Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.036%

Price spread now: Injective against Binance+2.571%7-day average — · you sell dearer than you buy

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

Long on Binance 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

The price spread pays, funding is against you. Injective is 2.571% dearer against Binance than usual: you sell high and buy low (spread +2.571% now, against zero (this spread has no 7-day history yet)): +$257 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance WUSDT	0.01179	0.0100	pay 0.0050% / 4h	3h 48m	$3.0M	$5.1M	50x
Short	Injective W/USDC PERP	0.01209	0.0033	get 0.0004% / 1h	48m 54s	$1K	$1K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +2.571%Rate

Funding earned: −$14
Price spread: +2.571% → 0.000%: $257.06
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $233.04
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Binance: live order book, 3 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 Binance live order book, 3 min ago	0.42 bp	20.4 bp −$20	134.0 bp −$1,340	doesn't fit	doesn't fit
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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0089%	1h	0.01179	+0.042%	$14K	$4K	10x	as long as short
Injective W/USDC PERPshort	+0.0033%	1h	0.01209	+2.571%	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01179	+0.025%	$2.0M	$271K	5x	as long as short
Binance WUSDTlong	+0.0100%	4h	0.01179	long leg	$3.0M	$5.1M	50x
Bybit WUSDT	+0.0100%	4h	0.01177	−0.161%	$4.1M	$1.5M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01178	−0.051%	$1.3M	$1.5M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01175	−0.271%	$429K	$217K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01178	−0.025%	$12.3M	$1.3M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01178	−0.059%	$388K	$190K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01179	+0.025%	$1.3M	$539K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01179	−0.017%	—	$6.7M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01177	−0.106%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01177	−0.124%	$126K	$374K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01178	−0.027%	$59K	$388K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0384%	1h	0.01182	+0.297%	$13K	$12K	50x	as long as short
Backpack W_USDC_PERP	+0.0651%	1h	0.01180	+0.144%	$46K	$52K	15x	as long as short
Kraken Futures PF_WUSD	+0.0895%	1h	0.01182	+0.238%	$147K	$49K	20x	as long as short