Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: BingX against Injective+4.432%87s7-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 BingX

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 +$2 a day on $10k at the current rate, and BingX is 4.432% dearer against Injective than usual: you sell high and buy low: +$443 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 87 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 NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	52m 00s	$1K	$13K	5.5x
Short	BingX NOT-USDC	0.0005090	0.0100	get 0.0050% / 4h	3h 52m	—	$722K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +4.432%Rate

Funding earned: $14
Price spread: +4.432% → 0.000%: $443.17
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $447.15
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BingX: live order book, 52 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 BingX live order book, 52 min ago	5.96 bp	151.6 bp −$152	doesn't fit	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.

NOT on 16 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
Variational Omni NOT	−0.0387%	4h	0.0005057	+3.747%	$72K	$38K	—	as long as short
KuCoin NOTUSDTM	−0.0254%	4h	0.0005082	+4.268%	$474K	$130K	50x	as long as short
Injective NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005101	+4.651%	$11K	$4K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005090	+4.432%	$361K	$54K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005091	+4.444%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005092	+4.473%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005086	+4.350%	$2.1M	$856K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005093	+4.493%	$644K	$670K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005087	+4.370%	$141K	$69K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005092	+4.473%	$1.4M	$438K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005092	+4.473%	$675K	$413K	50x	as long as short
BingX NOT-USDCshort	+0.0100%	4h	0.0005090	+4.432%	—	$722K	—
Extended kNOT-USD	+0.0104%	1h	0.0005090	+4.438%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0135%	4h	0.0005098	+4.596%	$111K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1115%	1h	0.0005126	+5.169%	$50K	$7K	10x	as long as short