Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Bitget against Injective−1.805%111s7-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 Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 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. Bitget is 1.805% cheaper against Injective than usual: you would sell low and buy high (spread −1.805% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$180 on $10k: about 3 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.003% in total) that is about years. The two prices were read 111 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	15m 29s	$2K	$37K	12x
Short	Bitget SUSDT	0.04026	0.0100	get 0.0050% / 4h	2h 15m	$1.2M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −1.805%Rate

Funding earned: $14
Price spread: −1.805% → 0.000%: −$180.49
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$178.51
Costs to cover: 0.120%
Break-even: 96.3 days

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 2 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 Bitget live order book, 2 min ago	6.21 bp	21.0 bp −$21	69.3 bp −$693	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	−1.0240%	1h	0.03840	−6.341%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1804%	1h	0.04031	−1.675%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−3.390%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04021	−1.934%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04021	−1.924%	$4	—	15x	as long as short
Variational Omni S	−0.0050%	4h	0.04028	−1.748%	$625K	$25K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04021	−1.917%	$620	—	150x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0084%	4h	0.04023	−1.878%	$100K	$557K	10x	as long as short
Lighter S	+0.0096%	1h	0.04035	−1.585%	$172K	$140K	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	0.04021	−1.924%	$1.0M	$595K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04022	−1.910%	$47K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04024	−1.851%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04017	−2.024%	$5.7M	$4.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04019	−1.976%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04025	−1.829%	$328K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04020	−1.951%	$3.8M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04020	−1.951%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDTshort	+0.0100%	4h	0.04026	−1.805%	$1.2M	$2.3M	50x
BingX S-USDT	+0.0100%	4h	0.04023	−1.878%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−1.951%	$24K	$484K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04023	−1.874%	$226K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04022	−1.902%	$276K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0990%	1h	0.04037	−1.537%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2414%	1h	0.04040	−1.463%	$117K	$426K	5x	as long as short