Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1733%/8h= −189.8% APRpaid last 24h −0.156%

Price spread now: Injective against HTX−0.555%65s7-day average — · you buy dearer than you sell

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.360%−$136 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$52 a day on $10k at the current rate, and Injective is 0.555% cheaper against HTX than usual: you would sell low and buy high (−$55 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	HTX OP-USDT	0.1280	0.0100	pay 0.0100% / 8h	33m 30s	$177K	$235K	50x
Short	Injective OP/USDC PERP	0.1273	−0.1633	pay 0.0204% / 1h	33m 30s	$35K	$58K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −0.555%Rate

Funding earned: −$363.93
Price spread: −0.555% → 0.000%: −$55.46
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$431.41
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 43 min ago; Injective: no order-book sample. 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 HTX live order book, 43 min ago	5.85 bp	15.2 bp −$15	2650.7 bp −$26.5K	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

OP on 30 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
Injective OP/USDC PERPshort	−0.1633%	1h	0.1273	−0.555%	$35K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.082%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0532%	1h	0.1278	−0.164%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.320%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1279	−0.083%	$40K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.024%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1279	−0.086%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1276	−0.297%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1279	−0.055%	$290K	$922K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1280	+0.031%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1279	−0.076%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	−0.109%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1278	−0.156%	$18.5M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1279	−0.094%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1279	−0.102%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	−0.047%	$20.3M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	−0.086%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1279	−0.086%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1279	−0.086%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.117%	$124K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.118%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	−0.164%	$319K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1277	−0.242%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1279	−0.102%	$200	$6K	5x	as long as short
HTX OP-USDTlong	+0.0100%	8h	0.1280	long leg	$177K	$235K	50x
Extended OP-USD	+0.0104%	1h	0.1279	−0.107%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.098%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1280	+0.008%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1280	+0.005%	$801K	$746K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1279	−0.061%	$711	—	20x	as long as short