Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0158%/8h= −17.3% APRpaid last 24h +0.013%

Price spread now: Injective against BloFin−0.013%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$170.168% of the position

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.013%, 7d avg +0.019%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Injective is 0.032% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	86,570	0.0182	pay 0.0182% / 8h	1h 37m	$414.5M	$651.5M	150x
Short	Injective BTC/USDC PERP	86,559	0.0024	get 0.0003% / 1h	37m 14s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now −0.013%Rate

Funding earned: −$33.17
Price spread: −0.013% → +0.019%: −$3.16
Slippage, 4 orders: −$4.75
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$53.1
Costs to cover: 0.168%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Injective: live order book, 2 min ago.

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 BloFin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$614	doesn't fit
Sell Injective live order book, 2 min ago	2.02 bp	2.5 bp −$3	12.8 bp −$128	doesn't fit	doesn't fit

BTC on 56 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
Bluefin BTC-PERP	−0.0753%	1h	86,588	+0.021%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.066%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0153%	1h	86,645.4	+0.087%	$83K	$215K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.042%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,627.2	+0.066%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,603.6	+0.039%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,571.3	+0.002%	$505.2M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,598.6	+0.033%	$419K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,602.6	+0.038%	$925.1M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,569.3	−0.001%	$852.2M	$708.1M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,595.3	+0.029%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,601.5	+0.036%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,573.6	+0.004%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0024%	1h	86,559	−0.013%	$315K	$26.8M	52x
Phemex BTCUSDT	+0.0029%	8h	86,570.1	0.000%	$150.3M	$473.7M	150x	as long as short
BingX BTC-USDC	+0.0032%	8h	86,565.3	−0.005%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,683.5	+0.131%	$731K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,582	+0.014%	$2.95B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,575.7	+0.007%	$5.18B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0062%	8h	86,575.8	+0.007%	$9.42B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,565.9	−0.005%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,572.4	+0.003%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,585.3	+0.018%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,579.1	+0.011%	$171.8M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,592.7	+0.026%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,587	+0.020%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,585	+0.017%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,631.6	+0.071%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,602.6	+0.038%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,653	+0.096%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,643.6	+0.085%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,587.2	+0.020%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,606	+0.042%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.3	+0.125%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.154%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,570.7	+0.001%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.146%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,636.2	+0.076%	$280.0M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,641.8	+0.083%	$217.4M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.084%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,666	+0.111%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,649.2	+0.091%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,587	+0.020%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,586	+0.018%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,576.3	+0.007%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,570.8	+0.001%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.2	+0.058%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,568	−0.002%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,566.6	−0.004%	$2.30B	$964.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,553.1	−0.020%	$46.4M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,632.2	+0.072%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,611.6	+0.048%	$131.7M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,601.7	+0.037%	$191.6M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,601.8	+0.037%	$15.1M	—	200x	as long as short
BloFin BTC-USDTlong	+0.0182%	8h	86,570	long leg	$414.5M	$651.5M	150x
Kalshi KXBTCPERP	+0.0194%	8h	86,624	+0.062%	$9.7M	$728.0M	6.4x	as long as short