Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.030%

Price spread now: Bybit against Injective+0.148%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)+0.109%+$11 · spread now +0.148%, 7d avg −0.066%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bybit is 0.213% dearer against Injective than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.066%. Mind the row above: over the last 7 days funding on this pair cost −0.207%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,742.7	−0.0044	get 0.0005% / 1h	21m 13s	$118K	$22.5M	52x
Short	Bybit ETHUSDT	2,746.8	0.0100	get 0.0100% / 8h	5h 21m	$2.46B	$4.17B	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 +0.148%Rate

Funding earned: $30.22
Price spread: +0.148% → −0.066%: $21.35
Slippage, 4 orders: −$61.06
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.51
Costs to cover: 0.721%
Break-even: 11.8 days

Slippage from Injective: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	15.10 bp	15.1 bp −$15	15.1 bp −$151	15.1 bp −$1,511	20877.8 bp −$10.44M
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	6.7 bp −$67	7.5 bp −$748	9.3 bp −$4,649

ETH on 55 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
Hotstuff ETH-PERP	−0.0080%	1h	2,748.1	+0.197%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERPlong	−0.0044%	1h	2,742.7	long leg	$118K	$22.5M	52x
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,746.6	+0.142%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747.5	+0.173%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,747.7	+0.182%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,746.7	+0.146%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,742.3	−0.015%	$847K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,748.2	+0.201%	$182K	$863K	50x	as long as short
ApeX Omni ETHUSDT	+0.0041%	1h	2,744	+0.048%	$8.8M	$30.8M	100x	as long as short
BingX ETH-USDT	+0.0053%	8h	2,746.3	+0.133%	—	$1.15B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0066%	8h	2,746.3	+0.130%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,746.2	+0.127%	$382.2M	$576.2M	100x	as long as short
Bullet ETH-USD	+0.0075%	1h	2,746.5	+0.138%	$183K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,748.1	+0.197%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,747.6	+0.179%	$253.6M	$841.4M	200x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,746.3	+0.132%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,746.1	+0.123%	$6.38B	$15.66B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.2	+0.128%	$113.0M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.6	+0.178%	$24.6M	$104.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.8	+0.148%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,744.5	+0.066%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748	+0.193%	$58.3M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,752.3	+0.350%	$16.0M	$7.9M	50x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.8	+0.113%	$54.7M	$187.6M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.3	+0.168%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.5	+0.176%	$13.9M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.5	+0.211%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.8	+0.187%	$31.7M	$334.4M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,746.8	+0.148%	$2.46B	$4.17B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.8	+0.149%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.1	+0.197%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,742.3	−0.015%	$165.2M	$299.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.4	+0.136%	$3.39B	$8.75B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.5	+0.140%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.8	+0.114%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740	−0.099%	$132.7M	$328.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741	−0.062%	$182.2M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.9	+0.079%	$159.6M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.1	+0.088%	$21.2M	$67.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748	+0.193%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.7	+0.219%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.7	+0.184%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.2	+0.164%	$964K	$11.5M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.2	+0.126%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.2	+0.162%	$267.1M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.3	+0.095%	$30.6M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0127%	1h	2,744.7	+0.073%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,747.1	+0.160%	$7.8M	$669.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0191%	1h	2,747.5	+0.173%	$259.8M	$196.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,748.7	+0.219%	$32.3M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746.9	+0.154%	$86.7M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,747	+0.158%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,746	+0.121%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0255%	1h	2,746.8	+0.148%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0326%	8h	2,745.7	+0.110%	$285.1M	$181.1M	150x	as long as short