Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.036%

Price spread now: BingX against Injective−2.647%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 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 2.647% cheaper against Injective than usual: you would sell low and buy high (spread −2.647% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$265 on $10k: about 4 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 53s	$1K	$1K	12x
Short	BingX W-USDT	0.01177	0.0100	get 0.0050% / 4h	1h 20m	—	$6.9M	—

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 −2.647%Rate

Funding earned: $14
Price spread: −2.647% → 0.000%: −$264.68
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: −$260.7
Costs to cover: 0.100%
Break-even: 137.4 days

Slippage unknown: Injective: no order-book sample; BingX: live order book, 7 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, 7 min ago	3.83 bp	25.1 bp −$25	62.3 bp −$623	527.0 bp −$52.7K	1100.2 bp −$550.1K

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	−0.0767%	1h	0.01178	−2.539%	$17K	$1K	10x	as long as short
OKX W-USDT-SWAP	−0.0083%	4h	0.01177	−2.639%	$1.3M	$2.1M	20x	as long as short
Injective W/USDC PERPlong	+0.0033%	1h	0.01209	long leg	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01179	−2.481%	$2.0M	$427K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01178	−2.605%	$3.0M	$7.0M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01176	−2.713%	$4.1M	$2.0M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01176	−2.721%	$443K	$293K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01178	−2.605%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01179	−2.481%	$479K	$246K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01178	−2.564%	$1.3M	$578K	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-USDTshort	+0.0100%	4h	0.01177	−2.647%	—	$6.9M	—
Variational Omni W	+0.0100%	4h	0.01175	−2.833%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01177	−2.645%	$129K	$385K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01177	−2.607%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0240%	1h	0.01179	−2.481%	$14K	$17K	50x	as long as short
Backpack W_USDC_PERP	+0.0334%	1h	0.01179	−2.440%	$44K	$47K	15x	as long as short
Kraken Futures PF_WUSD	+0.0396%	1h	0.01181	−2.313%	$146K	$182K	20x	as long as short