Funding arb · Price arb /

H

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.083%

Price spread now: Injective against Bybit−7.761%98s7-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 7.761% cheaper against Bybit than usual: you would sell low and buy high (−$776 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	Bybit HUSDT	0.06776	0.0100	pay 0.0050% / 4h	3h 39m	$7.4M	$4.8M	13x
Short	Injective H/USDC PERP	0.06250	0.0033	get 0.0004% / 1h	39m 40s	$1K	$1	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 −7.761%Rate

Funding earned: −$14
Price spread: −7.761% → 0.000%: −$776.13
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: −$801.15
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 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, 3 min ago	0.74 bp	37.2 bp −$37	185.4 bp −$1,854	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.

H 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
Injective H/USDC PERPshort	+0.0033%	1h	0.06250	−7.761%	$1K	$1	5.5x
BloFin H-USDT	+0.0080%	4h	0.06779	+0.046%	$590K	$102K	25x	as long as short
Aster HUSDT	+0.0100%	4h	0.06785	+0.134%	$109K	$55K	5x	as long as short
Binance HUSDT	+0.0100%	4h	0.06786	+0.149%	$14.4M	$10.5M	10x	as long as short
Bybit HUSDTlong	+0.0100%	4h	0.06776	long leg	$7.4M	$4.8M	13x
OKX H-USDT-SWAP	+0.0100%	4h	0.06789	+0.193%	$1.7M	$6.2M	10x	as long as short
Gate H_USDT	+0.0100%	4h	0.06773	−0.043%	$2.8M	$1.7M	10x	as long as short
MEXC H_USDT	+0.0100%	4h	0.06784	+0.120%	$6.1M	$1.2M	20x	as long as short
KuCoin HUSDTM	+0.0100%	4h	0.06789	+0.193%	$1.6M	$10.1M	8x	as long as short
Bitget HUSDT	+0.0100%	4h	0.06777	+0.016%	$1.7M	$412K	4x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX H-USDT	+0.0100%	4h	0.06787	+0.164%	—	$2.7M	—	as long as short
Variational Omni H	+0.0100%	4h	0.06789	+0.192%	$9K	$3K	—	as long as short
GRVT H_USDT_Perp	+0.0100%	4h	0.06823	+0.695%	$1.1M	$423K	10x	as long as short
Extended H-USD	+0.0104%	1h	0.06783	+0.107%	$11K	$206K	5x	as long as short