Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.001%

Price spread now: Injective against Gate+0.008%84s7-day average +0.021% · 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−$200.202% of the position

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.008%, 7d avg +0.021%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.021%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 84 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	Gate BTC_USDT	86,594	0.0083	pay 0.0083% / 8h	47m 48s	$5.88B	$10.72B	200x
Short	Injective BTC/USDC PERP	86,601	−0.0035	pay 0.0004% / 1h	47m 48s	$333K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now +0.008%Rate

Funding earned: −$24.73
Price spread: +0.008% → +0.021%: −$1.3
Slippage, 4 orders: −$5.23
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$46.28
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Injective: live order book, 1 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 Gate live order book, 1 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.6 bp −$856	doesn't fit
Sell Injective live order book, 1 min ago	1.21 bp	2.1 bp −$2	13.2 bp −$132	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
Phoenix BTC	−0.0118%	1h	86,505	−0.103%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,512	−0.095%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPshort	−0.0035%	1h	86,601	+0.008%	$333K	$26.8M	52x
RISEx BTC/USDC	−0.0024%	1h	86,579.7	−0.016%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,579.7	−0.017%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,592.2	−0.002%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0003%	1h	86,628.6	+0.040%	$916.3M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,608.1	+0.016%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,591.1	−0.003%	$851.3M	$714.3M	125x	as long as short
Reya BTCRUSDPERP	+0.0025%	1h	86,589.3	−0.005%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0036%	1h	86,586.1	−0.009%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,592.7	−0.001%	$150.0M	$479.6M	150x	as long as short
BingX BTC-USDT	+0.0041%	8h	86,595.1	+0.001%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,601.9	+0.009%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,613.7	+0.023%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,597.5	+0.004%	$9.43B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,612.1	+0.021%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDTlong	+0.0083%	8h	86,594	long leg	$5.88B	$10.72B	200x
Lighter BTC	+0.0096%	1h	86,602.3	+0.010%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,614.8	+0.024%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,568	−0.030%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,555	−0.045%	$196K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,615.3	+0.025%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,592.8	−0.001%	$21.8M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,680	+0.099%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,622.4	+0.033%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,596.9	+0.003%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,618.3	+0.028%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,594	0.000%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,608.1	+0.016%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.038%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,611.9	+0.021%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.080%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	−0.060%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	−0.059%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.060%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,502.8	−0.105%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,606.8	+0.015%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,590	−0.005%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,592	−0.002%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,595.3	+0.002%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,619.8	+0.030%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,622.3	+0.033%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,551.6	−0.049%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,589	−0.006%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,587	−0.008%	$2.30B	$970.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,576.7	−0.020%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,608.1	+0.016%	—	$99.1M	500x	as long as short
Aftermath Perps BTCUSD	+0.0106%	1h	86,552.5	−0.048%	$79K	$220K	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,625.1	+0.036%	$193.7M	$951.3M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,573.7	−0.023%	$419K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,638.7	+0.052%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,558.4	−0.041%	$721K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,605.3	+0.013%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,519.3	−0.086%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,603	+0.010%	$9.7M	$741.4M	6.4x	as long as short