Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.032%

Price spread now: HTX against Injective+0.042%65s7-day average −0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as 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−$730.729% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now +0.042%, 7d avg −0.080%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and HTX is 0.122% dearer against Injective than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.080%. Mind the row above: over the last 7 days funding on this pair cost −0.167%, so the current rate has only just turned in your favour. The two prices were read 65 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	2,730.9	−0.0141	get 0.0018% / 1h	27m 55s	$117K	$22.5M	52x
Short	HTX ETH-USDT	2,732	0.0059	get 0.0059% / 8h	4h 27m	$1.06B	$1.20B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.042%Rate

Funding earned: $42.05
Price spread: +0.042% → −0.080%: $12.15
Slippage, 4 orders: −$60.85
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$18.66
Costs to cover: 0.729%
Break-even: 10.1 days

Slippage from Injective: live order book, 1 min ago; HTX: 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	9.85 bp	9.9 bp −$10	9.9 bp −$99	9.9 bp −$986	20938.1 bp −$10.47M
Sell HTX live order book, 1 min ago	0.02 bp	6.0 bp −$6	6.1 bp −$61	8.6 bp −$855	11.6 bp −$5,802

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	2,735.2	+0.158%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERPlong	−0.0141%	1h	2,730.9	long leg	$117K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,738.3	+0.271%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734	+0.112%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,735.6	+0.172%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,734.9	+0.146%	$187K	$822K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,738.5	+0.278%	$831K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0006%	1h	2,733.9	+0.111%	$179K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733.9	+0.111%	$28.1M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0036%	1h	2,732.9	+0.074%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0050%	1h	2,734.2	+0.120%	$260.1M	$196.1M	50x	as long as short
BingX ETH-USDC	+0.0056%	8h	2,732.8	+0.068%	—	$18.4M	—	as long as short
HTX ETH-USDTshort	+0.0059%	8h	2,732	+0.042%	$1.06B	$1.20B	200x
KuCoin ETHUSDTM	+0.0066%	8h	2,732.6	+0.062%	$379.8M	$574.7M	100x	as long as short
Bybit ETHUSDT	+0.0068%	8h	2,733.7	+0.102%	$2.39B	$4.35B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,734.1	+0.116%	$1.67B	$10.72B	100x	as long as short
Phemex ETHUSDT	+0.0069%	8h	2,732.9	+0.072%	$265.7M	$65.4M	150x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,732.7	+0.066%	$54.4M	$187.6M	40x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,730.2	−0.027%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0088%	8h	2,733.9	+0.108%	$250.8M	$843.5M	200x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,734.1	+0.116%	$1.53B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,734.1	+0.116%	$6.35B	$15.88B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.4	+0.092%	$113.0M	$438.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.3	+0.123%	$23.4M	$106.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.8	+0.144%	—	$30.9M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,739.5	+0.314%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.1	+0.155%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.6	+0.135%	$501K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735	+0.148%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.2	+0.157%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.1	+0.190%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.3	+0.125%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.2	+0.157%	$1.6M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.7	−0.082%	$166.6M	$310.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.6	+0.099%	$3.34B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.2	+0.122%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733	+0.075%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.1	+0.190%	$133.6M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.5	+0.205%	$184.1M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.2	+0.231%	$159.2M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	+0.260%	$21.1M	$68.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.1	+0.189%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.8	+0.179%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.5	+0.094%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.5	+0.132%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.3	+0.088%	$959K	$11.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.4	+0.091%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734	+0.114%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0123%	1h	2,735.1	+0.155%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,734.9	+0.146%	$6.6M	$678.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,735.2	+0.157%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,734.3	+0.126%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.7	+0.102%	$83.4M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.3	+0.306%	$254K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0371%	8h	2,737.3	+0.235%	$282.5M	$175.6M	150x	as long as short