Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Injective against Bybit−3.657%48s7-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 3.657% cheaper against Bybit than usual: you would sell low and buy high (−$366 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 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 NOTUSDT	0.0005059	0.0100	pay 0.0050% / 4h	30m 38s	$2.1M	$823K	25x
Short	Injective NOT/USDC PERP	0.0004874	0.0033	get 0.0004% / 1h	30m 38s	$1K	$13K	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 −3.657%Rate

Funding earned: −$14
Price spread: −3.657% → 0.000%: −$365.68
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: −$390.7
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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, 1 min ago	3.95 bp	25.1 bp −$25	103.5 bp −$1,035	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.

NOT on 16 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 NOT	−0.0091%	4h	0.0005061	+0.048%	$71K	$39K	—	as long as short
Injective NOT/USDC PERPshort	+0.0033%	1h	0.0004874	−3.657%	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005074	+0.304%	$11K	$5K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005070	+0.217%	$371K	$50K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005069	+0.204%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005064	+0.099%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDTlong	+0.0100%	4h	0.0005059	long leg	$2.1M	$823K	25x
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005061	+0.040%	$629K	$610K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005059	0.000%	$141K	$78K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005062	+0.059%	$1.4M	$460K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0005061	+0.040%	$463K	$137K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005070	+0.217%	$666K	$382K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005062	+0.059%	—	$722K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005061	+0.037%	$4K	$1K	5x	as long as short
BloFin NOT-USDT	+0.0125%	4h	0.0005068	+0.178%	$111K	$17K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.4209%	1h	0.0005068	+0.184%	$49K	$10K	10x	as long as short