Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h −0.035%

Price spread now: Injective against Katana Perps−0.073%7-day average +0.063% · you buy dearer than you sell

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

Long on Katana Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now −0.073%, 7d avg +0.063%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 0.136% cheaper against Katana Perps than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.063%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.044% in total (about -4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,736.2	0.0100	pay 0.0100% / 8h	4h 03m	$501K	$3.3M	50x
Short	Injective ETH/USDC PERP	2,734.2	−0.0141	pay 0.0018% / 1h	3m 02s	$117K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Katana Perps. 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 Katana PerpsbpFee InjectivebpOrdersPrice spread, now −0.073%Rate

Funding earned: −$50.66
Price spread: −0.073% → +0.063%: −$13.61
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$68.09
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Injective live order book, 1 min ago	12.41 bp	48.3 bp −$48	49.5 bp −$495	49.6 bp −$4,963	doesn't fit

Katana Perps: 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.

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	2,736	−0.006%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERPshort	−0.0141%	1h	2,734.2	−0.073%	$117K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,735.1	−0.040%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.7	+0.018%	$11.9M	—	200x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736.9	+0.026%	$187K	$822K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	−0.084%	$826K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0001%	1h	2,736.7	+0.018%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.7	+0.019%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,736.2	0.000%	$180K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,735.9	−0.012%	$1.06B	$1.20B	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	+0.0044%	8h	2,735.8	−0.014%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,736.3	+0.005%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0063%	1h	2,733.1	−0.113%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,736.4	+0.008%	$380.4M	$573.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,736.7	+0.017%	$1.67B	$10.72B	100x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,736.5	+0.011%	$265.9M	$65.0M	150x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,736.5	+0.010%	$251.2M	$841.9M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,736.3	+0.003%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,736.6	+0.015%	$6.36B	$15.88B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.8	+0.022%	$112.9M	$442.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738	+0.065%	$23.5M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,734.8	−0.051%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734	−0.079%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.2	+0.147%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,737.1	+0.033%	$5.6M	$11.7M	25x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,736.2	long leg	$501K	$3.3M	50x
Nado ETH-PERP	+0.0100%	1h	2,736.1	−0.004%	$13.6M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.6	+0.088%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737	+0.028%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.9	−0.084%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.1	+0.034%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.092%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.4	+0.008%	$3.34B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.6	+0.015%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.6	−0.020%	$15.1M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732	−0.154%	$133.7M	$324.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.4	−0.139%	$183.8M	$671.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.6	−0.096%	$159.0M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	−0.080%	$21.1M	$68.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.8	+0.023%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738	+0.066%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.6	+0.015%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.1	+0.070%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.2	−0.038%	$959K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.3	+0.004%	$54.5M	$187.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.8	−0.013%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.6	+0.050%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0116%	1h	2,734.4	−0.067%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0130%	1h	2,737.7	+0.056%	$259.6M	$196.3M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,736.6	+0.015%	$6.7M	$678.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0198%	8h	2,739	+0.101%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,735.8	−0.014%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737	+0.030%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,734.2	−0.074%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0382%	8h	2,736.6	+0.015%	$283.6M	$175.9M	150x	as long as short