Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1487%/8h= −162.8% APRpaid last 24h +0.786%

Price spread now: Bitget against Injective+1.531%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bitget

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

The price spread pays, funding is against you. Bitget is 1.531% dearer against Injective than usual: you sell high and buy low (spread +1.531% now, against zero (this spread has no 7-day history yet)): +$153 on $10k if it goes back. Holding the pair costs −$45 a day in funding at the current rate, which eats that in about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IO/USDC PERP	0.1502	0.1587	pay 0.0198% / 1h	26m 31s	$2K	$201	5.5x
Short	Bitget IOUSDT	0.1525	0.0100	get 0.0050% / 4h	2h 26m	$1.3M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +1.531%Rate

Funding earned: −$312.24
Price spread: +1.531% → 0.000%: $153.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$171.13
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	3.29 bp	40.7 bp −$41	239.3 bp −$2,393	doesn't fit	doesn't fit

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 13 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	0.1525	+1.518%	$1.0M	$388K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1525	+1.519%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1525	+1.517%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1523	+1.398%	$1.1M	$915K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1523	+1.391%	$236K	$560K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1523	+1.398%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1524	+1.465%	$357K	$684K	50x	as long as short
Bitget IOUSDTshort	+0.0100%	4h	0.1525	+1.531%	$1.3M	$1.2M	50x
BingX IO-USDT	+0.0100%	4h	0.1525	+1.531%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1519	+1.149%	$30K	$11K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1524	+1.438%	$3K	$132K	5x	as long as short
Injective IO/USDC PERPlong	+0.1587%	1h	0.1502	long leg	$2K	$201	5.5x
Kraken Futures PF_IOUSD	+2.1484%	1h	0.1524	+1.480%	$39K	$18K	10x	as long as short