Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h −0.014%

Price spread now: Injective against Bybit−0.712%108s7-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−0.060%−$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.712% cheaper against Bybit than usual: you would sell low and buy high (spread −0.712% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$71 on $10k: about 59 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.060%, so the current rate has only just turned in your favour. The two prices were read 108 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 SUSDT	0.04633	0.0100	pay 0.0050% / 4h	1h 31m	$6.6M	$5.8M	50x
Short	Injective S/USDC PERP	0.04600	0.0140	get 0.0018% / 1h	31m 32s	$2K	$2	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

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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 −0.712%Rate

Funding earned: $8.42
Price spread: −0.712% → 0.000%: −$71.23
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: −$73.82
Costs to cover: 0.110%
Break-even: 68.3 days

Slippage unknown: Bybit: live order book, 10 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, 10 min ago	2.18 bp	25.0 bp −$25	76.3 bp −$763	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.

S on 25 exchanges

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
01 Exchange SUSD	−1.0376%	1h	0.04480	−3.302%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.4534%	1h	0.04629	−0.086%	$39K	$28K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1904%	1h	0.04128	−10.900%	$50K	$18K	25x	as long as short
Variational Omni S	−0.0776%	4h	0.04700	+1.442%	$732K	$23K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0336% / S +0.0211%	1h	0.04681	+1.043%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04627	−0.126%	$5	—	15x	as long as short
Orderly PERP_S_USDC	−0.0046%	4h	0.04630	−0.065%	$115K	$641K	10x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04642	+0.194%	$78K	$623	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04624	−0.204%	$713	—	150x	as long as short
Lighter S	+0.0096%	1h	0.04642	+0.194%	$163K	$144K	5x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04641	+0.162%	$1.2M	$921K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04641	+0.170%	$49K	$155K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04638	+0.102%	$7.2M	$21.7M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.04633	long leg	$6.6M	$5.8M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04634	+0.022%	$1.4M	$6.6M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04635	+0.043%	$397K	$249K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04638	+0.108%	$4.2M	$3.2M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04633	0.000%	$2.2M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04640	+0.151%	$1.4M	$3.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04634	+0.022%	—	$7.1M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04680	+1.014%	$25K	$528K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04636	+0.054%	$249K	$1.3M	10x	as long as short
Injective S/USDC PERPshort	+0.0140%	1h	0.04600	−0.712%	$2K	$2	12x
BloFin S-USDT	+0.0340%	4h	0.04620	−0.281%	$334K	$236K	75x	as long as short
Backpack S_USDC_PERP	+0.0740%	1h	0.04650	+0.367%	$106K	$460K	5x	as long as short