Funding arb · Price arb /

POL

all POL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.036%

Price spread now: Injective against Bybit−1.042%68s7-day average −0.237% · 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−1.448%−$145 on $10k

Price spread, last 3 days (all we have)−1.102%−$110 · spread now −1.042%, 7d avg −0.237%

Together, before fees−2.550%−$255 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.805% cheaper against Bybit than usual: you would sell low and buy high (−$80 if the spread goes back to its 7-day average of −0.237%). Swap the legs. The two prices were read 68 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 POLUSDT	0.1123	0.0100	pay 0.0050% / 4h	3h 42m	$16.2M	$13.4M	75x
Short	Injective POL/USDC PERP	0.1111	0.0033	get 0.0004% / 1h	42m 05s	$3K	$124K	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 −1.042%Rate

Funding earned: −$14
Price spread: −1.042% → −0.237%: −$80.48
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: −$105.5
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Injective: live order book, 52 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 Bybit live order book, 1 min ago	1.78 bp	15.4 bp −$15	36.2 bp −$362	doesn't fit	doesn't fit
Sell Injective live order book, 52 min ago	76.20 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

POL on 25 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_POLUSD	−0.0239%	1h	0.1123	+0.055%	$1.2M	$1.3M	50x	as long as short
Coinbase International POL-PERP-INTX	−0.0152%	1h	0.1115	−0.686%	$204K	$200K	50x	as long as short
Reya POLRUSDPERP	−0.0006%	1h	0.1122	−0.051%	$3K	—	—	as long as short
dYdX POL-USD	0.0000%	1h	0.1121	−0.176%	$17K	$3K	5x	as long as short
gTrade (Gains Network) POL/USD	L +0.0004% / S −0.0007%	1h	0.1123	+0.035%	$24K	—	150x	as long as short
Orderly PERP_POL_USDC	+0.0016%	4h	0.1122	−0.027%	$11K	$174K	20x	as long as short
Injective POL/USDC PERPshort	+0.0033%	1h	0.1111	−1.042%	$3K	$124K	12x
Lighter POL	+0.0096%	1h	0.1123	+0.031%	$294K	$579K	8x	as long as short
Aster POLUSDT	+0.0100%	4h	0.1122	−0.047%	$373K	$340K	20x	as long as short
Binance POLUSDT	+0.0100%	4h	0.1123	+0.044%	$17.3M	$45.7M	75x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit POLUSDTlong	+0.0100%	4h	0.1123	long leg	$16.2M	$13.4M	75x
OKX POL-USDT-SWAP	+0.0100%	4h	0.1123	+0.009%	$5.8M	$11.0M	50x	as long as short
Gate POL_USDT	+0.0100%	4h	0.1121	−0.116%	$1.9M	$1.2M	75x	as long as short
MEXC POL_USDT	+0.0100%	4h	0.1123	+0.045%	$24.3M	$3.7M	125x	as long as short
KuCoin POLUSDTM	+0.0100%	4h	0.1123	+0.036%	$3.0M	$1.0M	50x	as long as short
Bitget POLUSDT	+0.0100%	4h	0.1123	+0.036%	$4.2M	$4.9M	50x	as long as short
BingX POL-USDT	+0.0100%	4h	0.1123	+0.027%	—	$7.2M	—	as long as short
Variational Omni POL	+0.0100%	4h	0.1118	−0.385%	$619K	$225K	—	as long as short
GRVT POL_USDT_Perp	+0.0100%	4h	0.1119	−0.317%	$1.1M	$3.0M	10x	as long as short
ApeX Omni POLUSDT	+0.0100%	1h	0.1118	−0.419%	$197K	$643K	50x	as long as short
Extended POL-USD	+0.0104%	1h	0.1122	−0.033%	$93K	$539K	10x	as long as short
Aevo POL-PERP	+0.0104%	1h	0.1121	−0.107%	$41K	—	3x	as long as short
Hyperliquid POL	+0.0140%	1h	0.1125	+0.178%	$7.6M	$3.9M	5x	as long as short
GMX POL/USD [ETH-USDC]	L +0.0217% / S −0.0750%	1h	0.1123	+0.033%	$3K	—	100x	as long as short
BloFin POL-USDT	+0.0340%	4h	0.1119	−0.365%	$909K	$159K	75x	as long as short