Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against BingX−5.777%7-day average — · you buy dearer than you sell

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

Long on BingX 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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 5.777% cheaper against BingX than usual: you would sell low and buy high (−$578 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	BingX LAYER-USDT	0.07720	0.0100	pay 0.0050% / 4h	2m 39s	—	$1.6M	—
Short	Injective LAYER/USDC PERP	0.07274	0.0033	get 0.0004% / 1h	2m 39s	—	$18K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee InjectivebpOrdersPrice spread, now −5.777%Rate

Funding earned: −$14
Price spread: −5.777% → 0.000%: −$577.72
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$601.74
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 5 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 BingX live order book, 5 min ago	5.18 bp	33.1 bp −$33	153.2 bp −$1,532	572.6 bp −$57.3K	764.0 bp −$382.0K
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.

LAYER 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
Kraken Futures PF_LAYERUSD	−0.0506%	1h	0.07722	+0.028%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERPshort	+0.0033%	1h	0.07274	−5.777%	—	$18K	5.5x
BloFin LAYER-USDT	+0.0077%	4h	0.07721	+0.013%	$115K	$16K	50x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07731	+0.144%	$599K	$167K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07723	+0.036%	$10K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07720	+0.003%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07713	−0.091%	$720K	$736K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07721	+0.013%	$139K	$47K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07719	−0.013%	$366K	$122K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07721	+0.013%	$1.1M	$138K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX LAYER-USDTlong	+0.0100%	4h	0.07720	long leg	—	$1.6M	—
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07720	0.000%	$17K	$193K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07718	−0.023%	$839	$169K	5x	as long as short