Funding arb · Price arb /

INJ

all INJ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0167%/8h= −18.3% APRpaid last 24h −0.087%

Price spread now: Bybit against GMX+0.049%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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. Bybit is 0.049% dearer against GMX than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX INJ/USD [WBTC.b-USDC]	7.5120	L +0.0267% / S −0.0198%	pay 0.0033% / 1h	38m 39s	$28K	—	100x
Short	Bybit INJUSDT	7.5157	0.0100	get 0.0100% / 8h	2h 38m	$20.8M	$31.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$35.02
Price spread: +0.049% → 0.000%: $4.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53.16
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.66 bp	13.3 bp −$13	44.1 bp −$441	140.8 bp −$14.1K	doesn't fit

GMX: 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.

INJ on 24 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
Kraken Futures PF_INJUSD	−0.0215%	1h	7.5139	+0.025%	$762K	$3.5M	50x	as long as short
Reya INJRUSDPERP	−0.0200%	1h	7.5114	−0.009%	—	—	20x	as long as short
dYdX INJ-USD	0.0000%	1h	7.5124	+0.005%	$78K	$17K	5x	as long as short
Deribit INJ_USDC-PERPETUAL	0.0000%	1h	7.5160	+0.053%	$6K	$24K	25x	as long as short
gTrade (Gains Network) INJ/USD	L +0.0007% / S −0.0027%	1h	7.5143	+0.031%	$16K	—	150x	as long as short
Aevo INJ-PERP	+0.0096%	1h	7.5110	−0.014%	$68K	—	3x	as long as short
Orderly PERP_INJ_USDC	+0.0100%	8h	7.5140	+0.026%	$34K	$94K	10x	as long as short
Hyperliquid INJ	+0.0100%	1h	7.5217	+0.129%	$25.3M	$8.7M	5x	as long as short
Aster INJUSDT	+0.0100%	8h	7.5171	+0.067%	$137K	$418K	20x	as long as short
Binance INJUSDT	+0.0100%	8h	7.5180	+0.079%	$32.7M	$97.3M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit INJUSDTshort	+0.0100%	8h	7.5157	+0.049%	$20.8M	$31.5M	50x
OKX INJ-USDT-SWAP	+0.0100%	8h	7.5170	+0.066%	$6.1M	$18.5M	50x	as long as short
Gate INJ_USDT	+0.0100%	8h	7.5160	+0.053%	$2.6M	$5.2M	50x	as long as short
KuCoin INJUSDTM	+0.0100%	8h	7.5140	+0.026%	$9.4M	$17.9M	50x	as long as short
Bitget INJUSDT	+0.0100%	8h	7.5090	−0.041%	$13.8M	$10.3M	75x	as long as short
Variational Omni INJ	+0.0100%	8h	7.5233	+0.149%	$268K	$149K	—	as long as short
ApeX Omni INJUSDT	+0.0100%	1h	7.5260	+0.186%	$45K	$270K	50x	as long as short
Extended INJ-USD	+0.0104%	1h	7.5159	+0.052%	$112K	$562K	10x	as long as short
BloFin INJ-USDT	+0.0220%	8h	7.5160	+0.053%	$1.6M	$5.6M	75x	as long as short
BingX INJ-USDT	+0.0248%	8h	7.5160	+0.053%	—	$20.7M	—	as long as short
MEXC INJ_USDT	+0.0261%	8h	7.5170	+0.066%	$29.8M	$20.0M	300x	as long as short
GMX INJ/USD [WBTC.b-USDC]long	L +0.0267% / S −0.0198%	1h	7.5120	long leg	$28K	—	100x
Coinbase International INJ-PERP-INTX	+0.0480%	1h	7.5250	+0.172%	$369K	$632K	50x	as long as short
Injective INJ/USDC PERP	+0.1029%	1h	7.5400	+0.372%	$314K	$12.1M	30x	as long as short