Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h −0.022%

Price spread now: Injective against Binance+0.104%107s7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.160% of the position

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.178%−$18 · spread now +0.104%, 7d avg +0.019%

Together, before fees−0.178%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Injective is 0.086% dearer against Binance than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.019%. The two prices were read 107 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	Binance BTCUSDT	85,449.9	0.0089	pay 0.0089% / 8h	4h 41m	$9.34B	$24.04B	150x
Short	Injective BTC/USDC PERP	85,539	0.0150	get 0.0019% / 1h	41m 31s	$340K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +0.104%Rate

Funding earned: $12.78
Price spread: +0.104% → +0.019%: $8.56
Slippage, 4 orders: −$6.02
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $5.29
Costs to cover: 0.160%
Break-even: 4.1 days

Slippage from Binance: live order book, 3 min ago; Injective: live order book, 3 min ago.

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 Binance live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$507	6.7 bp −$3,365
Sell Injective live order book, 3 min ago	2.16 bp	3.7 bp −$4	13.4 bp −$134	doesn't fit	doesn't fit

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	−0.0509%	1h	85,445.9	−0.005%	$206K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,410	−0.047%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,444	−0.007%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,441.7	−0.010%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,441.9	−0.009%	$416.7M	$665.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0007%	8h	85,405	−0.053%	$918.6M	$750.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,414.4	−0.042%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,437.5	−0.015%	$514.9M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,433.8	−0.019%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,423.6	−0.031%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0060%	1h	85,453.5	+0.004%	$22.7M	$219.1M	50x	as long as short
BingX BTC-USDC	+0.0060%	8h	85,419.3	−0.036%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,453.5	+0.004%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,447.8	−0.003%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,401.8	−0.056%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,433.9	−0.019%	$5.05B	$5.59B	500x	as long as short
Binance BTCUSDTlong	+0.0089%	8h	85,449.9	long leg	$9.34B	$24.04B	150x
Lighter BTC	+0.0096%	1h	85,435.8	−0.017%	$173.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,444.1	−0.007%	$23.8M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,448	−0.002%	$8.4M	$52.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	−0.039%	$225K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,487.4	+0.044%	$4.2M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,500	+0.059%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,460.3	+0.012%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,447.3	−0.003%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,465.2	+0.018%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,409	−0.048%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,438.5	−0.013%	$5.53B	$10.61B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.2	−0.058%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,466.8	+0.020%	$153.8M	$563.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.090%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.072%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.085%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531	+0.095%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,499	+0.057%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,443	−0.008%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,411.1	−0.045%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,408.8	−0.048%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,401.6	−0.057%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,416.2	−0.039%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,402	−0.056%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.1	−0.058%	$2.26B	$939.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,406.8	−0.050%	$149.9M	$483.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.075%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,417.9	−0.037%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,435.1	−0.017%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,439.1	−0.013%	$116.9M	$5.16B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0139%	1h	85,450	0.000%	$893.9M	$1.53B	50x	as long as short
Injective BTC/USDC PERPshort	+0.0150%	1h	85,539	+0.104%	$340K	$26.9M	52x
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,417.2	−0.038%	$188.2M	$954.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,414.8	−0.041%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,467	+0.020%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.4	+0.061%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,539.4	+0.105%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,434	−0.019%	$10.4M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,426.7	−0.027%	$498K	$18.9M	6.7x	as long as short