Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h +0.081%

Price spread now: BloFin against Injective−1.854%114s7-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 7 days+0.288%+$29 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 1.854% cheaper against Injective than usual: you would sell low and buy high (spread −1.854% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$185 on $10k: about 20 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.288% in total) that is about 45 days. 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 S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	46m 24s	$2K	$37K	12x
Short	BloFin S-USDT	0.04024	0.0340	get 0.0170% / 4h	2h 46m	$272K	$122K	75x

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 −1.854%Rate

Funding earned: $64.4
Price spread: −1.854% → 0.000%: −$185.37
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: −$132.99
Costs to cover: 0.120%
Break-even: 21.5 days

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 15 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, 15 min ago	1.25 bp	19.7 bp −$20	44.2 bp −$442	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.

S on 25 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
01 Exchange SUSD	−0.7688%	1h	0.03850	−6.098%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−3.756%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1260%	1h	0.04022	−1.891%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0553%	4h	0.04015	−2.064%	$624K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04022	−1.912%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04019	−1.966%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04023	−1.878%	$2K	—	150x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0039%	4h	0.04021	−1.927%	$101K	$329K	10x	as long as short
Lighter S	+0.0096%	1h	0.04025	−1.829%	$166K	$165K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04022	−1.905%	$1.0M	$611K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04024	−1.851%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04021	−1.927%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04017	−2.024%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04023	−1.878%	$1.0M	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04020	−1.951%	$331K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04022	−1.902%	$3.7M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04022	−1.902%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04021	−1.927%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04021	−1.927%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−1.951%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04022	−1.897%	$225K	$1.1M	10x	as long as short
BloFin S-USDTshort	+0.0340%	4h	0.04024	−1.854%	$272K	$122K	75x
Backpack S_USDC_PERP	+0.0985%	1h	0.04030	−1.707%	$117K	$334K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0993%	1h	0.04029	−1.732%	$68K	$10K	10x	as long as short