Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.036%

Price spread now: Bitget against Injective−3.226%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 4 days (all we have)—no history yet

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 3.226% cheaper against Injective than usual: you would sell low and buy high (spread −3.226% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$323 on $10k: about 5 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective W/USDC PERP	0.01209	0.0033	pay 0.0004% / 1h	29m 19s	$1K	$1K	12x
Short	Bitget WUSDT	0.01170	0.0100	get 0.0050% / 4h	2h 29m	$1.2M	$573K	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

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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 −3.226%Rate

Funding earned: $14
Price spread: −3.226% → 0.000%: −$322.58
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: −$320.6
Costs to cover: 0.120%
Break-even: 167.3 days

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 2 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, 2 min ago	8.55 bp	24.0 bp −$24	80.8 bp −$808	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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0433%	1h	0.01170	−3.209%	$17K	$1K	10x	as long as short
OKX W-USDT-SWAP	+0.0005%	4h	0.01169	−3.292%	$1.3M	$2.1M	20x	as long as short
Injective W/USDC PERPlong	+0.0033%	1h	0.01209	long leg	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01170	−3.226%	$2.0M	$461K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01170	−3.226%	$2.9M	$7.6M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01168	−3.383%	$4.1M	$2.1M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01168	−3.358%	$443K	$301K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01170	−3.218%	$12.8M	$1.7M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01168	−3.391%	$418K	$217K	50x	as long as short
Bitget WUSDTshort	+0.0100%	4h	0.01170	−3.226%	$1.2M	$573K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01168	−3.383%	—	$6.9M	—	as long as short
Backpack W_USDC_PERP	+0.0100%	1h	0.01170	−3.193%	$43K	$47K	15x	as long as short
Variational Omni W	+0.0100%	4h	0.01167	−3.445%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01169	−3.270%	$122K	$409K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01170	−3.247%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0296%	1h	0.01171	−3.184%	$14K	$18K	50x	as long as short
Kraken Futures PF_WUSD	+0.0620%	1h	0.01173	−2.964%	$145K	$185K	20x	as long as short