Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1756%/8h= +192.3% APRpaid last 24h +0.177%

Price spread now: Gate against Injective+0.381%7-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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+1.214%+$121 on $10k

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 +$53 a day on $10k at the current rate, and Gate is 0.381% dearer against Injective than usual: you sell high and buy low: +$38 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.214% in total (about 63.3% 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	Injective OP/USDC PERP	0.1259	−0.1656	get 0.0207% / 1h	20m 53s	$35K	$58K	12x
Short	Gate OP_USDT	0.1264	0.0100	get 0.0100% / 8h	7h 20m	$1.9M	$1.6M	50x

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 +0.381%Rate

Funding earned: $368.86
Price spread: +0.381% → 0.000%: $38.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $391.97
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago	3.56 bp	25.3 bp −$25	62.8 bp −$628	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.

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 PERPlong	−0.1656%	1h	0.1259	long leg	$35K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1262	+0.264%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1261	+0.159%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	+0.238%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	+0.238%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1262	+0.241%	—	—	150x	as long as short
Variational Omni OP	+0.0045%	8h	0.1261	+0.170%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1262	+0.238%	$6K	$48K	10x	as long as short
Bybit OPUSDT	+0.0058%	8h	0.1262	+0.238%	$18.3M	$25.9M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1263	+0.334%	$282K	$950K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1264	+0.421%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1263	+0.309%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	+0.326%	$20.4M	$61.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1262	+0.246%	$6.1M	$30.0M	50x	as long as short
Gate OP_USDTshort	+0.0100%	8h	0.1264	+0.381%	$1.9M	$1.6M	50x
MEXC OP_USDT	+0.0100%	8h	0.1263	+0.286%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1262	+0.238%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1263	+0.318%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1263	+0.302%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1262	+0.207%	$121K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	+0.396%	$4K	$391K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1269	+0.794%	$307K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1263	+0.318%	$43K	$724K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	+0.270%	$174	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.326%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	+0.259%	$106K	$430K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	+0.403%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1263	+0.318%	$1.0M	$275K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0384%	1h	0.1264	+0.399%	$799K	$756K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1261	+0.173%	$701	—	20x	as long as short