Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.023%

Price spread now: Bybit against Injective−0.205%98s7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.169% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.273%+$27 · spread now −0.205%, 7d avg −0.017%

Together, before fees+0.259%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.188% cheaper against Injective than usual: you would sell low and buy high (spread −0.205% now, against its 7-day average of −0.017%). If the spread goes back, that is −$19 on $10k: about 22 days of funding at the current rate (+$1 a day). The two prices were read 98 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	Injective BTC/USDC PERP	86,732	0.0049	pay 0.0006% / 1h	39m 43s	$315K	$26.8M	52x
Short	Bybit BTCUSDT	86,553.8	0.0078	get 0.0078% / 8h	2h 39m	$5.27B	$9.65B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.205%Rate

Funding earned: $6.09
Price spread: −0.205% → −0.017%: −$18.8
Slippage, 4 orders: −$5.83
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.56
Costs to cover: 0.169%
Break-even: 41.0 days

Slippage from Injective: live order book, 4 min ago; Bybit: live order book, 4 min ago.

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 live order book, 4 min ago	2.83 bp	2.8 bp −$3	9.6 bp −$96	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$702	8.5 bp −$4,269

BTC on 56 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
Perpl BTC	−0.0223%	43m	86,625.8	−0.122%	$429K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0218%	1h	86,616.9	−0.133%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	−0.144%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0100%	1h	86,611.8	−0.139%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,612	−0.138%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,571.7	−0.185%	$845.0M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,574.3	−0.182%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,651.7	−0.093%	$937.1M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,642.3	−0.103%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,595.8	−0.157%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,614.5	−0.135%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,543.6	−0.217%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,616.6	−0.133%	$149.7M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,540.9	−0.220%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,615.8	−0.134%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERPlong	+0.0049%	1h	86,732	long leg	$315K	$26.8M	52x
MEXC BTC_USDT	+0.0050%	8h	86,555.4	−0.204%	$5.18B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0051%	8h	86,561.2	−0.197%	$9.43B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,559.6	−0.199%	$9.2M	$41.9M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0066%	8h	86,549.9	−0.210%	$2.56B	$12.68B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,548.2	−0.212%	$5.84B	$10.61B	200x	as long as short
Bybit BTCUSDTshort	+0.0078%	8h	86,553.8	−0.205%	$5.27B	$9.65B	150x
Variational Omni BTC	+0.0091%	8h	86,619.6	−0.130%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,583.7	−0.171%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,589.6	−0.164%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,548	−0.212%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	−0.186%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,595.7	−0.157%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,541	−0.220%	$197K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,607.4	−0.144%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,649.1	−0.096%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,598.4	−0.154%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,569	−0.188%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,614.3	−0.136%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.144%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,623.5	−0.125%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.4	−0.185%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	−0.193%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.8	−0.144%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.4	−0.062%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,621	−0.128%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,619.3	−0.130%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,634.7	−0.112%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.9	−0.104%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,627.6	−0.120%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.8	−0.128%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	−0.131%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,615.5	−0.134%	$2.30B	$956.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,534.3	−0.228%	$46.4M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,651.4	−0.093%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,663.6	−0.079%	$190.5M	$930.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0117%	8h	86,650	−0.095%	$9.0M	$723.5M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,672.1	−0.069%	$132.2M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,602	−0.150%	$419.0M	$646.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.5	−0.108%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.2	−0.099%	$600K	$7.2M	30x	as long as short