Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0118%/8h= +12.9% APRpaid last 24h −0.009%

Price spread now: Gate against Injective+0.224%99s7-day average −0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$750.753% of the position

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now +0.224%, 7d avg −0.068%

Together, before fees−0.339%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Gate is 0.292% dearer against Injective than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of −0.068%. Mind the row above: over the last 7 days funding on this pair cost −0.260%, so the current rate has only just turned in your favour. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,775.7	−0.0041	get 0.0005% / 1h	41m 40s	$119K	$22.5M	52x
Short	Gate ETH_USDT	2,781.9	0.0077	get 0.0077% / 8h	1h 41m	$3.30B	$9.57B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.224%Rate

Funding earned: $24.75
Price spread: +0.224% → −0.068%: $29.24
Slippage, 4 orders: −$60.3
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$21.33
Costs to cover: 0.753%
Break-even: 13.0 days

Slippage from Injective: live order book, 3 min ago; Gate: 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 Injective live order book, 3 min ago	14.20 bp	14.2 bp −$14	14.2 bp −$142	14.2 bp −$1,421	20637.2 bp −$10.32M
Sell Gate live order book, 2 min ago	0.02 bp	7.5 bp −$8	7.5 bp −$75	11.0 bp −$1,098	19.8 bp −$9,906

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	2,780.5	+0.174%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,781.1	+0.195%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,782	+0.227%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERPlong	−0.0041%	1h	2,775.7	long leg	$119K	$22.5M	52x
01 Exchange ETHUSD	−0.0032%	1h	2,781.2	+0.198%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0030%	1h	2,775.9	+0.009%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,782.1	+0.230%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	−0.054%	$885K	$3.7M	25x	as long as short
Phemex ETHUSDT	+0.0005%	8h	2,781	+0.191%	$270.5M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.7	+0.217%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0017%	8h	2,781.4	+0.206%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,780.2	+0.162%	$1.71B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,781.6	+0.211%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,781.2	+0.198%	$257.1M	$989.8M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,780.6	+0.176%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0044%	1h	2,780.1	+0.159%	$14.3M	$117.7M	50x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,782.1	+0.229%	$1.63B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,778.6	+0.104%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,781	+0.192%	$6.46B	$17.10B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,782.1	+0.229%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDTshort	+0.0077%	8h	2,781.9	+0.224%	$3.30B	$9.57B	200x
HTX ETH-USDT	+0.0095%	8h	2,781	+0.190%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,782.4	+0.240%	$115.3M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,783.3	+0.273%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,781.5	+0.209%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,780.4	+0.170%	$2.53B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,782.9	+0.261%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,781.5	+0.209%	$483K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,784.7	+0.325%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,782.2	+0.234%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,781	+0.191%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783.4	+0.277%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.202%	$166.9M	$248.1M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,781.5	+0.208%	$427.2M	$737.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.8	+0.220%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.068%	$135.8M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.9	+0.042%	$180.0M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.030%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	+0.031%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.3	+0.166%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,780.4	+0.169%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	+0.213%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781.5	+0.209%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.4	+0.276%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.3	+0.167%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,781	+0.191%	$55.4M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,781.5	+0.210%	$31.6M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	+0.115%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.5	+0.243%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,781	+0.191%	$8.6M	$673.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,782.5	+0.245%	$258.4M	$221.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,783.6	+0.286%	$32.7M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.2	+0.232%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,778	+0.081%	$285.6M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,780.6	+0.176%	$7.4M	$1.1M	25x	as long as short