Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Bitget against Injective−3.000%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bitget is 3.000% cheaper against Injective than usual: you would sell low and buy high (spread −3.000% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$300 on $10k: about 5 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.003% in total) that is about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	56m 56s	$2K	$37K	12x
Short	Bitget SUSDT	0.03977	0.0100	get 0.0050% / 4h	3h 56m	$1.2M	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −3.000%Rate

Funding earned: $14
Price spread: −3.000% → 0.000%: −$300
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$298.02
Costs to cover: 0.120%
Break-even: 156.0 days

Slippage unknown: Injective: no order-book sample; Bitget: 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	8.86 bp	27.6 bp −$28	119.1 bp −$1,191	doesn't fit	doesn't fit

Injective: 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.

S on 25 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
Kraken Futures PF_SUSD	−0.2252%	1h	0.03956	−3.504%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03928	−4.195%	$47K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03962	−3.368%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03959	−3.442%	$4	—	15x	as long as short
Variational Omni S	−0.0043%	4h	0.03942	−3.846%	$612K	$30K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03961	−3.393%	$610	—	150x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0073%	4h	0.03961	−3.390%	$98K	$271K	10x	as long as short
Lighter S	+0.0096%	1h	0.03966	−3.268%	$166K	$155K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03963	−3.351%	$990K	$584K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0100%	4h	0.03960	−3.409%	$44K	$132K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03969	−3.206%	$5.5M	$13.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03970	−3.171%	$5.7M	$4.6M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03974	−3.073%	$999K	$3.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03956	−3.512%	$323K	$188K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03974	−3.073%	$3.7M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03971	−3.146%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDTshort	+0.0100%	4h	0.03977	−3.000%	$1.2M	$2.2M	50x
BingX S-USDT	+0.0100%	4h	0.03961	−3.390%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	−3.902%	$24K	$461K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03973	−3.100%	$223K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03949	−3.683%	$269K	$99K	75x	as long as short
01 Exchange SUSD	+0.0592%	1h	0.03960	−3.415%	$25K	$2K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.1012%	1h	0.03968	−3.220%	$67K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2167%	1h	0.03970	−3.171%	$115K	$424K	5x	as long as short