Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h −0.037%

Price spread now: BloFin against Injective−0.678%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 BloFin

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. BloFin is 0.678% cheaper against Injective than usual: you would sell low and buy high (spread −0.678% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$68 on $10k: about 13 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective AR/USDC PERP	4.5720	0.0033	pay 0.0004% / 1h	18m 32s	$3K	$339	5.5x
Short	BloFin AR-USDT	4.5410	0.0202	get 0.0202% / 8h	1h 18m	$421K	$673K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.678%Rate

Funding earned: $35.52
Price spread: −0.678% → 0.000%: −$67.8
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$44.3
Costs to cover: 0.120%
Break-even: 15.7 days

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 63 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 BloFin live order book, 63 min ago	2.23 bp	14.2 bp −$14	36.8 bp −$368	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.

AR 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
Kraken Futures PF_ARUSD	−0.1906%	1h	4.5403	−0.694%	$47K	$156K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.5438	−0.618%	$584K	—	50x	as long as short
Injective AR/USDC PERPlong	+0.0033%	1h	4.5720	long leg	$3K	$339	5.5x
OKX AR-USDT-SWAP	+0.0044%	8h	4.5330	−0.853%	$2.3M	$20.6M	20x	as long as short
Extended AR-USD	+0.0080%	1h	4.5356	−0.797%	$37K	$237K	10x	as long as short
MEXC AR_USDT	+0.0082%	8h	4.5460	−0.569%	$6.8M	$4.6M	100x	as long as short
Binance ARUSDT	+0.0083%	8h	4.5370	−0.766%	$8.9M	$55.7M	75x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5476	−0.534%	$3.9M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5390	−0.722%	$20K	$615K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5353	−0.803%	$4.7M	$8.9M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.5380	−0.744%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5420	−0.656%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5380	−0.744%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5340	−0.831%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5284	−0.953%	$137K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5300	−0.919%	$57K	$748K	50x	as long as short
BloFin AR-USDTshort	+0.0202%	8h	4.5410	−0.678%	$421K	$673K	20x