Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.020%

Price spread now: Perpl against Injective−0.096%54s7-day average −0.005% · you buy dearer than you sell

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

Long on Injective Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.331%+$33 on $10k

Price spread, last 3 days (all we have)+0.164%+$16 · spread now −0.096%, 7d avg −0.005%

Together, before fees+0.495%+ Points / potential airdropPerpl: Active · farm board+$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Perpl is 0.091% cheaper against Injective than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.005%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.331%, so the current rate has only just turned against you. The two prices were read 54 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 BTC/USDC PERP	86,559	0.0024	pay 0.0003% / 1h	17m 41s	$315K	$26.8M	52x
Short	Perpl BTC	86,476.2	0	get 0.0000% / 43m	30m 41s	$424K	$23.7M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$5.01
Price spread: −0.096% → −0.005%: −$9.11
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$27.94
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 2 min ago; Perpl: 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 live order book, 2 min ago	2.37 bp	2.6 bp −$3	12.7 bp −$127	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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.

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
Bluefin BTC-PERP	−0.0827%	1h	86,494.4	−0.075%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,503	−0.065%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,470	−0.103%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,442.2	−0.135%	$503.9M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,469.7	−0.103%	$358K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,476.2	−0.096%	$424K	$23.7M	6.7x
KuCoin XBTUSDTM	+0.0002%	8h	86,445	−0.132%	$851.1M	$711.6M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,452.8	−0.123%	$17.0M	$21.1M	50x	as long as short
Aftermath Perps BTCUSD	+0.0005%	1h	86,525.7	−0.038%	$82K	$217K	20x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,496.8	−0.072%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,469.7	−0.103%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,460.3	−0.114%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERPlong	+0.0024%	1h	86,559	long leg	$315K	$26.8M	52x
Phemex BTCUSDT	+0.0035%	8h	86,482.4	−0.088%	$149.9M	$476.9M	150x	as long as short
BingX BTC-USDT	+0.0036%	8h	86,456.1	−0.119%	—	$1.59B	—	as long as short
Deribit BTC-PERPETUAL	+0.0044%	1h	86,517.8	−0.048%	$921.0M	$1.48B	50x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,432.8	−0.146%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,427.7	−0.152%	$5.13B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,473	−0.099%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,427.3	−0.152%	$9.43B	$24.42B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,450.5	−0.125%	$5.84B	$10.73B	200x	as long as short
Bybit BTCUSDT	+0.0092%	8h	86,437	−0.141%	$5.25B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,442	−0.135%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,454.4	−0.121%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,462	−0.112%	$8.5M	$52.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,517.3	−0.048%	$717K	$8.2M	30x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,446	−0.131%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,470.8	−0.102%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,457.6	−0.117%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,509	−0.058%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,464.8	−0.109%	$40.8M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,435	−0.143%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,480	−0.091%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,534.4	−0.028%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	−0.070%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,440.2	−0.137%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,498.8	−0.070%	$156.2M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,531.2	−0.032%	$279.7M	$948.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,518.2	−0.047%	$217.2M	$175.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,540.1	−0.022%	$141.5M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483	−0.088%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,514.2	−0.052%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,462	−0.112%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,482	−0.089%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,487.5	−0.083%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,479.2	−0.092%	$30.4M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,454.2	−0.121%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,481	−0.090%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,466.3	−0.107%	$2.30B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,429.4	−0.150%	$45.5M	$226.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,493.6	−0.076%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,520.1	−0.045%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,504.3	−0.063%	$191.3M	$943.6M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,473.9	−0.098%	$414.0M	$654.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0211%	1h	86,489.9	−0.080%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,498	−0.070%	$9.8M	$733.9M	6.4x	as long as short