Funding arb · Price arb /

AAPL

RWAall AAPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Bybit against Injective−0.106%88s7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as 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−$330.326% of the position

Long on Injective Short on Bybit

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)+0.207%+$21 · spread now −0.106%, 7d avg −0.079%

Together, before fees−0.253%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.027% cheaper against Injective than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.079%). Swap the legs. The two prices were read 88 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 AAPL/USDC PERP	339.41	0.0220	pay 0.0028% / 1h	31m 52s	$191K	$44K	30x
Short	Bybit AAPLUSDT	339.05	0	get 0.0000% / 8h	2h 31m	$6.3M	$24.8M	100x

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 −0.106%Rate

Funding earned: −$46.2
Price spread: −0.106% → −0.079%: −$2.7
Slippage, 4 orders: −$21.54
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.46
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Injective: live order book, 57 min ago; Bybit: live order book, 2 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 Injective live order book, 57 min ago	9.88 bp	9.9 bp −$10	9.9 bp −$99	57595.0 bp −$5.76M	327974.5 bp −$163.99M
Sell Bybit live order book, 2 min ago	0.15 bp	5.8 bp −$6	11.2 bp −$112	51.1 bp −$5,112	doesn't fit

AAPL on 33 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
edgeX AAPLUSDC	−0.0623%	4h	339.01	−0.119%	$81K	$326K	20x	as long as short
Aster AAPLUSDT	0.0000%	8h	338.77	−0.188%	$122K	$291K	20x	as long as short
Extended AAPL_24_5-USD	0.0000%	1h	338.96	−0.132%	$284K	$1.5M	10x	as long as short
Binance AAPLUSDT	0.0000%	8h	339.00	−0.122%	$22.1M	$66.7M	25x	as long as short
Bybit AAPLUSDTshort	0.0000%	8h	339.05	−0.106%	$6.3M	$24.8M	100x
OKX AAPL-USDT-SWAP	0.0000%	8h	338.96	−0.133%	$6.6M	$6.8M	25x	as long as short
Gate AAPL_USDT	0.0000%	8h	338.82	−0.174%	$3.0M	$4.1M	100x	as long as short
Bitget AAPLUSDT	0.0000%	8h	338.99	−0.124%	$6.2M	$3.3M	100x	as long as short
Variational Omni AAPL	0.0000%	8h	339.02	−0.113%	$2.2M	$1.1M	—	as long as short
GRVT AAPL_USDT_Perp	0.0000%	8h	338.99	−0.123%	$14K	$522K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX AAPL-USDT	0.0000%	8h	339.00	−0.121%	$586	$4.8M	20x	as long as short
HTX AAPL-USDT	0.0000%	8h	339.04	−0.109%	$53K	$224K	30x	as long as short
Phemex AAPLUSDT	0.0000%	4h	339.01	−0.118%	$2.1M	$7K	10x	as long as short
BloFin AAPL-USDT	+0.0007%	8h	339.03	−0.112%	$354K	$165K	20x	as long as short
Lighter AAPL	+0.0032%	1h	338.94	−0.138%	$756K	$2.5M	20x	as long as short
Lighter RH AAPL	+0.0032%	1h	338.98	−0.127%	$978K	$3.8M	20x	as long as short
Vest AAPL-USD-PERP	+0.0046%	1h	338.74	−0.197%	—	$43K	25x	as long as short
QFEX AAPL-USD	+0.0049%	1h	338.96	−0.133%	$3.2M	$4.9M	10x	as long as short
Polymarket Perps AAPL-USD	+0.0050%	1h	338.67	−0.218%	$261K	$366K	10x	as long as short
SoDEX AAPL-USD	+0.0050%	1h	338.97	−0.130%	$75K	$3K	10x	as long as short
Ondo Perps AAPL-USD.P	+0.0050%	1h	338.84	−0.168%	$1.3M	$2.2M	20x	as long as short
Nado AAPL-PERP	+0.0074%	1h	338.77	−0.188%	$556K	$34K	20x	as long as short
Deribit AAPL_USDC-PERPETUAL	+0.0075%	1h	338.95	−0.136%	$28K	$65K	10x	as long as short
KuCoin AAPLUSDTM	+0.0091%	8h	338.80	−0.180%	$1.4M	$28K	20x	as long as short
ApeX Omni AAPLUSDT	+0.0100%	1h	338.70	−0.209%	$946K	$10.9M	50x	as long as short
Orderly PERP_AAPL_USDC_mythos	+0.0100%	8h	338.93	−0.141%	$4K	—	10x	as long as short
Hotstuff AAPL-PERP	+0.0104%	1h	338.97	−0.130%	$36K	—	20x	as long as short
Aevo AAPL-PERP	+0.0104%	1h	338.96	−0.133%	$11K	—	10x	as long as short
Coinbase International AAPL-PERP-INTX	+0.0144%	1h	338.94	−0.138%	$660K	$665K	10x	as long as short
tradeXYZ xyz:AAPL	+0.0202%	1h	338.96	−0.133%	$40.7M	$76.7M	20x	as long as short
Injective AAPL/USDC PERPlong	+0.0220%	1h	339.41	long leg	$191K	$44K	30x
Phoenix AAPL	+0.0283%	1h	339.05	−0.106%	$2K	$12K	20x	as long as short
Arcus AAPL-USD	+0.0310%	1h	338.94	−0.138%	$270K	$69K	20x	as long as short