Funding arb · Price arb /

LLY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h −0.032%

Price spread now: Binance against Injective−0.991%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 0.991% cheaper against Injective than usual: you would sell low and buy high (spread −0.991% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$99 on $10k: about 2 months of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective LLY/USDC PERP	1,178.1	0.0220	pay 0.0028% / 1h	39m 17s	$10K	$21K	12x
Short	Binance LLYUSDT	1,166.4	0.0268	get 0.0268% / 8h	39m 17s	$2.0M	$3.1M	20x

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 −0.991%Rate

Funding earned: $10.12
Price spread: −0.991% → 0.000%: −$99.06
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: −$98.95
Costs to cover: 0.100%
Break-even: 75.4 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 12 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, 12 min ago	1.59 bp	12.1 bp −$12	39.9 bp −$399	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.

LLY on 19 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
Nado LLY-PERP	−0.0032%	1h	1,166.8	−0.956%	$39K	$251	10x	as long as short
Bybit LLYUSDT	0.0000%	8h	1,166.4	−0.997%	$1.3M	$636K	25x	as long as short
OKX LLY-USDT-SWAP	0.0000%	8h	1,166.2	−1.010%	$819K	$571K	20x	as long as short
Gate LLY_USDT	0.0000%	8h	1,166.3	−1.001%	$1.3M	$898K	25x	as long as short
Bitget LLYUSDT	0.0000%	8h	1,167	−0.946%	$2.3M	$176K	20x	as long as short
SunX LLY-USDT	0.0000%	8h	1,166.4	−0.993%	$1K	$6.6M	10x	as long as short
HTX LLY-USDT	0.0000%	8h	1,164.7	−1.140%	$5K	$40K	20x	as long as short
Aftermath Perps LLYUSD	+0.0003%	1h	1,166.5	−0.985%	$47K	$41K	5x	as long as short
QFEX LLY-USD	+0.0023%	1h	1,166.5	−0.987%	$1.2M	$5.1M	10x	as long as short
Vest LLY-USD-PERP	+0.0046%	1h	1,166.7	−0.972%	—	—	25x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:LLY	+0.0050%	1h	1,166.7	−0.968%	$8.6M	$1.1M	10x	as long as short
Aster LLYUSDT	+0.0069%	8h	1,166.3	−1.004%	$24K	$3K	20x	as long as short
KuCoin LLYUSDTM	+0.0100%	8h	1,166.3	−1.002%	$138K	$81K	20x	as long as short
Variational Omni LLY	+0.0102%	8h	1,166.1	−1.019%	$191K	$19K	—	as long as short
Injective LLY/USDC PERPlong	+0.0220%	1h	1,178.1	long leg	$10K	$21K	12x
BloFin LLY-USDT	+0.0253%	8h	1,166.4	−0.990%	$84K	$85K	20x	as long as short
Binance LLYUSDTshort	+0.0268%	8h	1,166.4	−0.991%	$2.0M	$3.1M	20x
Phoenix LLY	+0.0343%	1h	1,167.3	−0.917%	$1K	$7K	10x	as long as short
GRVT LLY_USDT_Perp	+0.0448%	8h	1,166.3	−0.999%	$840	$207K	10x	as long as short