Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Gate against Injective+3.956%99s7-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 Gate

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 Gate is 3.956% dearer against Injective than usual: you sell high and buy low: +$396 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 99 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 2Z/USDC PERP	0.04980	0.0033	pay 0.0004% / 1h	9m 40s	$867	$213	5.5x
Short	Gate 2Z_USDT	0.05177	0.0100	get 0.0050% / 4h	2h 09m	$90K	$70K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +3.956%Rate

Funding earned: $14
Price spread: +3.956% → 0.000%: $395.58
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $394.56
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Gate: 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 Injective no order-book sample	—	—	—	—	—
Sell Gate no order-book sample	—	—	—	—	—

Injective and Gate: 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.

2Z 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
Backpack 2Z_USDC_PERP	−0.0560%	1h	0.05181	+4.036%	$45K	$32K	5x	as long as short
Injective 2Z/USDC PERPlong	+0.0033%	1h	0.04980	long leg	$867	$213	5.5x
Lighter 2Z	+0.0096%	1h	0.05191	+4.237%	$16K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05181	+4.028%	$663K	$370K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05183	+4.082%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05181	+4.038%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05180	+4.022%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05182	+4.056%	$682K	$962K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05180	+4.016%	$445K	$707K	20x	as long as short
Gate 2Z_USDTshort	+0.0100%	4h	0.05177	+3.956%	$90K	$70K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05182	+4.056%	$293K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05188	+4.183%	$191K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05179	+3.996%	$145K	$616K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05182	+4.056%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05185	+4.118%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05188	+4.177%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1050%	1h	0.05200	+4.417%	$6K	$3K	10x	as long as short