Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0208%/8h= +22.8% APRpaid last 24h −0.037%

Price spread now: Injective against Katana Perps+0.392%7-day average +0.073% · you sell dearer than you buy

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

Long on Katana Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.055%−$5 on $10k

Price spread, last 4 days (all we have)−0.729%−$73 · spread now +0.392%, 7d avg +0.073%

Together, before fees−0.784%−$78 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Injective is 0.318% dearer against Katana Perps than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.073%. Mind the row above: over the last 4 days funding on this pair cost −0.055%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.055% in total (about -4.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,732.7	0.0100	pay 0.0100% / 8h	6h 54m	$504K	$3.6M	50x
Short	Injective ETH/USDC PERP	2,743.4	0.0308	get 0.0039% / 1h	54m 29s	$118K	$19.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Katana Perps. 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 Katana PerpsbpFee InjectivebpOrdersPrice spread, now +0.392%Rate

Funding earned: $43.76
Price spread: +0.392% → +0.073%: $31.85
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $71.79
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Katana Perps: no order-book sample; Injective: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Injective live order book, 5 min ago	14.73 bp	45.9 bp −$46	47.0 bp −$470	47.1 bp −$4,709	doesn't fit

Katana Perps: 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.

ETH on 54 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 ETH-PERP	−0.0080%	1h	2,731.3	−0.051%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,743.9	+0.410%	$8.3M	$30.3M	100x	as long as short
Hibachi ETH/USDT-P	−0.0040%	1h	2,735.7	+0.111%	$234K	$1.3M	20x	as long as short
Bybit ETHUSDT	−0.0038%	8h	2,733.8	+0.041%	$2.34B	$4.15B	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,747.5	+0.542%	$813K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733.5	+0.030%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.8	−0.035%	$11.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,736.9	+0.154%	$6.5M	$664.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,733.6	+0.033%	$270K	$5.3M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,735	+0.082%	$266.4M	$208.0M	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.8	+0.625%	$33.2M	—	200x	as long as short
Gate ETH_USDT	+0.0030%	8h	2,733.9	+0.045%	$3.25B	$7.70B	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,733.9	+0.044%	$195K	$961K	50x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,733.2	+0.018%	$1.05B	$1.17B	200x	as long as short
Aster ETHUSDT	+0.0066%	8h	2,733.7	+0.038%	$251.9M	$799.5M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,733.9	+0.044%	$1.65B	$10.19B	100x	as long as short
Binance ETHUSDT	+0.0076%	8h	2,733.9	+0.044%	$6.38B	$15.55B	150x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,732.7	+0.001%	$1.56B	$2.47B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,737.2	+0.166%	$4.9M	$202K	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,734.4	+0.063%	$81.9M	$291.5M	100x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,732.9	+0.008%	$365.2M	$480.6M	100x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,734.1	+0.051%	$54.4M	$160.1M	40x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,733.5	+0.028%	$942K	$9.9M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,730.6	−0.076%	$112.7M	$380.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.4	−0.048%	$24.5M	$92.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.5	+0.066%	—	$24.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,743.5	+0.394%	$30K	$12K	20x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.5	+0.029%	$15.7M	$6.6M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,732.7	long leg	$504K	$3.6M	50x
Nado ETH-PERP	+0.0100%	1h	2,732.2	−0.017%	$14.6M	$100.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.3	+0.095%	$3.11B	$1.94B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	−0.067%	$31.9M	$326.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.7	−0.037%	$2.8M	$15.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.9	+0.007%	$1.5M	$15.3M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.9	+0.008%	$2.10B	$2.56B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,733.7	+0.038%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.2	−0.017%	$14.8M	$37.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741.8	+0.332%	$131.3M	$306.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.8	+0.370%	$185.9M	$691.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,746	+0.485%	$159.7M	$73.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.9	+0.446%	$21.1M	$72.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.4	+0.100%	—	$412K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734.8	+0.077%	$11.2M	$9.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,734	+0.048%	$176K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,734.5	+0.066%	$263.1M	$59.4M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.1	+0.380%	$167.4M	$334.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.1	−0.058%	$30.0M	$69.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,735	+0.084%	$45.2M	$4.07B	50x	as long as short
Reya ETHRUSDPERP	+0.0166%	1h	2,731.8	−0.033%	$7.3M	$880K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,733.3	+0.023%	$5.6M	$11.2M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,736.5	+0.137%	$32.2M	$10.5M	100x	as long as short
BloFin ETH-USDT	+0.0271%	8h	2,733.4	+0.026%	$281.1M	$164.3M	150x	as long as short
Injective ETH/USDC PERPshort	+0.0308%	1h	2,743.4	+0.392%	$118K	$19.9M	52x
Bluefin ETH-PERP	+0.0931%	1h	2,734.2	+0.054%	$20K	$15K	25x	as long as short