Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0109%/8h= +12.0% APRpaid last 24h −0.034%

Price spread now: Injective against Bybit−0.098%48s7-day average +0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as 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−$710.706% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.201%+$20 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.098%, 7d avg +0.067%

Together, before fees+0.234%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.165% cheaper against Bybit than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of +0.067%). If the spread goes back, that is −$16 on $10k: about 5.0 days of funding at the current rate (+$3 a day). The two prices were read 48 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 ETHUSDT	2,749.4	0.0100	pay 0.0100% / 8h	6h 32m	$2.46B	$4.35B	150x
Short	Injective ETH/USDC PERP	2,746.7	0.0209	get 0.0026% / 1h	32m 34s	$118K	$22.5M	52x

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 −0.098%Rate

Funding earned: $22.97
Price spread: −0.098% → +0.067%: −$16.48
Slippage, 4 orders: −$59.58
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$64.1
Costs to cover: 0.706%
Break-even: 26.5 days

Slippage from Bybit: live order book, 2 min ago; Injective: live order book, 2 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 Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.4 bp −$736	9.3 bp −$4,635
Sell Injective live order book, 2 min ago	14.72 bp	44.8 bp −$45	45.9 bp −$459	46.5 bp −$4,650	doesn't fit

ETH on 54 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 ETH	−0.0447%	43m	2,748.9	−0.020%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.9	−0.091%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,749.3	−0.003%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.162%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.1	−0.118%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.109%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,749.4	0.000%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.3	−0.114%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,749.4	0.000%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0032%	8h	2,748.7	−0.027%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0042%	8h	2,745.1	−0.157%	$1.06B	$1.22B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0042%	8h	2,749.8	+0.015%	$1.69B	$11.04B	100x	as long as short
Aster ETHUSDT	+0.0061%	8h	2,748.6	−0.028%	$253.5M	$861.4M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,746.6	−0.103%	$258.5M	$202.0M	50x	as long as short
MEXC ETH_USDT	+0.0071%	8h	2,749.1	−0.010%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0072%	8h	2,749.3	−0.004%	$6.36B	$16.29B	150x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,743.7	−0.206%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,748.6	−0.027%	$381.7M	$608.1M	100x	as long as short
Gate ETH_USDT	+0.0088%	8h	2,749.3	−0.003%	$3.39B	$8.86B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,746.2	−0.116%	$58.8M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0090%	8h	2,749.9	+0.017%	$2.08B	$2.85B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,749.4	−0.001%	$112.9M	$442.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.9	+0.018%	$24.9M	$106.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.9	−0.127%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753	+0.130%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.4	−0.036%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.9	−0.055%	$14.0M	$113.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,751.6	+0.080%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	−0.003%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,749.4	long leg	$2.46B	$4.35B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.5	−0.069%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.7	+0.011%	$2.8M	$16.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.6	−0.173%	$15.0M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.6	−0.175%	$133.0M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.183%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.5	−0.141%	$159.7M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.2	−0.116%	$21.2M	$67.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.8	+0.015%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.2	−0.007%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.8	−0.132%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	−0.115%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.3	−0.078%	$41.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.9	−0.165%	$963K	$12.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.6	−0.138%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.7	−0.169%	$266.8M	$66.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.199%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,746	−0.123%	$30K	$21K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.9	−0.055%	$30.4M	$74.6M	50x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,746.5	−0.105%	$7.8M	$674.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0167%	8h	2,748.3	−0.040%	$32.3M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,746.5	−0.105%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERPshort	+0.0209%	1h	2,746.7	−0.098%	$118K	$22.5M	52x
Reya ETHRUSDPERP	+0.0219%	1h	2,749.3	−0.005%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,745.7	−0.133%	$89.9M	$317.5M	100x	as long as short