Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Bitget against Injective−0.488%61s7-day average — · you buy dearer than you sell

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 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

Funding pays, the price is against you. Bitget is 0.488% cheaper against Injective than usual: you would sell low and buy high (spread −0.488% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$49 on $10k: about 24 days of funding at the current rate (+$2 a day). 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	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	10m 24s	$2K	$37K	12x
Short	Bitget SUSDT	0.04080	0.0100	get 0.0050% / 4h	2h 10m	$1.2M	$2.3M	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 −0.488%Rate

Funding earned: $14
Price spread: −0.488% → 0.000%: −$48.78
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: −$46.8
Costs to cover: 0.120%
Break-even: 30.4 days

Slippage unknown: Injective: no order-book sample; Bitget: 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 Bitget live order book, 2 min ago	7.36 bp	20.0 bp −$20	78.8 bp −$788	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.

S on 24 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	−0.8840%	1h	0.03950	−3.659%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.902%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1244%	1h	0.04072	−0.672%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0385%	4h	0.04068	−0.773%	$633K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04080	−0.478%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04084	−0.389%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04081	−0.463%	$2K	—	150x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0052%	4h	0.04078	−0.537%	$103K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04089	−0.268%	$169K	$167K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04086	−0.334%	$1.0M	$571K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04086	−0.338%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04081	−0.457%	$5.7M	$14.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04071	−0.707%	$5.8M	$4.7M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04079	−0.512%	$1.0M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04080	−0.488%	$336K	$205K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04085	−0.366%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04085	−0.366%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDTshort	+0.0100%	4h	0.04080	−0.488%	$1.2M	$2.3M	50x
BingX S-USDT	+0.0100%	4h	0.04080	−0.488%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04090	−0.244%	$26K	$445K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04077	−0.549%	$232K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0731%	1h	0.04082	−0.439%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0920%	1h	0.04090	−0.244%	$119K	$349K	5x	as long as short