Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h +0.072%

Price spread now: Injective against Orderly+0.049%58s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.638%+$64 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.049% dearer against Orderly than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.638%, so the current rate has only just turned against you. The two prices were read 58 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	Orderly PERP_S_USDC	0.04098	0.0048	pay 0.0024% / 4h	2h 21m	$103K	$331K	10x
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	21m 49s	$2K	$37K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.049%Rate

Funding earned: −$3.18
Price spread: +0.049% → 0.000%: $4.88
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$4.32
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and 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 24 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
01 Exchange SUSD	−0.8200%	1h	0.03950	−3.612%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.855%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1238%	1h	0.04092	−0.148%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0462%	4h	0.04064	−0.822%	$632K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04098	+0.002%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04096	−0.053%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04098	+0.011%	$2K	—	150x	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+0.049%	$2K	$37K	12x
Orderly PERP_S_USDClong	+0.0048%	4h	0.04098	long leg	$103K	$331K	10x
Lighter S	+0.0096%	1h	0.04105	+0.171%	$170K	$167K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04101	+0.083%	$1.0M	$570K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04101	+0.075%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04099	+0.024%	$5.7M	$14.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04096	−0.049%	$5.9M	$4.7M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04100	+0.049%	$1.0M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04100	+0.049%	$337K	$205K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04099	+0.024%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04095	−0.073%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04104	+0.146%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04097	−0.024%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04080	−0.439%	$26K	$444K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04100	+0.047%	$232K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0726%	1h	0.04102	+0.098%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1044%	1h	0.04110	+0.293%	$120K	$348K	5x	as long as short