Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h −0.010%

Price spread now: BloFin against Injective−0.302%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−$47as in the Price arb table

costs, in and out, $10k−$190.185% of the position

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 3 days (all we have)+0.305%+$31 · spread now −0.302%, 7d avg −0.019%

Together, before fees+0.327%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.282% cheaper against Injective than usual: you would sell low and buy high (spread −0.302% now, against its 7-day average of −0.019%). If the spread goes back, that is −$28 on $10k: about 5.3 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.022% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,616	0.0023	pay 0.0003% / 1h	40m 12s	$333K	$26.9M	52x
Short	BloFin BTC-USDT	86,354.6	0.0199	get 0.0199% / 8h	7h 40m	$414.4M	$649.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.302%Rate

Funding earned: $36.96
Price spread: −0.302% → −0.019%: −$28.25
Slippage, 4 orders: −$6.5
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$9.8
Costs to cover: 0.185%
Break-even: 8.9 days

Slippage from Injective: live order book, 4 min ago; BloFin: live order book, 4 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, 4 min ago	2.31 bp	3.0 bp −$3	11.2 bp −$112	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	6.5 bp −$646	8.2 bp −$4,077

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	86,448	−0.194%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,373	−0.281%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,410.4	−0.237%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,409.8	−0.238%	$479K	$21.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.4	−0.209%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0019%	1h	86,454.2	−0.187%	$903.6M	$1.51B	50x	as long as short
dYdX BTC-USD	+0.0019%	1h	86,402.9	−0.246%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,419.1	−0.227%	$501.2M	$1.14B	200x	as long as short
Injective BTC/USDC PERPlong	+0.0023%	1h	86,616	long leg	$333K	$26.9M	52x
KuCoin XBTUSDTM	+0.0036%	8h	86,423.9	−0.222%	$831.3M	$723.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0037%	8h	86,415.4	−0.232%	$153.8M	$475.3M	150x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,412.8	−0.235%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0049%	8h	86,420.9	−0.225%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,415.1	−0.232%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,427.9	−0.217%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,426.5	−0.219%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,426.5	−0.219%	$9.41B	$24.39B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,400.6	−0.249%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,439.5	−0.204%	$170.3M	$984.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,437.7	−0.206%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,404	−0.245%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,379	−0.274%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.4	−0.209%	$4.6M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,360.1	−0.295%	$21.9M	$230.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,500	−0.134%	$3.80B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,407.3	−0.241%	$40.7M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,431.6	−0.213%	$5.26B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,439.9	−0.203%	$2.57B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,374	−0.279%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,436.5	−0.207%	$7.2M	$95.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,429.9	−0.215%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,427.6	−0.218%	$37.5M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.305%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,429.4	−0.215%	$279.2M	$949.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	−0.170%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	−0.224%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	−0.245%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,441.1	−0.202%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,412	−0.236%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,420	−0.226%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,422.7	−0.223%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,456.2	−0.184%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,447.6	−0.194%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,350	−0.307%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,421	−0.225%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,400	−0.249%	$2.29B	$963.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.323%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,408.6	−0.239%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,419.7	−0.227%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,461.9	−0.178%	$132.2M	$5.47B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,455.8	−0.185%	$192.3M	$943.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468	−0.171%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,429.2	−0.216%	$78K	$217K	20x	as long as short
BloFin BTC-USDTshort	+0.0199%	8h	86,354.6	−0.302%	$414.4M	$649.7M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,426.2	−0.219%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,409	−0.239%	$10.1M	$762.2M	6.4x	as long as short