.100%
Break-even: 107.1 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 3 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, 3 min ago	1.27 bp	21.9 bp −$22	76.2 bp −$762	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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0256%	1h	0.01185	−1.944%	$16K	$2K	10x	as long as short
Injective W/USDC PERPlong	+0.0033%	1h	0.01209	long leg	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01185	−1.985%	$2.0M	$393K	5x	as long as short
Binance WUSDTshort	+0.0100%	4h	0.01184	−2.041%	$3.0M	$6.6M	50x
Bybit WUSDT	+0.0100%	4h	0.01184	−2.101%	$4.1M	$1.9M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01183	−2.175%	$1.3M	$1.9M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01185	−1.944%	$448K	$264K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01184	−2.026%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01187	−1.820%	$449K	$221K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01184	−2.068%	$1.3M	$575K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01185	−1.952%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01184	−2.069%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01187	−1.852%	$123K	$405K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01184	−2.040%	$60K	$239K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0360%	1h	0.01189	−1.679%	$14K	$16K	50x	as long as short
Backpack W_USDC_PERP	+0.0485%	1h	0.01187	−1.853%	$44K	$47K	15x	as long as short
Kraken Futures PF_WUSD	+0.1531%	1h	0.01188	−1.718%	$147K	$180K	20x	as long as short