Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Bitget against Injective+3.488%51s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bitget is 3.488% dearer against Injective than usual: you sell high and buy low: +$349 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 51 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 NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	8m 25s	$1K	$13K	5.5x
Short	Bitget NOTUSDT	0.0005044	0.0100	get 0.0050% / 4h	1h 08m	$675K	$456K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +3.488%Rate

Funding earned: $14
Price spread: +3.488% → 0.000%: $348.79
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: $350.77
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 32 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 32 min ago	8.96 bp	23.1 bp −$23	110.6 bp −$1,106	doesn't fit	doesn't fit

Injective: 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.

NOT on 16 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
Variational Omni NOT	−0.0024%	4h	0.0005030	+3.202%	$71K	$38K	—	as long as short
Injective NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005050	+3.619%	$11K	$6K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005040	+3.406%	$339K	$64K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005040	+3.410%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005039	+3.385%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005036	+3.324%	$2.1M	$829K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005041	+3.426%	$642K	$683K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005040	+3.406%	$139K	$57K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005040	+3.406%	$1.3M	$457K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0005038	+3.365%	$481K	$132K	50x	as long as short
Bitget NOTUSDTshort	+0.0100%	4h	0.0005044	+3.488%	$675K	$456K	50x
BingX NOT-USDT	+0.0100%	4h	0.0005040	+3.406%	—	$8.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005038	+3.356%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0109%	4h	0.0005041	+3.426%	$109K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1939%	1h	0.0005044	+3.486%	$49K	$7K	10x	as long as short