Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.003%

Price spread now: Binance against Injective+0.337%57s7-day average +0.334% · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 3 days (all we have)+0.782%+$78 · spread now +0.337%, 7d avg +0.334%

Together, before fees+0.800%+$80 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.334%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 57 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 ADA/USDC PERP	0.2471	0.0033	pay 0.0004% / 1h	8m 17s	$849	$202K	12x
Short	Binance ADAUSDT	0.2479	0.0100	get 0.0100% / 8h	7h 08m	$103.4M	$368.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.337%Rate

Funding earned: $14
Price spread: +0.337% → +0.334%: $0.22
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $4.2
Costs to cover: 0.100%
Break-even: 4.9 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 5 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 Binance live order book, 5 min ago	2.01 bp	7.0 bp −$7	10.9 bp −$109	29.8 bp −$2,978	89.1 bp −$44.5K

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.

ADA on 37 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
dYdX ADA-USD	0.0000%	1h	0.2477	+0.225%	$204K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2486	+0.607%	$207K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2478	+0.302%	$85K	—	150x	as long as short
Injective ADA/USDC PERPlong	+0.0033%	1h	0.2471	long leg	$849	$202K	12x
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2479	+0.324%	$424K	$7.3M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0047%	1h	0.2480	+0.365%	$6.3M	$11.8M	50x	as long as short
Phoenix ADA	+0.0098%	1h	0.2484	+0.518%	$4K	$84K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2479	+0.312%	$1.2M	$956K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2478	+0.302%	$159K	$150K	10x	as long as short
Binance ADAUSDTshort	+0.0100%	8h	0.2479	+0.337%	$103.4M	$368.2M	75x

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2479	+0.324%	$72.8M	$105.3M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2480	+0.364%	$32.8M	$108.0M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2478	+0.283%	$99.0M	$60.0M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2479	+0.324%	$54.6M	$52.2M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2479	+0.336%	$30.4M	$17.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2479	+0.324%	$66.9M	$44.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2480	+0.364%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2481	+0.405%	$138K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2477	+0.247%	$4.3M	$967K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2479	+0.323%	$66K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2483	+0.485%	$294K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2478	+0.283%	$56K	$586K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2478	+0.287%	$94K	$650K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2479	+0.324%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2481	+0.396%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2478	+0.284%	$9K	$766K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2480	+0.344%	$341	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2482	+0.439%	$1.3M	$5.6M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2481	+0.405%	$48.3M	$6.1M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2479	+0.342%	$540K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2477	+0.244%	$21K	$250	20x	as long as short
Lighter ADA	+0.0184%	1h	0.2479	+0.328%	$2.5M	$1.1M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2484	+0.526%	$4.5M	$5.7M	75x	as long as short
Hyperliquid ADA	+0.0242%	1h	0.2481	+0.409%	$43.3M	$14.2M	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0274%	1h	0.2480	+0.376%	$496K	$455K	50x	as long as short
Reya ADARUSDPERP	+0.0282%	1h	0.2479	+0.325%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0629% / S −0.0393%	1h	0.2479	+0.326%	$143K	—	100x	as long as short