Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.008%

Price spread now: Bitget against Injective−0.071%61s7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.178% of the position

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.185%+$19 · spread now −0.071%, 7d avg −0.023%

Together, before fees+0.161%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bitget is 0.049% cheaper against Injective than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.023%). Swap the legs. The two prices were read 61 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 BTC/USDC PERP	85,617	0.0079	pay 0.0010% / 1h	44m 10s	$340K	$26.9M	52x
Short	Bitget BTCUSDT	85,555.9	0.0067	get 0.0067% / 8h	5h 44m	$2.95B	$5.02B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$2.55
Price spread: −0.071% → −0.023%: −$4.87
Slippage, 4 orders: −$5.76
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$25.2
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from Injective: live order book, 5 min ago; Bitget: 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 Injective live order book, 5 min ago	2.16 bp	2.4 bp −$2	12.4 bp −$124	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.4 bp −$64	7.2 bp −$724	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	−0.0160%	1h	85,485	−0.154%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,585	−0.037%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,562.4	−0.064%	$367K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	−0.044%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	−0.024%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,555	−0.072%	$22.8M	$221.8M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,559.7	−0.067%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,549	−0.079%	$906.1M	$748.8M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,570	−0.055%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,557.4	−0.070%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,554.5	−0.073%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDTshort	+0.0067%	8h	85,555.9	−0.071%	$2.95B	$5.02B	150x
HTX BTC-USDT	+0.0073%	8h	85,548.6	−0.080%	$2.27B	$931.9M	200x	as long as short
Injective BTC/USDC PERPlong	+0.0079%	1h	85,617	long leg	$340K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,557.5	−0.070%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,556.9	−0.070%	$148.2M	$478.5M	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,585	−0.037%	$5.04B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,570.7	−0.054%	$9.33B	$23.88B	150x	as long as short
SunX BTC-USDT	+0.0088%	8h	85,533.6	−0.097%	$2.9M	$6.1M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,597.5	−0.023%	$893.6M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,574.1	−0.050%	$169.5M	$986.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,575.2	−0.049%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,558	−0.069%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,617.8	+0.001%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.093%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,627	+0.012%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,613.6	−0.004%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,592.1	−0.029%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,594	−0.027%	$2.56B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,570	−0.055%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,531.4	−0.100%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.063%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,559.6	−0.067%	$5.55B	$10.44B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,605	−0.014%	$35.0M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.154%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.208%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.215%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	−0.121%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.171%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,619.9	+0.003%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,562	−0.064%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,551.2	−0.077%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,557.2	−0.070%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,601.3	−0.018%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,555.7	−0.072%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,561	−0.065%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,536.8	−0.094%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,615.3	−0.002%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,600	−0.020%	$130.8M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,594.7	−0.026%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,585.1	−0.037%	$187.5M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,559.9	−0.067%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,598.6	−0.021%	$707K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,556.1	−0.071%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,608	−0.011%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,580	−0.043%	$525K	$19.5M	6.7x	as long as short