Funding arb · Price arb /

DYM

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Bybit against Injective+6.170%58s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 6.170% dearer against Injective than usual: you sell high and buy low: +$617 more if the spread goes back to zero (this spread has no 7-day history yet). 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	Injective DYM/USDC PERP	0.01718	0.0033	pay 0.0004% / 1h	34m 20s	$237	$12K	5.5x
Short	Bybit DYMUSDT	0.01824	0.0100	get 0.0050% / 4h	34m 20s	$776K	$425K	25x

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 +6.170%Rate

Funding earned: $14
Price spread: +6.170% → 0.000%: $617
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $619.98
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 41 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 Bybit live order book, 41 min ago	8.23 bp	145.4 bp −$145	568.0 bp −$5,680	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.

DYM on 14 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
dYdX DYM-USD	0.0000%	1h	0.01825	+6.210%	$250	$5	5x	as long as short
Injective DYM/USDC PERPlong	+0.0033%	1h	0.01718	long leg	$237	$12K	5.5x
Hyperliquid DYM	+0.0100%	1h	0.01827	+6.345%	$365K	$254K	3x	as long as short
Aster DYMUSDT	+0.0100%	4h	0.01828	+6.403%	$75K	$6K	5x	as long as short
Binance DYMUSDT	+0.0100%	4h	0.01828	+6.403%	$2.4M	$4.7M	10x	as long as short
Bybit DYMUSDTshort	+0.0100%	4h	0.01824	+6.170%	$776K	$425K	25x
MEXC DYM_USDT	+0.0100%	4h	0.01827	+6.345%	$1.1M	$668K	20x	as long as short
Bitget DYMUSDT	+0.0100%	4h	0.01826	+6.286%	$397K	$180K	25x	as long as short
BingX DYM-USDT	+0.0100%	4h	0.01826	+6.286%	—	$12.6M	—	as long as short
Variational Omni DYM	+0.0100%	4h	0.01823	+6.129%	$9K	$5K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended DYM-USD	+0.0104%	1h	0.01827	+6.349%	$4K	$263K	5x	as long as short
Gate DYM_USDT	+0.0420%	4h	0.01830	+6.519%	$146K	$169K	25x	as long as short
KuCoin DYMUSDTM	+0.1326%	4h	0.01828	+6.403%	$431K	$144K	25x	as long as short
Kraken Futures PF_DYMUSD	+0.1946%	1h	0.01834	+6.760%	$14K	$5K	10x	as long as short