Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.040%

Price spread now: Injective against Bybit+0.324%7-day average — · you sell dearer than you buy

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

The price spread pays, funding is against you. Injective is 0.324% dearer against Bybit than usual: you sell high and buy low (spread +0.324% now, against zero (this spread has no 7-day history yet)): +$32 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IMXUSDT	0.1510	0.0100	pay 0.0050% / 4h	2h 07m	$3.8M	$2.2M	75x
Short	Injective IMX/USDC PERP	0.1515	0.0033	get 0.0004% / 1h	7m 21s	$559	$28K	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 +0.324%Rate

Funding earned: −$14
Price spread: +0.324% → 0.000%: $32.45
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: $7.43
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 5 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, 5 min ago	3.31 bp	33.1 bp −$33	86.3 bp −$863	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.

IMX 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
Variational Omni IMX	−0.0353%	4h	0.1511	+0.042%	$95K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1515	+0.334%	$2K	—	150x	as long as short
dYdX IMX-USD	+0.0011%	1h	0.1515	+0.304%	$27K	$2K	5x	as long as short
Injective IMX/USDC PERPshort	+0.0033%	1h	0.1515	+0.324%	$559	$28K	5.5x
Hyperliquid IMX	+0.0100%	1h	0.1518	+0.523%	$3.5M	$281K	5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1513	+0.192%	$3.6M	$5.8M	75x	as long as short
Bybit IMXUSDTlong	+0.0100%	4h	0.1510	long leg	$3.8M	$2.2M	75x
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1512	+0.146%	$947K	$1.6M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1511	+0.060%	$648K	$83K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1513	+0.192%	$2.6M	$588K	125x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IMXUSDTM	+0.0100%	4h	0.1510	−0.007%	$375K	$159K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1515	+0.324%	$1.3M	$398K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1511	+0.060%	—	$2.9M	—	as long as short
Kraken Futures PF_IMXUSD	+0.1291%	1h	0.1518	+0.512%	$115K	$11K	20x	as long as short