Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.117%

Price spread now: Bybit against Injective−1.115%7-day average — · you buy dearer than you sell

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 against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 1.115% cheaper against Injective than usual: you would sell low and buy high (−$111 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective CRWD/USDC PERP	251.22	0.0220	pay 0.0028% / 1h	20m 44s	$15K	$103	12x
Short	Bybit CRWDUSDT	248.42	0	get 0.0000% / 8h	1h 20m	$1.1M	$687K	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 −1.115%Rate

Funding earned: −$46.2
Price spread: −1.115% → 0.000%: −$111.46
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: −$168.68
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 5 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, 5 min ago	5.64 bp	95.1 bp −$95	224.3 bp −$2,243	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.

CRWD on 18 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
BloFin CRWD-USDT	−0.0029%	8h	248.63	−1.031%	$73K	$25K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	248.56	−1.060%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	248.65	−1.023%	$2.4M	$7.1M	25x	as long as short
Bybit CRWDUSDTshort	0.0000%	8h	248.42	−1.115%	$1.1M	$687K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	248.67	−1.015%	$623K	$719K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	248.51	−1.079%	$291K	$482K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	248.71	−0.998%	$67K	$61K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	248.75	−0.981%	$582	$128K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	248.68	−1.011%	$2K	$1.5M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	248.84	−0.947%	$6K	$9K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDT	0.0000%	8h	248.65	−1.023%	$1.5M	$213K	10x	as long as short
QFEX CRWD-USD	+0.0024%	1h	248.54	−1.067%	$1.2M	$2.9M	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	248.48	−1.090%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	248.50	−1.083%	$866K	$691K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	248.58	−1.051%	$35K	$524K	20x	as long as short
Injective CRWD/USDC PERPlong	+0.0220%	1h	251.22	long leg	$15K	$103	12x
Phoenix CRWD	+0.0257%	1h	248.69	−1.007%	$7	$168K	10x	as long as short
Paragon para:CRWD	+0.0287%	1h	248.43	−1.112%	$84K	$160K	10x	as long as short