Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Bybit−6.478%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 6.478% cheaper against Bybit than usual: you would sell low and buy high (−$648 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 FLOWUSDT	0.03257	0.0100	pay 0.0100% / 8h	5h 19m	$1.5M	$1.3M	20x
Short	Injective FLOW/USDC PERP	0.03046	0.0033	get 0.0004% / 1h	19m 40s	$213	$14K	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 −6.478%Rate

Funding earned: −$14
Price spread: −6.478% → 0.000%: −$647.84
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: −$672.86
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 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, 2 min ago	7.68 bp	77.6 bp −$78	doesn't fit	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.

FLOW on 12 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
Injective FLOW/USDC PERPshort	+0.0033%	1h	0.03046	−6.478%	$213	$14K	5.5x
Aster FLOWUSDT	+0.0100%	4h	0.03250	−0.223%	$7K	$14K	5x	as long as short
Binance FLOWUSDT	+0.0100%	4h	0.03251	−0.189%	$2.6M	$8.1M	10x	as long as short
Bybit FLOWUSDTlong	+0.0100%	8h	0.03257	long leg	$1.5M	$1.3M	20x
OKX FLOW-USDT-SWAP	+0.0100%	4h	0.03256	−0.031%	$861K	$1.9M	10x	as long as short
Gate FLOW_USDT	+0.0100%	8h	0.03250	−0.215%	$284K	$319K	10x	as long as short
MEXC FLOW_USDT	+0.0100%	4h	0.03251	−0.184%	$1.6M	$1.0M	50x	as long as short
KuCoin FLOWUSDTM	+0.0100%	4h	0.03250	−0.215%	$291K	$138K	10x	as long as short
BingX FLOW-USDT	+0.0100%	4h	0.03253	−0.123%	—	$1.8M	—	as long as short
Variational Omni FLOW	+0.0100%	8h	0.03256	−0.034%	$34K	$1K	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin FLOW-USDT	+0.0149%	4h	0.03254	−0.092%	$141K	$22K	20x	as long as short
Kraken Futures PF_FLOWUSD	+0.0582%	1h	0.03256	−0.039%	$35K	$47K	10x	as long as short