Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.013%

Price spread now: BloFin against Injective+6.049%114s7-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 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 for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 6.049% dearer against Injective than usual: you sell high and buy low: +$605 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 114 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 LAYER/USDC PERP	0.07274	0.0033	pay 0.0004% / 1h	55m 22s	—	$18K	5.5x
Short	BloFin LAYER-USDT	0.07714	0.0064	get 0.0032% / 4h	3h 55m	$115K	$16K	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 +6.049%Rate

Funding earned: $6.44
Price spread: +6.049% → 0.000%: $604.89
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: $599.31
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 33 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, 33 min ago	2.61 bp	23.3 bp −$23	79.4 bp −$794	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.

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	−0.0001%	1h	0.07710	+5.997%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERPlong	+0.0033%	1h	0.07274	long leg	—	$18K	5.5x
BloFin LAYER-USDTshort	+0.0064%	4h	0.07714	+6.049%	$115K	$16K	50x
Hyperliquid LAYER	+0.0100%	1h	0.07740	+6.402%	$600K	$167K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07716	+6.074%	$10K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07721	+6.140%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07713	+6.035%	$722K	$731K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07716	+6.076%	$139K	$39K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07718	+6.104%	$385K	$123K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07728	+6.241%	$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-USDT	+0.0100%	4h	0.07724	+6.186%	—	$1.6M	—	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07720	+6.131%	$17K	$193K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07718	+6.110%	$839	$169K	5x	as long as short