Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0177%/8h= +19.4% APRpaid last 24h −0.408%

Price spread now: Injective against Bybit−0.267%78s7-day average — · you buy dearer than you sell

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

Long on Bybit 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 0.267% cheaper against Bybit than usual: you would sell low and buy high (spread −0.267% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 5.0 days of funding at the current rate (+$5 a day). The two prices were read 78 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	Bybit IOUSDT	0.1496	0.0100	pay 0.0050% / 4h	3h 46m	$1.1M	$627K	25x
Short	Injective IO/USDC PERP	0.1492	0.0277	get 0.0035% / 1h	46m 07s	$2K	$196	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.267%Rate

Funding earned: $37.13
Price spread: −0.267% → 0.000%: −$26.74
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$0.63
Costs to cover: 0.110%
Break-even: 7.1 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	3.35 bp	91.1 bp −$91	642.4 bp −$6,424	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-USDT	+0.0073%	4h	0.1499	+0.201%	$192K	$33K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1500	+0.241%	$1.0M	$275K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1497	+0.099%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1497	+0.094%	$3.0M	$4.9M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1496	long leg	$1.1M	$627K	25x
Gate IO_USDT	+0.0100%	4h	0.1498	+0.160%	$230K	$443K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1497	+0.067%	$1.2M	$213K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1498	+0.134%	$344K	$195K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1499	+0.201%	$1.4M	$958K	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1498	+0.134%	—	$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	0.1495	−0.050%	$30K	$18K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1499	+0.183%	$696	$209K	5x	as long as short
Injective IO/USDC PERPshort	+0.0277%	1h	0.1492	−0.267%	$2K	$196	5.5x
Kraken Futures PF_IOUSD	+3.9765%	1h	0.1501	+0.349%	$39K	$7K	10x	as long as short