Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.007%

Price spread now: Injective against Bybit−4.225%78s7-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 7 days+1.045%+$105 on $10k

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 4.225% cheaper against Bybit than usual: you would sell low and buy high (−$422 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.045%, so the current rate has only just turned against you. The two prices were read 78 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 LINKUSDT	12.947	0.0100	pay 0.0100% / 8h	4h 54m	$83.6M	$71.6M	75x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	54m 00s	$4K	$48K	12x

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 −4.225%Rate

Funding earned: −$14
Price spread: −4.225% → 0.000%: −$422.49
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: −$447.51
Costs to cover: 0.110%
Break-even: never at this rate

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	0.39 bp	6.4 bp −$6	13.7 bp −$137	37.2 bp −$3,720	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.

LINK on 40 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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	12.949	+0.017%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.956	+0.069%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.951	+0.029%	$159K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.225%	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0061%	8h	12.944	−0.023%	$117K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.951	+0.029%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.957	+0.077%	$944K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0098%	1h	12.954	+0.051%	$773K	$187K	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.920	−0.210%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	+0.061%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.960	+0.104%	$392K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.955	+0.065%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.962	+0.116%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.952	+0.039%	$119.8M	$297.0M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.947	long leg	$83.6M	$71.6M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.944	−0.023%	$27.4M	$81.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.970	+0.178%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.951	+0.031%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.954	+0.054%	$32.3M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.952	+0.039%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.949	+0.015%	$53.8M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.951	+0.031%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.072%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.913	−0.265%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	−0.023%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.278%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.959	+0.093%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.945	−0.013%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.972	+0.196%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.951	+0.031%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.941	−0.046%	$634K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.943	−0.029%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	+0.008%	$543K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0161%	1h	12.961	+0.108%	$340K	$388K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.960	+0.100%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.951	+0.027%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.954	+0.056%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0458%	1h	12.970	+0.178%	$81.6M	$27.2M	10x	as long as short
dYdX LINK-USD	+0.0567%	1h	12.963	+0.124%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0610%	8h	12.966	+0.147%	$20.0M	$11.4M	50x	as long as short