Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0342%/8h= +37.5% APRpaid last 24h −0.837%

Price spread now: Injective against BloFin−0.197%7-day average — · you buy dearer than you sell

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

Long on BloFin 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 0.197% cheaper against BloFin than usual: you would sell low and buy high (spread −0.197% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 46 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin IO-USDT	0.1520	0.0071	pay 0.0036% / 4h	3h 31m	$194K	$32K	50x
Short	Injective IO/USDC PERP	0.1517	0.0414	get 0.0052% / 1h	31m 29s	$2K	$202	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.197%Rate

Funding earned: $71.92
Price spread: −0.197% → 0.000%: −$19.74
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $40.16
Costs to cover: 0.120%
Break-even: 3.1 days

Slippage unknown: BloFin: live order book, 33 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 BloFin live order book, 33 min ago	13.13 bp	24.1 bp −$24	58.7 bp −$587	doesn't fit	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
BloFin IO-USDTlong	+0.0071%	4h	0.1520	long leg	$194K	$32K	50x
Hyperliquid IO	+0.0100%	1h	0.1523	+0.197%	$1.0M	$383K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1522	+0.124%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1523	+0.196%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1522	+0.099%	$1.1M	$894K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1521	+0.066%	$242K	$546K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1521	+0.066%	$1.2M	$230K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1522	+0.132%	$376K	$673K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1522	+0.132%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1521	+0.066%	—	$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	0.1517	−0.213%	$33K	$8K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1522	+0.109%	$910	$151K	5x	as long as short
Injective IO/USDC PERPshort	+0.0414%	1h	0.1517	−0.197%	$2K	$202	5.5x
Kraken Futures PF_IOUSD	+0.0618%	1h	0.1526	+0.387%	$40K	$18K	10x	as long as short