Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h +0.002%

Price spread now: Extended against BloFin−0.183%94s7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1721.725% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.284%+$28 · spread now −0.183%, 7d avg −0.047%

Together, before fees+0.288%+ Points / potential airdropExtended: Active · farm board+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.136% cheaper against BloFin than usual: you would sell low and buy high (spread −0.183% now, against its 7-day average of −0.047%). If the spread goes back, that is −$14 on $10k: about 7.4 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.005% in total) that is about 7 months. The two prices were read 94 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	BloFin IO-USDT	0.1492	0.0043	pay 0.0022% / 4h	3h 33m	$191K	$33K	50x
Short	Extended IO-USD	0.1489	0.0104	get 0.0013% / 1h	33m 35s	$3K	$212K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee ExtendedbpOrdersPrice spread, now −0.183%Rate

Funding earned: $12.8
Price spread: −0.183% → −0.047%: −$13.59
Slippage, 4 orders: −$155.47
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$173.26
Costs to cover: 1.725%
Break-even: 101.7 days

Slippage from BloFin: live order book, 32 min ago; Extended: live order book, 63 min ago.

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 BloFin live order book, 32 min ago	3.35 bp	22.5 bp −$22	52.4 bp −$524	doesn't fit	doesn't fit
Sell Extended live order book, 63 min ago	6.05 bp	49.6 bp −$50	doesn't fit	doesn't fit	doesn't fit

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
BloFin IO-USDTlong	+0.0043%	4h	0.1492	long leg	$191K	$33K	50x
Hyperliquid IO	+0.0100%	1h	0.1490	−0.161%	$998K	$277K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1490	−0.158%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1489	−0.201%	$3.0M	$4.9M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1487	−0.335%	$1.1M	$620K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1490	−0.114%	$229K	$446K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1487	−0.335%	$1.2M	$213K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1489	−0.201%	$342K	$194K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1490	−0.134%	$1.4M	$946K	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1489	−0.201%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1490	−0.117%	$30K	$18K	—	as long as short
Extended IO-USDshort	+0.0104%	1h	0.1489	−0.183%	$3K	$212K	5x
Injective IO/USDC PERP	+0.0277%	1h	0.1492	0.000%	$2K	$196	5.5x	as long as short
Kraken Futures PF_IOUSD	+3.9917%	1h	0.1496	+0.235%	$39K	$7K	10x	as long as short