Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0519%/8h= +56.9% APRpaid last 24h −0.539%

Price spread now: Injective against Binance−0.124%57s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

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. Injective is 0.124% cheaper against Binance than usual: you would sell low and buy high (spread −0.124% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 19 hours of funding at the current rate (+$16 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IOUSDT	0.1493	0.0100	pay 0.0050% / 4h	2h 14m	$3.0M	$6.4M	50x
Short	Injective IO/USDC PERP	0.1491	0.0619	get 0.0077% / 1h	14m 15s	$2K	$201	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −0.124%Rate

Funding earned: $109.08
Price spread: −0.124% → 0.000%: −$12.39
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $86.67
Costs to cover: 0.100%
Break-even: 1.4 days

Slippage unknown: Binance: live order book, 9 min ago; Injective: no order-book sample. 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 Binance live order book, 9 min ago	3.38 bp	25.6 bp −$26	125.8 bp −$1,258	7064.1 bp −$706.4K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

IO on 14 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
Hyperliquid IO	+0.0100%	1h	0.1492	−0.030%	$991K	$363K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1491	−0.124%	$23K	$47K	5x	as long as short
Binance IOUSDTlong	+0.0100%	4h	0.1493	long leg	$3.0M	$6.4M	50x
Bybit IOUSDT	+0.0100%	4h	0.1490	−0.164%	$1.1M	$901K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1490	−0.204%	$228K	$485K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1490	−0.191%	$1.2M	$236K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1490	−0.191%	$350K	$623K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1492	−0.057%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1491	−0.124%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1488	−0.341%	$28K	$18K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1492	−0.026%	$2K	$219K	5x	as long as short
BloFin IO-USDT	+0.0139%	4h	0.1491	−0.124%	$191K	$38K	50x	as long as short
Injective IO/USDC PERPshort	+0.0619%	1h	0.1491	−0.124%	$2K	$201	5.5x
Kraken Futures PF_IOUSD	+2.7398%	1h	0.1493	+0.040%	$39K	$9K	10x	as long as short