Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0314%/8h= −34.4% APRpaid last 24h +0.874%

Price spread now: BingX against Injective−0.132%72s7-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 BingX

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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and BingX is 0.132% cheaper against Injective than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 72 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	Injective IO/USDC PERP	0.1519	0.0414	pay 0.0052% / 1h	56m 01s	$2K	$101	5.5x
Short	BingX IO-USDT	0.1517	0.0100	get 0.0050% / 4h	3h 56m	—	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.132%Rate

Funding earned: −$65.93
Price spread: −0.132% → 0.000%: −$13.17
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$89.12
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BingX: live order book, 10 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 BingX live order book, 10 min ago	6.59 bp	23.2 bp −$23	67.7 bp −$677	458.5 bp −$45.8K	571.3 bp −$285.7K

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	0.1518	−0.046%	$1.0M	$393K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1518	−0.042%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1519	−0.020%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1517	−0.145%	$1.1M	$899K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1517	−0.138%	$242K	$544K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1516	−0.197%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1516	−0.197%	$374K	$671K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1517	−0.132%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDTshort	+0.0100%	4h	0.1517	−0.132%	—	$1.3M	—
Variational Omni IO	+0.0100%	4h	0.1516	−0.211%	$33K	$8K	—	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	0.1518	−0.098%	$5K	$168K	5x	as long as short
BloFin IO-USDT	+0.0123%	4h	0.1526	+0.461%	$193K	$32K	50x	as long as short
Injective IO/USDC PERPlong	+0.0414%	1h	0.1519	long leg	$2K	$101	5.5x
Kraken Futures PF_IOUSD	+0.0619%	1h	0.1524	+0.322%	$40K	$19K	10x	as long as short