Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Gate against Injective−3.122%84s7-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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 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. Gate is 3.122% cheaper against Injective than usual: you would sell low and buy high (spread −3.122% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$312 on $10k: about 5 months of funding at the current rate (+$2 a day). The two prices were read 84 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	43m 54s	$2K	$37K	12x
Short	Gate S_USDT	0.03972	0.0100	get 0.0050% / 4h	3h 43m	$325K	$216K	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

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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 −3.122%Rate

Funding earned: $14
Price spread: −3.122% → 0.000%: −$312.2
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: −$313.22
Costs to cover: 0.150%
Break-even: 163.6 days

Slippage unknown: Injective: no order-book sample; Gate: live order book, 26 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, 26 min ago	8.92 bp	60.5 bp −$61	doesn't fit	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 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	−0.6080%	1h	0.03980	−2.927%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2035%	1h	0.03971	−3.156%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03826	−6.683%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0943%	4h	0.03974	−3.064%	$617K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03970	−3.163%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03968	−3.216%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03972	−3.115%	$612	—	150x	as long as short
Orderly PERP_S_USDC	+0.0024%	4h	0.03970	−3.171%	$101K	$335K	10x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Lighter S	+0.0096%	1h	0.03974	−3.073%	$161K	$190K	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	0.03973	−3.105%	$994K	$647K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03975	−3.055%	$43K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03975	−3.049%	$5.4M	$16.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03969	−3.195%	$5.7M	$5.0M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03973	−3.098%	$980K	$4.7M	20x	as long as short
Gate S_USDTshort	+0.0100%	4h	0.03972	−3.122%	$325K	$216K	50x
MEXC S_USDT	+0.0100%	4h	0.03975	−3.049%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03976	−3.024%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03973	−3.098%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03974	−3.073%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03980	−2.927%	$116K	$317K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	−3.171%	$26K	$449K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03973	−3.106%	$223K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03971	−3.146%	$267K	$126K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0505%	1h	0.03977	−3.000%	$67K	$10K	10x	as long as short