Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.007%

Price spread now: Bybit against Injective+4.555%118s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 4.555% dearer against Injective than usual: you sell high and buy low: +$455 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 118 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	Injective NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	43m 20s	$1K	$13K	5.5x
Short	Bybit NOTUSDT	0.0005096	0.0100	get 0.0050% / 4h	3h 43m	$2.2M	$831K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +4.555%Rate

Funding earned: $14
Price spread: +4.555% → 0.000%: $455.48
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $458.46
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	1.97 bp	28.8 bp −$29	122.1 bp −$1,221	doesn't fit	doesn't fit

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
Kraken Futures PF_NOTUSD	−0.0333%	1h	0.0005083	+4.289%	$50K	$10K	10x	as long as short
Gate NOT_USDT	−0.0278%	4h	0.0005096	+4.555%	$142K	$78K	50x	as long as short
Variational Omni NOT	−0.0097%	4h	0.0005078	+4.190%	$72K	$39K	—	as long as short
Injective NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005101	+4.666%	$11K	$5K	3x	as long as short
BloFin NOT-USDT	+0.0097%	4h	0.0005087	+4.370%	$112K	$17K	50x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005100	+4.637%	$373K	$50K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005097	+4.567%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005102	+4.678%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDTshort	+0.0100%	4h	0.0005096	+4.555%	$2.2M	$831K	25x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005104	+4.719%	$634K	$615K	20x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005101	+4.657%	$1.4M	$461K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005096	+4.555%	$465K	$136K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005103	+4.698%	$669K	$390K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005099	+4.616%	—	$720K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005098	+4.600%	$4K	$491	5x	as long as short