Funding arb · Price arb /

GBP

RWAall GBP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Bybit against Injective−2.677%78s7-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 7 days−0.237%−$24 on $10k

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 2.677% cheaper against Injective than usual: you would sell low and buy high (−$268 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 78 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 GBPUSD/USDC PERP	1.3750	0.0220	pay 0.0028% / 1h	13m 54s	$12K	$73K	101x
Short	Bybit GBPUSDUSDT	1.3382	0	get 0.0000% / 8h	2h 13m	$246K	$69K	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 −2.677%Rate

Funding earned: −$46.2
Price spread: −2.677% → 0.000%: −$267.71
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: −$324.93
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 16 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, 16 min ago	1.35 bp	7.0 bp −$7	28.0 bp −$280	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.

GBP on 13 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
Nado GBPUSD-PERP	−0.0057%	1h	1.3385	−2.651%	$16K	$7K	40x	as long as short
tradeXYZ xyz:GBP	0.0000%	1h	1.3385	−2.652%	$238K	$347K	50x	as long as short
Lighter GBPUSD	0.0000%	1h	1.3381	−2.679%	$181K	$999K	50x	as long as short
Bybit GBPUSDUSDTshort	0.0000%	8h	1.3382	−2.677%	$246K	$69K	100x
Gate GBPUSD_USDT	0.0000%	8h	1.3389	−2.623%	$222K	$9K	100x	as long as short
Bitget GBPUSDUSDT	0.0000%	8h	1.3383	−2.667%	$12K	$12K	100x	as long as short
SunX GBPUSD-USDT	0.0000%	1h	1.3386	−2.645%	—	$2.4M	10x	as long as short
Kraken Futures PF_GBPUSD	0.0000%	1h	1.3375	−2.723%	$991	—	20x	as long as short
HTX GBPUSD-USDT	0.0000%	1h	1.3406	−2.500%	$5K	$334K	20x	as long as short
Vest GBP-USD-PERP	+0.0038%	1h	1.3374	−2.734%	—	$38K	100x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC GBP_USDT	+0.0168%	4h	1.3383	−2.667%	$26.0M	$259K	100x	as long as short
Injective GBPUSD/USDC PERPlong	+0.0220%	1h	1.3750	long leg	$12K	$73K	101x
Hibachi GBP/USDT-P	+0.0352%	1h	1.3384	−2.663%	$20K	$40K	20x	as long as short