Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.084%

Price spread now: Orderly against Injective−3.268%58s7-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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 3.268% cheaper against Injective than usual: you would sell low and buy high, −$327 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 58 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	55m 29s	$2K	$37K	12x
Short	Orderly PERP_S_USDC	0.03966	0.0025	get 0.0013% / 4h	3h 55m	$101K	$337K	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 −3.268%Rate

Funding earned: −$1.7
Price spread: −3.268% → 0.000%: −$326.83
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: −$334.54
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
01 Exchange SUSD	−0.8800%	1h	0.03840	−6.341%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2038%	1h	0.03964	−3.327%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03826	−6.683%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1023%	4h	0.03959	−3.440%	$614K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03967	−3.249%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03947	−3.721%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03967	−3.252%	$611	—	150x	as long as short
Orderly PERP_S_USDCshort	+0.0025%	4h	0.03966	−3.268%	$101K	$337K	10x
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Lighter S	+0.0096%	1h	0.03960	−3.415%	$162K	$188K	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	0.03957	−3.476%	$990K	$666K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03962	−3.365%	$43K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03951	−3.635%	$5.4M	$16.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03947	−3.732%	$5.6M	$5.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03948	−3.707%	$981K	$4.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03948	−3.707%	$322K	$215K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03955	−3.537%	$3.5M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03963	−3.341%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03954	−3.561%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03951	−3.634%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03960	−3.415%	$118K	$315K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03960	−3.415%	$25K	$451K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03950	−3.670%	$222K	$875K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0254%	1h	0.03970	−3.171%	$67K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03950	−3.659%	$266K	$126K	75x	as long as short