Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h +0.591%

Price spread now: BloFin against Injective−0.464%7-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 BloFin

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 −$3 a day on $10k at the current rate, and BloFin is 0.464% cheaper against Injective than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IO/USDC PERP	0.1508	0.0193	pay 0.0024% / 1h	27m 15s	$2K	$200	5.5x
Short	BloFin IO-USDT	0.1501	0.0076	get 0.0038% / 4h	3h 27m	$192K	$39K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.464%Rate

Funding earned: −$24.4
Price spread: −0.464% → 0.000%: −$46.42
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$82.84
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 63 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 BloFin live order book, 63 min ago	3.29 bp	31.3 bp −$31	73.2 bp −$732	529.2 bp −$52.9K	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 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-USDTshort	+0.0076%	4h	0.1501	−0.464%	$192K	$39K	50x
Hyperliquid IO	+0.0100%	1h	0.1501	−0.451%	$1.0M	$367K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1501	−0.443%	$23K	$48K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1501	−0.464%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1500	−0.544%	$1.1M	$897K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1501	−0.491%	$229K	$555K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1499	−0.597%	$1.2M	$230K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1501	−0.464%	$354K	$629K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1502	−0.398%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1501	−0.464%	—	$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	0.1505	−0.183%	$33K	$14K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1500	−0.497%	$1K	$138K	5x	as long as short
Injective IO/USDC PERPlong	+0.0193%	1h	0.1508	long leg	$2K	$200	5.5x
Kraken Futures PF_IOUSD	+1.6735%	1h	0.1501	−0.479%	$39K	$10K	10x	as long as short