Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.008%

Price spread now: edgeX against Injective+0.012%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Injective Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$18 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now +0.012%, 7d avg −0.040%

Together, before fees−0.106%+ Points / potential airdropedgeX: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.051% dearer against Injective than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.040%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,539	0.0150	pay 0.0019% / 1h	28m 04s	$340K	$26.9M	52x
Short	edgeX BTCUSDC	85,549.1	0.0100	get 0.0050% / 4h	28m 04s	$279.5M	$920.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$10.47
Price spread: +0.012% → −0.040%: $5.14
Slippage, 4 orders: −$7.05
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$21.4
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from Injective: live order book, 1 min ago; edgeX: live order book, 1 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, 1 min ago	3.04 bp	3.1 bp −$3	13.6 bp −$136	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	0.01 bp	4.6 bp −$5	4.7 bp −$47	5.0 bp −$497	6.3 bp −$3,141

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	−0.0179%	1h	85,566	+0.032%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,578	+0.046%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,510.4	−0.033%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,567.7	+0.034%	$416.6M	$668.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0016%	8h	85,383.2	−0.182%	$919.5M	$750.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,448.2	−0.106%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,425.6	−0.133%	$514.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,548.6	+0.011%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.3	−0.057%	$4.9M	$98.5M	40x	as long as short
Nado BTC-PERP	+0.0030%	1h	85,504.2	−0.041%	$25.2M	$221.9M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0061%	8h	85,420.2	−0.139%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0077%	8h	85,447.6	−0.107%	$2.94B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,408.3	−0.153%	$147.3M	$487.1M	150x	as long as short
Reya BTCRUSDPERP	+0.0081%	1h	85,510.9	−0.033%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,415.4	−0.144%	$172.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,421.6	−0.137%	$23.8M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,509	−0.035%	$8.4M	$52.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,448.8	−0.105%	$5.05B	$5.63B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,395.2	−0.168%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,442.7	−0.113%	$9.35B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,482	−0.067%	$212K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,596.7	+0.067%	$4.7M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,488	−0.060%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,550.4	+0.013%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,439.8	−0.116%	$5.21B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,458.3	−0.094%	$2.57B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,506	−0.039%	$3.9M	$18.2M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,435.8	−0.121%	$5.50B	$10.70B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,405.8	−0.156%	$35.6M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,543.7	+0.005%	$153.8M	$564.0M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,549.1	+0.012%	$279.5M	$920.8M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,566.3	+0.032%	$214.8M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,483.1	−0.065%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,563	+0.028%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,577.4	+0.045%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,508	−0.036%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,477	−0.072%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,404.9	−0.157%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,442.3	−0.113%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,398	−0.165%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,514.9	−0.028%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,404	−0.158%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	−0.133%	$2.26B	$942.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,369.3	−0.198%	$653.8M	$618.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,426.2	−0.132%	$44.5M	$229.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,525.6	−0.016%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,451	−0.103%	$116.9M	$5.17B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0114%	1h	85,450.4	−0.104%	$884.1M	$1.56B	50x	as long as short
Injective BTC/USDC PERPlong	+0.0150%	1h	85,539	long leg	$340K	$26.9M	52x
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,422.9	−0.136%	$187.5M	$955.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,532.5	−0.008%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,455.5	−0.098%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,517.1	−0.026%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,602.9	+0.075%	$700K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,541	+0.002%	$10.4M	$757.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,548.7	+0.011%	$501K	$18.8M	6.7x	as long as short