Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0155%/8h= −16.9% APRpaid last 24h −0.010%

Price spread now: Injective against Bitget+0.208%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$730.727% of the position

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.197%+$20 on $10k

Price spread, last 3 days (all we have)−0.330%−$33 · spread now +0.208%, 7d avg +0.064%

Together, before fees−0.133%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.145% dearer against Bitget than usual: you sell high and buy low (spread +0.208% now, against its 7-day average of +0.064%): +$14 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.197%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ETHUSDT	2,776.1	0.0067	pay 0.0067% / 8h	36m 54s	$2.10B	$3.11B	150x
Short	Injective ETH/USDC PERP	2,781.9	−0.0088	pay 0.0011% / 1h	36m 54s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +0.208%Rate

Funding earned: −$32.45
Price spread: +0.208% → +0.064%: $14.46
Slippage, 4 orders: −$60.65
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$90.67
Costs to cover: 0.727%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Injective: live order book, 2 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 Bitget live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.3 bp −$729	doesn't fit
Sell Injective live order book, 2 min ago	14.20 bp	46.4 bp −$46	47.5 bp −$475	47.6 bp −$4,764	doesn't fit

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,776.9	+0.029%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,777.2	+0.038%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERPshort	−0.0088%	1h	2,781.9	+0.208%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,777.2	+0.039%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0074%	1h	2,776.7	+0.019%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,777.7	+0.057%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.5	+0.049%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,778.6	+0.089%	$879K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.1	+0.033%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0006%	1h	2,780.1	+0.144%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0017%	8h	2,776	−0.006%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,776	−0.005%	$1.70B	$11.89B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,777	+0.031%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,776.1	0.000%	$270.6M	$68.9M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0038%	1h	2,777.6	+0.053%	$259.0M	$223.0M	50x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,776.1	−0.002%	$257.0M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0052%	1h	2,776.4	+0.011%	$183K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0060%	1h	2,775.9	−0.008%	$55.3M	$229.1M	40x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774	−0.075%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,775.8	−0.011%	$1.60B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,775.8	−0.010%	$6.46B	$17.31B	150x	as long as short
Bitget ETHUSDTlong	+0.0067%	8h	2,776.1	long leg	$2.10B	$3.11B	150x
Gate ETH_USDT	+0.0070%	8h	2,776	−0.004%	$3.30B	$9.63B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,776	−0.004%	$422.0M	$740.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,777.2	+0.039%	$60.0M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,776.1	−0.001%	$2.51B	$4.64B	150x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,776.2	+0.003%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,777.5	+0.050%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,776.5	+0.015%	$115.9M	$497.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	+0.073%	$25.3M	$121.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.2	+0.074%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.4	+0.010%	$16.0M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777	+0.032%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,777	+0.033%	$14.4M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.4	+0.082%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.2	+0.037%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.5	+0.014%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.4	+0.083%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.063%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.3	+0.007%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,780.2	+0.147%	$147.6M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	+0.022%	$182.3M	$783.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.2	+0.148%	$161.6M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779.8	+0.133%	$21.5M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.3	+0.043%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.5	+0.050%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.7	+0.095%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.7	+0.022%	$974K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.5	−0.021%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,778.1	+0.071%	$8.3M	$685.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,777.1	+0.036%	$86.6M	$333.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,778.8	+0.097%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,776.1	−0.001%	$286.6M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0200%	1h	2,776.6	+0.015%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,778.3	+0.080%	$253K	$1.6M	20x	as long as short