Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0153%/8h= −16.8% APRpaid last 24h +0.037%

Price spread now: Katana Perps against Injective−0.227%7-day average −0.073% · you buy dearer than you sell

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.055%+$5 on $10k

Price spread, last 4 days (all we have)+0.564%+$56 · spread now −0.227%, 7d avg −0.073%

Together, before fees+0.619%+$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Katana Perps is 0.153% cheaper against Injective than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.073%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.055%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,736.9	0.0253	pay 0.0032% / 1h	35m 46s	$117K	$21.0M	52x
Short	Katana Perps ETH-USD	2,730.7	0.0100	get 0.0100% / 8h	7h 35m	$498K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$32.22
Price spread: −0.227% → −0.073%: −$15.34
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$51.38
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 3 min ago; Katana Perps: 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, 3 min ago	15.55 bp	15.6 bp −$16	15.6 bp −$156	15.6 bp −$1,556	35722.8 bp −$17.86M
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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.

ETH on 55 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
BloFin ETH-USDT	−0.0178%	8h	2,732	−0.180%	$280.8M	$177.6M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,731	−0.215%	$277K	$5.7M	8.3x	as long as short
HTX ETH-USDT	−0.0095%	8h	2,730.8	−0.222%	$1.05B	$1.21B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732	−0.179%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0055%	8h	2,731	−0.217%	$2.32B	$4.29B	150x	as long as short
Phemex ETHUSDT	−0.0050%	8h	2,731.4	−0.202%	$263.2M	$63.3M	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,731.8	−0.186%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.3	−0.205%	$11.9M	—	200x	as long as short
SunX ETH-USDT	0.0000%	8h	2,731.2	−0.209%	$942K	$10.7M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.1	−0.213%	$10.6M	$41.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERP	0.0000%	8h	2,731.4	−0.201%	$6.7M	$670.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,732.3	−0.169%	$264.6M	$219.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.3	−0.206%	$33.0M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0028%	1h	2,731.3	−0.206%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,731.1	−0.212%	$191K	$885K	50x	as long as short
Gate ETH_USDT	+0.0041%	8h	2,731.2	−0.209%	$3.28B	$8.25B	200x	as long as short
SoDEX ETH-USD	+0.0049%	1h	2,731.4	−0.201%	$54.4M	$182.5M	40x	as long as short
Hibachi ETH/USDT-P	+0.0056%	1h	2,732.9	−0.146%	$237K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,731.1	−0.214%	$1.66B	$10.68B	100x	as long as short
Aster ETHUSDT	+0.0077%	8h	2,731	−0.214%	$252.7M	$847.6M	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,731.4	−0.200%	$383.4M	$575.0M	100x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,731.4	−0.202%	$1.57B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729	−0.289%	$4.9M	$195K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,731.3	−0.203%	$6.32B	$16.04B	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,730.3	−0.242%	$176K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,732.2	−0.171%	$112.6M	$401.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.5	−0.126%	$23.7M	$95.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,731.4	−0.201%	—	$30.4M	500x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,730.7	−0.227%	$498K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.9	−0.109%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.4	−0.239%	$14.3M	$100.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.8	−0.113%	$3.11B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.7	−0.189%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.4	−0.237%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.9	−0.218%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	−0.274%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.6	−0.194%	$2.11B	$2.74B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,730.5	−0.234%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.8	−0.187%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.8	−0.224%	$132.0M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.3	−0.242%	$185.8M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731	−0.217%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.6	−0.194%	$21.0M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.3	−0.169%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.2	−0.208%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.9	−0.147%	$40.6M	$29.2M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.6	−0.231%	$30.5M	$71.0M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,732.3	−0.167%	$82.0M	$309.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,731.5	−0.198%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.5	−0.161%	$46.1M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,731.4	−0.202%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0173%	1h	2,730.9	−0.218%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,733.3	−0.132%	$32.2M	$11.1M	100x	as long as short
Injective ETH/USDC PERPlong	+0.0253%	1h	2,736.9	long leg	$117K	$21.0M	52x
Bluefin ETH-PERP	+0.2084%	1h	2,731.7	−0.191%	$20K	$23K	25x	as long as short