Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h +0.455%

Price spread now: Bybit against Injective0.000%78s7-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 Bybit

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate. 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	Injective IO/USDC PERP	0.1492	0.0277	pay 0.0035% / 1h	54m 03s	$2K	$196	5.5x
Short	Bybit IOUSDT	0.1492	0.0100	get 0.0050% / 4h	3h 54m	$1.1M	$630K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$37.13
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.15
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	6.71 bp	86.9 bp −$87	408.8 bp −$4,088	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 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	+0.0087%	4h	0.1494	+0.134%	$192K	$33K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1495	+0.174%	$1.0M	$274K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1494	+0.157%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1494	+0.134%	$3.0M	$4.9M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1492	0.000%	$1.1M	$630K	25x
Gate IO_USDT	+0.0100%	4h	0.1494	+0.161%	$229K	$442K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1493	+0.067%	$1.2M	$212K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1493	+0.067%	$343K	$195K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1495	+0.201%	$1.4M	$957K	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1494	+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	0.1492	−0.016%	$30K	$18K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1494	+0.106%	$692	$212K	5x	as long as short
Injective IO/USDC PERPlong	+0.0277%	1h	0.1492	long leg	$2K	$196	5.5x
Kraken Futures PF_IOUSD	+3.9888%	1h	0.1497	+0.309%	$39K	$7K	10x	as long as short