Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0146%/8h= +16.0% APRpaid last 24h −0.020%

Price spread now: Perpl against Injective−0.096%7-day average −0.004% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.327%+$33 on $10k

Price spread, last 3 days (all we have)+0.143%+$14 · spread now −0.096%, 7d avg −0.004%

Together, before fees+0.470%+ Points / potential airdropPerpl: Active · farm board+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.091% cheaper against Injective than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of −0.004%). If the spread goes back, that is −$9 on $10k: about 2.1 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,568	−0.0035	get 0.0004% / 1h	31m 20s	$333K	$26.8M	52x
Short	Perpl BTC	86,485.1	0.0112	get 0.0010% / 43m	27m 20s	$416K	$23.1M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.096%Rate

Funding earned: $30.74
Price spread: −0.096% → −0.004%: −$9.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $7.79
Costs to cover: 0.138%
Break-even: 5.2 days

Slippage unknown: Injective: live order book, 3 min ago; Perpl: no order-book sample. Net counts fees only.

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, 3 min ago	1.68 bp	1.9 bp −$2	12.7 bp −$127	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0118%	1h	86,471	−0.112%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,467	−0.117%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPlong	−0.0035%	1h	86,568	long leg	$333K	$26.8M	52x
RISEx BTC/USDC	−0.0024%	1h	86,490.9	−0.089%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,491.8	−0.088%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,482.3	−0.099%	$501.6M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,501.9	−0.076%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0016%	8h	86,476.8	−0.105%	$850.4M	$715.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0030%	1h	86,486.2	−0.094%	$6.7M	$145.5M	40x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,471.5	−0.111%	—	$15.4M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0045%	1h	86,514.6	−0.062%	$915.1M	$1.48B	50x	as long as short
Phemex BTCUSDT	+0.0049%	8h	86,482.7	−0.099%	$150.7M	$478.6M	150x	as long as short
dYdX BTC-USD	+0.0051%	1h	86,493.3	−0.086%	$17.0M	$21.1M	50x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,470.3	−0.113%	$2.96B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0070%	8h	86,479.9	−0.102%	$5.16B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,483.3	−0.098%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,464.8	−0.119%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,485.2	−0.096%	$5.87B	$10.76B	200x	as long as short
SoDEX BTC-USD	+0.0090%	1h	86,469	−0.114%	$60.4M	$337.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,480.7	−0.101%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,489.9	−0.090%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,483	−0.098%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,476.9	−0.105%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,458	−0.127%	$198K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,502.4	−0.076%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,465.1	−0.119%	$21.9M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,556	−0.014%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,507.6	−0.070%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,480.1	−0.102%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,490	−0.090%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.5	−0.057%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,470.3	−0.113%	$38.2M	$155.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	−0.108%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,477.1	−0.105%	$279.3M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,492.7	−0.087%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,488.9	−0.091%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,474.4	−0.108%	$30.7M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,521.1	−0.054%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,480	−0.102%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484.7	−0.096%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,475.5	−0.107%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,508.7	−0.069%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,508.9	−0.068%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,482.8	−0.098%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,462.9	−0.121%	$2.29B	$969.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	−0.006%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,453.6	−0.132%	$45.5M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,492.4	−0.087%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,503.1	−0.075%	$194.0M	$952.2M	100x	as long as short
Perpl BTCshort	+0.0112%	43m	86,485.1	−0.096%	$416K	$23.1M	6.7x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,517	−0.059%	$132.3M	$5.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0139%	1h	86,535.8	−0.037%	$79K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,467.5	−0.116%	$415.6M	$658.4M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,519.9	−0.056%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0195% / S −0.0217%	1h	86,495.6	−0.084%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,519	−0.057%	$9.7M	$745.6M	6.4x	as long as short