Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0069%/8h= −7.6% APRpaid last 24h −0.006%

Price spread now: Injective against Gate+0.105%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 3 days (all we have)−0.132%−$13 · spread now +0.105%, 7d avg +0.021%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.084% dearer against Gate than usual: you sell high and buy low (spread +0.105% now, against its 7-day average of +0.021%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,267	0.0092	pay 0.0092% / 8h	7h 19m	$5.77B	$10.57B	200x
Short	Injective BTC/USDC PERP	86,358	0.0023	get 0.0003% / 1h	19m 20s	$343K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now +0.105%Rate

Funding earned: −$14.5
Price spread: +0.105% → +0.021%: $8.42
Slippage, 4 orders: −$5.65
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$26.74
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Injective: live order book, 5 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 Gate live order book, 5 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	7.6 bp −$764	15.8 bp −$7,917
Sell Injective live order book, 5 min ago	2.32 bp	3.1 bp −$3	10.8 bp −$108	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
Phoenix BTC	−0.0129%	1h	86,359	+0.107%	$2.2M	$11.2M	40x	as long as short
Bluefin BTC-PERP	−0.0120%	1h	86,242.4	−0.029%	$144K	$666K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,268	+0.001%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,263.8	−0.004%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,264.1	−0.003%	$480K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,277.5	+0.012%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0023%	1h	86,358	+0.105%	$343K	$26.9M	52x
dYdX BTC-USD	+0.0023%	1h	86,292.5	+0.030%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,253.5	−0.016%	$500.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,269.6	+0.003%	$830.8M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,268	+0.001%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,253.4	−0.016%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,265.6	−0.002%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,169.1	−0.114%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	86,158	−0.126%	$60.3M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,212.5	−0.063%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,271.1	+0.005%	$5.13B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,158	−0.126%	$9.39B	$24.29B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0090%	1h	86,206.6	−0.070%	$902.2M	$1.51B	50x	as long as short
Gate BTC_USDTlong	+0.0092%	8h	86,267	long leg	$5.77B	$10.57B	200x
Lighter BTC	+0.0096%	1h	86,167.7	−0.115%	$170.1M	$989.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,188.7	−0.091%	$23.6M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,260	−0.008%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,226	−0.048%	$197K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,263.7	−0.004%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,260.1	−0.008%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,336.7	+0.081%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,274.9	+0.009%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,164.5	−0.119%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,171	−0.111%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,240	−0.031%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,277.4	+0.012%	$7.2M	$94.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,289.7	+0.026%	$37.4M	$159.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	+0.006%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	+0.009%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.012%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.019%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,268.7	+0.002%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,309.7	+0.049%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,271	+0.005%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,268.7	+0.002%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.9	−0.064%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,209.6	−0.067%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,225.7	−0.048%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,139.7	−0.148%	$2.29B	$960.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,161.1	−0.123%	$154.9M	$473.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.167%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,140.4	−0.147%	$46.1M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,324.9	+0.067%	—	$98.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,206.5	−0.070%	$132.5M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,189.8	−0.090%	$191.9M	$945.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,323	+0.065%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,364.3	+0.113%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,139.1	−0.148%	$415.1M	$640.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,253	−0.016%	$10.4M	$765.6M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0221%	1h	86,278.5	+0.013%	$14.5M	—	200x	as long as short