Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.013%

Price spread now: Injective against Perpl+0.082%7-day average +0.005% · you sell dearer than you buy

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

Long on Perpl Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 4 days (all we have)−0.150%−$15 · spread now +0.082%, 7d avg +0.005%

Together, before fees−0.476%+ Points / potential airdropPerpl: Active · farm board−$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.076% dearer against Perpl than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.005%. Mind the row above: over the last 7 days funding on this pair cost −0.326%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,482.2	0	get 0.0000% / 43m	9m 57s	$503K	$18.7M	6.7x
Short	Injective BTC/USDC PERP	85,552	0.0044	get 0.0005% / 1h	12m 57s	$340K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Perpl. 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 PerplbpFee InjectivebpOrdersPrice spread, now +0.082%Rate

Funding earned: $9.23
Price spread: +0.082% → +0.005%: $7.64
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $3.05
Costs to cover: 0.138%
Break-even: 4.7 days

Slippage unknown: Perpl: no order-book sample; Injective: live order book, 1 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell Injective live order book, 1 min ago	1.81 bp	2.3 bp −$2	11.7 bp −$117	doesn't fit	doesn't fit

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	−0.0140%	1h	85,504	+0.026%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,540	+0.068%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,451.6	−0.036%	$919.3M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,453.8	−0.033%	$420.4M	$675.7M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,483.3	+0.001%	$363K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,449.5	−0.038%	$514.5M	$1.10B	200x	as long as short
Perpl BTClong	0.0000%	43m	85,482.2	long leg	$503K	$18.7M	6.7x
Nado BTC-PERP	+0.0003%	1h	85,475	−0.008%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,477.8	−0.005%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,493.3	+0.013%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPshort	+0.0044%	1h	85,552	+0.082%	$340K	$26.9M	52x
SoDEX BTC-USD	+0.0049%	1h	85,454	−0.033%	$59.9M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0056%	1h	85,499.8	+0.021%	$872.2M	$1.60B	50x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,432.5	−0.058%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,457.5	−0.029%	$148.7M	$497.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,457	−0.029%	$2.95B	$5.12B	150x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,452.3	−0.035%	$9.44B	$24.47B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,453.8	−0.033%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,467.9	−0.017%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,469.2	−0.015%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,464	−0.021%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,453.1	−0.034%	$2.7M	$3.4M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,462	−0.024%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,537	+0.064%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,548	+0.077%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,511.8	+0.035%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,453.9	−0.033%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,463.1	−0.022%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,471	−0.013%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,474.4	−0.009%	$4.7M	$99.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,460.9	−0.025%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452	−0.035%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,488.9	+0.008%	$154.5M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.9	+0.030%	$279.4M	$932.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,529.2	+0.055%	$214.9M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,566.9	+0.099%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472	−0.012%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.7	+0.057%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,462	−0.024%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,464.1	−0.021%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,456.4	−0.030%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,508.6	+0.031%	$207K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,446.3	−0.042%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,455.7	−0.031%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,461.9	−0.024%	$2.26B	$950.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.041%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,452.5	−0.035%	$6.6M	$147.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,427.3	−0.064%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,495.2	+0.015%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,493.4	+0.013%	$117.3M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,472.4	−0.011%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,511	+0.034%	$11.5M	$753.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,511.5	+0.034%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,476.1	−0.007%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,555.1	+0.085%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,524.6	+0.050%	$78K	$222K	20x	as long as short