Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.084%

Price spread now: Orderly against Injective−4.024%7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.673%−$67 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 −$2 a day on $10k at the current rate, and Orderly is 4.024% cheaper against Injective than usual: you would sell low and buy high (−$402 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

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	53m 00s	$2K	$37K	12x
Short	Orderly PERP_S_USDC	0.03935	−0.0019	pay 0.0010% / 4h	2h 53m	$101K	$340K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −4.024%Rate

Funding earned: −$11.07
Price spread: −4.024% → 0.000%: −$402.44
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$419.52
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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
Kraken Futures PF_SUSD	−0.1450%	1h	0.03935	−4.033%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−6.683%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1189%	4h	0.03947	−3.732%	$614K	$42K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03940	−3.900%	$1K	—	100x	as long as short
01 Exchange SUSD	−0.0104%	1h	0.03940	−3.902%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03935	−4.028%	$4	—	15x	as long as short
Aster SUSDT	−0.0029%	4h	0.03938	−3.952%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDCshort	−0.0019%	4h	0.03935	−4.024%	$101K	$340K	10x
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03940	−3.902%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03939	−3.929%	$607	—	150x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0004%	1h	0.03930	−4.134%	$991K	$928K	5x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
OKX S-USDT-SWAP	+0.0069%	4h	0.03926	−4.244%	$978K	$8.1M	20x	as long as short
Lighter S	+0.0096%	1h	0.03938	−3.951%	$165K	$240K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03926	−4.244%	$5.4M	$25.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03919	−4.415%	$5.6M	$6.7M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03928	−4.195%	$321K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03931	−4.122%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03926	−4.244%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03930	−4.146%	$1.2M	$3.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03927	−4.220%	—	$6.8M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03940	−3.902%	$115K	$289K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03960	−3.415%	$24K	$475K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03928	−4.199%	$221K	$890K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03925	−4.268%	$273K	$180K	75x	as long as short