Funding arb · Price arb /

AAPL

RWAall AAPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against Bybit−0.118%108s7-day average +0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.325% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.118%, 7d avg +0.077%

Together, before fees+0.514%+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.195% cheaper against Bybit than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of +0.077%). If the spread goes back, that is −$20 on $10k: about 3.0 days of funding at the current rate (+$7 a day). 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 AAPLUSDT	339.18	0	get 0.0000% / 8h	6h 23m	$6.0M	$39.3M	100x
Short	Injective AAPL/USDC PERP	338.78	0.0220	get 0.0028% / 1h	23m 26s	$191K	$44K	30x

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 −0.118%Rate

Funding earned: $46.2
Price spread: −0.118% → +0.077%: −$19.53
Slippage, 4 orders: −$21.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$5.8
Costs to cover: 0.325%
Break-even: 7.9 days

Slippage from Bybit: live order book, 5 min ago; Injective: live order book, 45 min ago.

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	0.15 bp	6.4 bp −$6	10.1 bp −$101	45.4 bp −$4,540	doesn't fit
Sell Injective live order book, 45 min ago	8.71 bp	11.2 bp −$11	11.4 bp −$114	doesn't fit	doesn't fit

AAPL on 32 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
Deribit AAPL_USDC-PERPETUAL	−0.0163%	1h	338.90	−0.083%	$28K	$67K	10x	as long as short
edgeX AAPLUSDC	−0.0155%	4h	339.01	−0.051%	$81K	$325K	20x	as long as short
Nado AAPL-PERP	−0.0066%	1h	339.08	−0.030%	$555K	$38K	20x	as long as short
Aster AAPLUSDT	0.0000%	8h	338.99	−0.056%	$122K	$291K	20x	as long as short
Bybit AAPLUSDTlong	0.0000%	8h	339.18	long leg	$6.0M	$39.3M	100x
OKX AAPL-USDT-SWAP	0.0000%	8h	339.17	−0.003%	$6.3M	$6.7M	25x	as long as short
Gate AAPL_USDT	0.0000%	8h	338.93	−0.074%	$3.0M	$4.2M	100x	as long as short
Bitget AAPLUSDT	0.0000%	8h	339.19	+0.003%	$6.2M	$3.5M	100x	as long as short
GRVT AAPL_USDT_Perp	0.0000%	8h	339.06	−0.035%	$17K	$433K	10x	as long as short
SunX AAPL-USDT	0.0000%	8h	339.13	−0.015%	$916	$4.7M	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX AAPL-USDT	0.0000%	8h	339.19	+0.003%	$53K	$224K	30x	as long as short
Phemex AAPLUSDT	0.0000%	4h	339.21	+0.009%	$2.1M	$6K	10x	as long as short
Variational Omni AAPL	+0.0018%	8h	339.02	−0.046%	$2.4M	$1.4M	—	as long as short
QFEX AAPL-USD	+0.0028%	1h	339.05	−0.038%	$3.2M	$4.9M	10x	as long as short
Lighter AAPL	+0.0032%	1h	338.98	−0.059%	$742K	$2.3M	20x	as long as short
Lighter RH AAPL	+0.0032%	1h	339.05	−0.038%	$951K	$3.5M	20x	as long as short
Arcus AAPL-USD	+0.0040%	1h	338.96	−0.065%	$270K	$70K	20x	as long as short
Vest AAPL-USD-PERP	+0.0046%	1h	338.95	−0.068%	—	$45K	25x	as long as short
Extended AAPL_24_5-USD	+0.0048%	1h	339.00	−0.052%	$288K	$2.0M	10x	as long as short
Binance AAPLUSDT	+0.0050%	8h	339.10	−0.024%	$22.2M	$66.8M	25x	as long as short
Polymarket Perps AAPL-USD	+0.0050%	1h	338.83	−0.103%	$262K	$395K	10x	as long as short
SoDEX AAPL-USD	+0.0050%	1h	339.06	−0.035%	$75K	$3K	10x	as long as short
Ondo Perps AAPL-USD.P	+0.0050%	1h	338.81	−0.109%	$1.4M	$2.5M	20x	as long as short
tradeXYZ xyz:AAPL	+0.0067%	1h	339.06	−0.035%	$40.8M	$75.7M	20x	as long as short
Hotstuff AAPL-PERP	+0.0072%	1h	339.05	−0.038%	$36K	—	20x	as long as short
KuCoin AAPLUSDTM	+0.0100%	8h	338.89	−0.086%	$1.4M	$27K	20x	as long as short
ApeX Omni AAPLUSDT	+0.0100%	1h	338.88	−0.088%	$947K	$11.0M	50x	as long as short
Orderly PERP_AAPL_USDC_mythos	+0.0100%	8h	339.01	−0.050%	$4K	—	10x	as long as short
Aevo AAPL-PERP	+0.0104%	1h	338.99	−0.055%	$11K	—	10x	as long as short
Coinbase International AAPL-PERP-INTX	+0.0136%	1h	338.51	−0.198%	$655K	$665K	10x	as long as short
Injective AAPL/USDC PERPshort	+0.0220%	1h	338.78	−0.118%	$191K	$44K	30x
Phoenix AAPL	+0.0236%	1h	339.04	−0.041%	$5K	$11K	20x	as long as short