Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.006%

Price spread now: Gate against Injective+0.027%84s7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as 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−$180.182% of the position

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now +0.027%, 7d avg −0.021%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Gate is 0.049% dearer against Injective than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.021%. 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	Injective BTC/USDC PERP	85,417	−0.0006	get 0.0001% / 1h	53m 48s	$307K	$23.1M	52x
Short	Gate BTC_USDT	85,440.4	0.0100	get 0.0100% / 8h	7h 53m	$5.46B	$9.83B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.027%Rate

Funding earned: $22.21
Price spread: +0.027% → −0.021%: $4.85
Slippage, 4 orders: −$3.19
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $8.86
Costs to cover: 0.182%
Break-even: 4.2 days

Slippage from Injective: live order book, just now; Gate: live order book, 5 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 Injective live order book, just now	1.35 bp	1.8 bp −$2	12.7 bp −$127	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.2 bp −$822	10.5 bp −$5,227

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
Hotstuff BTC-PERP	−0.0080%	1h	85,455	+0.044%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	+0.028%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,391.5	−0.030%	$425.1M	$685.3M	150x	as long as short
Injective BTC/USDC PERPlong	−0.0006%	1h	85,417	long leg	$307K	$23.1M	52x
01 Exchange BTCUSD	0.0000%	1h	85,467.7	+0.059%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	85,435.4	+0.022%	$930.4M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	+0.026%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0018%	1h	85,461.7	+0.052%	$829.8M	$1.67B	50x	as long as short
dYdX BTC-USD	+0.0019%	1h	85,464.7	+0.056%	$16.7M	$21.0M	50x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,434.3	+0.020%	$502.3M	$1.09B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,441.9	+0.029%	$186.4M	$953.8M	100x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,426.6	+0.011%	—	$17.5M	—	as long as short
Lighter BTC	+0.0096%	1h	85,445.5	+0.033%	$170.5M	$939.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,451.9	+0.041%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,467	+0.059%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,436.5	+0.023%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,434	+0.020%	$264K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,485.6	+0.080%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,459.2	+0.049%	$24.1M	$220.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,475.4	+0.068%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,435.9	+0.022%	$9.41B	$25.19B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,434.7	+0.021%	$5.08B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,416.7	0.000%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,462	+0.053%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,468	+0.060%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.041%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,440.4	+0.027%	$5.46B	$9.83B	200x
MEXC BTC_USDT	+0.0100%	8h	85,438.3	+0.025%	$5.02B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,420	+0.004%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,428.9	+0.014%	$37.7M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.071%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,397.3	−0.023%	$283.2M	$959.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.079%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.086%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,397	−0.023%	$30.1M	$216.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,525.4	+0.127%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,314	−0.121%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,466.9	+0.058%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,436.3	+0.023%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,479.3	+0.073%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,452.5	+0.042%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,432	+0.018%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,430.8	+0.016%	$2.26B	$976.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,446.7	+0.035%	$160.1M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,413.1	−0.005%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,419.7	+0.003%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,475	+0.068%	$111.3M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,452	+0.041%	$6.6M	$140.2M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.083%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,453.3	+0.042%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,488	+0.083%	$10.8M	$740.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,478.5	+0.072%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0284%	1h	85,531	+0.133%	$3.84B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,393.6	−0.027%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	−0.015%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,464	+0.055%	$470K	$18.4M	6.7x	as long as short