Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.017%

Price spread now: Injective against Bybit−4.157%108s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.157% cheaper against Bybit than usual: you would sell low and buy high (−$416 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 108 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	Bybit 2ZUSDT	0.05196	0.0100	pay 0.0050% / 4h	23m 39s	$717K	$967K	50x
Short	Injective 2Z/USDC PERP	0.04980	0.0033	get 0.0004% / 1h	23m 39s	$867	$213	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −4.157%Rate

Funding earned: −$14
Price spread: −4.157% → 0.000%: −$415.7
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$440.72
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 62 min ago; 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 Bybit live order book, 62 min ago	3.80 bp	26.3 bp −$26	1229.3 bp −$12.3K	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

2Z 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
Kraken Futures PF_2ZUSD	−0.3903%	1h	0.05179	−0.328%	$5K	$3K	10x	as long as short
Backpack 2Z_USDC_PERP	−0.0266%	1h	0.05192	−0.077%	$46K	$20K	5x	as long as short
Injective 2Z/USDC PERPshort	+0.0033%	1h	0.04980	−4.157%	$867	$213	5.5x
Lighter 2Z	+0.0096%	1h	0.05195	−0.019%	$16K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05192	−0.067%	$654K	$352K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05199	+0.055%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05192	−0.067%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05191	−0.096%	$2.1M	$2.1M	50x	as long as short
Bybit 2ZUSDTlong	+0.0100%	4h	0.05196	long leg	$717K	$967K	50x
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05193	−0.058%	$435K	$730K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate 2Z_USDT	+0.0100%	4h	0.05200	+0.077%	$92K	$70K	50x	as long as short
MEXC 2Z_USDT	+0.0100%	4h	0.05194	−0.038%	$338K	$139K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05187	−0.177%	$179K	$53K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05198	+0.038%	$172K	$673K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05191	−0.096%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05193	−0.057%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05196	0.000%	$1K	$1.1M	20x	as long as short