Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h +0.003%

Price spread now: Gate against Injective+0.066%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.066%, 7d avg −0.021%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Gate is 0.087% dearer against Injective than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,247	0.0057	pay 0.0007% / 1h	30m 52s	$338K	$26.8M	52x
Short	Gate BTC_USDT	85,303.3	0.0100	get 0.0100% / 8h	1h 30m	$5.49B	$11.00B	200x

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 +0.066%Rate

Funding earned: $8.93
Price spread: +0.066% → −0.021%: $8.71
Slippage, 4 orders: −$5.37
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$2.75
Costs to cover: 0.204%
Break-even: 9.2 days

Slippage from Injective: live order book, 3 min ago; Gate: live order book, 3 min ago.

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 live order book, 3 min ago	1.99 bp	2.1 bp −$2	11.2 bp −$112	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	7.5 bp −$751	9.0 bp −$4,479

BTC on 56 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
Phoenix BTC	−0.0082%	1h	85,293	+0.054%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	+0.038%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,288.4	+0.049%	$927.6M	$773.8M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,298.9	+0.061%	$421.2M	$682.6M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,292.3	+0.053%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,310	+0.074%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,312.6	+0.077%	$494K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	+0.042%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,312.4	+0.077%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,279.2	+0.038%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPlong	+0.0057%	1h	85,247	long leg	$338K	$26.8M	52x
BingX BTC-USDC	+0.0070%	8h	85,281.5	+0.040%	—	$17.4M	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	+0.070%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,294.4	+0.056%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,309.4	+0.073%	$185.8M	$958.4M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,298.8	+0.061%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,298.8	+0.061%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,299.9	+0.062%	$9.42B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,310.7	+0.075%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,312.4	+0.077%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,292	+0.053%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,270	+0.027%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,295.6	+0.057%	$5.14B	$9.98B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,340.4	+0.110%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,376	+0.151%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,313.1	+0.078%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,306.9	+0.070%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,263	+0.019%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,291.5	+0.052%	$5.1M	$99.1M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,303.3	+0.066%	$5.49B	$11.00B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,296.8	+0.058%	$36.9M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.046%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,254.4	+0.009%	$279.3M	$950.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,296	+0.057%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,260.2	+0.015%	$30.0M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,351.9	+0.123%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,298	+0.060%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,298.8	+0.061%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,305.5	+0.069%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,345.5	+0.116%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.038%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,279	+0.038%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,302	+0.065%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,273	+0.030%	$2.26B	$967.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,311.7	+0.076%	$151.6M	$509.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	+0.027%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,278.3	+0.037%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,287.7	+0.048%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,337.3	+0.106%	$116.0M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,340.5	+0.110%	$862.2M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,289.1	+0.049%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,312	+0.076%	$11.8M	$741.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,317.4	+0.083%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,308.5	+0.072%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,306.3	+0.070%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0269%	1h	85,294.8	+0.056%	$79K	$230K	20x	as long as short