Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0183%/8h= +20.0% APRpaid last 24h +0.017%

Price spread now: HTX against Injective−0.570%65s7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as 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−$720.722% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 3 days (all we have)+0.653%+$65 · spread now −0.570%, 7d avg −0.078%

Together, before fees+0.474%+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.493% cheaper against Injective than usual: you would sell low and buy high (spread −0.570% now, against its 7-day average of −0.078%). If the spread goes back, that is −$49 on $10k: about 9.0 days of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.178%, so the current rate has only just turned in your favour. The two prices were read 65 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 ETH/USDC PERP	2,781.9	−0.0088	get 0.0011% / 1h	23m 56s	$119K	$22.5M	52x
Short	HTX ETH-USDT	2,766	0.0095	get 0.0095% / 8h	23m 56s	$1.08B	$1.32B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.570%Rate

Funding earned: $38.44
Price spread: −0.570% → −0.078%: −$49.29
Slippage, 4 orders: −$60.18
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$83.06
Costs to cover: 0.722%
Break-even: 22.1 days

Slippage from Injective: live order book, just now; HTX: 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	14.26 bp	14.3 bp −$14	14.3 bp −$143	14.3 bp −$1,427	20718.1 bp −$10.36M
Sell HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.2 bp −$62	7.9 bp −$794	11.7 bp −$5,866

ETH on 55 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
Perpl ETH	−0.0223%	43m	2,768.5	−0.481%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,767.7	−0.510%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERPlong	−0.0088%	1h	2,781.9	long leg	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,768.1	−0.496%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0032%	1h	2,772.4	−0.343%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,768.3	−0.489%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.5	−0.483%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.1	−0.388%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.2	−0.493%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,765.6	−0.588%	—	$17.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,766.4	−0.557%	$1.70B	$11.86B	100x	as long as short
Aftermath Perps ETHUSD	+0.0023%	1h	2,772.5	−0.337%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,768.1	−0.495%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,766.2	−0.566%	$255.3M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0032%	1h	2,766.3	−0.561%	$55.1M	$229.0M	40x	as long as short
Phemex ETHUSDT	+0.0036%	8h	2,767.3	−0.525%	$269.8M	$69.0M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0043%	1h	2,767.8	−0.506%	$259.0M	$222.4M	50x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,767.4	−0.520%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,763.8	−0.649%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,766.4	−0.556%	$1.60B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,765.9	−0.574%	$6.44B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,766.4	−0.558%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0069%	8h	2,765.8	−0.578%	$3.28B	$9.66B	200x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,766.1	−0.568%	$420.4M	$739.9M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,768	−0.498%	$60.0M	$4.58B	50x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,765.9	−0.574%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,768.5	−0.483%	—	$1.1M	50x	as long as short
HTX ETH-USDTshort	+0.0095%	8h	2,766	−0.570%	$1.08B	$1.32B	200x
Lighter ETH	+0.0096%	1h	2,767.2	−0.530%	$115.0M	$499.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.6	−0.478%	$25.2M	$121.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.3	−0.523%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768	−0.500%	$476K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.7	−0.511%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,768.4	−0.485%	$3.17B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.8	−0.472%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.7	−0.510%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.8	−0.469%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	−0.324%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,765.9	−0.577%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.416%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.350%	$182.0M	$782.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	−0.383%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	−0.377%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	−0.507%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.1	−0.496%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.3	−0.526%	$970K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769	−0.465%	$42.6M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766	−0.572%	$32.5M	$78.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.7	−0.401%	—	$42.0M	500x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,768.9	−0.467%	$8.2M	$687.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,767.7	−0.512%	$87.0M	$335.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,769.3	−0.453%	$32.5M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,770	−0.428%	$287.3M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,767.3	−0.525%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,771.5	−0.375%	$252K	$1.6M	20x	as long as short