Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Bitget+2.654%61s7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 2.654% dearer against Bitget than usual: you sell high and buy low (spread +2.654% now, against zero (this spread has no 7-day history yet)): +$265 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months. At the pace of the last 7 days (−0.003% in total) that is about years. The two prices were read 61 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	Bitget SUSDT	0.03994	0.0100	pay 0.0050% / 4h	2h 32m	$1.2M	$2.3M	50x
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	32m 13s	$2K	$37K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +2.654%Rate

Funding earned: −$14
Price spread: +2.654% → 0.000%: $265.4
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $239.38
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 5 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 Bitget live order book, 5 min ago	6.34 bp	17.2 bp −$17	77.7 bp −$777	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.

S on 25 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
01 Exchange SUSD	−0.8776%	1h	0.03850	−3.605%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1819%	1h	0.03997	+0.084%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−0.826%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03986	−0.200%	$1K	—	100x	as long as short
Variational Omni S	−0.0125%	4h	0.03973	−0.529%	$617K	$30K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03983	−0.266%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03986	−0.213%	$614	—	150x	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+2.654%	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0083%	4h	0.03984	−0.250%	$99K	$516K	10x	as long as short
Lighter S	+0.0096%	1h	0.03991	−0.075%	$169K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03984	−0.238%	$1.0M	$594K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03996	+0.038%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03997	+0.075%	$5.7M	$13.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03987	−0.175%	$5.7M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03996	+0.050%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03979	−0.376%	$324K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03997	+0.075%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03993	−0.025%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDTlong	+0.0100%	4h	0.03994	long leg	$1.2M	$2.3M	50x
BingX S-USDT	+0.0100%	4h	0.03984	−0.250%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04010	+0.401%	$23K	$480K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03990	−0.108%	$224K	$596K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03976	−0.451%	$269K	$107K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.1003%	1h	0.03996	+0.050%	$67K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2046%	1h	0.03990	−0.100%	$116K	$426K	5x	as long as short