Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.009%

Price spread now: Injective against Bybit+0.165%68s7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as 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−$380.380% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 3 days (all we have)−0.192%−$19 · spread now +0.165%, 7d avg +0.040%

Together, before fees−0.236%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.125% dearer against Bybit than usual: you sell high and buy low (spread +0.165% now, against its 7-day average of +0.040%): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.5 days. At the pace of the last 7 days (−0.044% in total) that is about 20 days. The two prices were read 68 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 GOOGLUSDT	356.53	0.0110	pay 0.0110% / 8h	7h 32m	$11.5M	$7.7M	100x
Short	Injective GOOGL/USDC PERP	357.12	0.0033	get 0.0004% / 1h	32m 11s	$128K	$45K	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 +0.165%Rate

Funding earned: −$16.01
Price spread: +0.165% → +0.040%: $12.55
Slippage, 4 orders: −$26.97
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$41.44
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Injective: live order book, 42 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, 1 min ago	0.42 bp	9.0 bp −$9	14.3 bp −$143	doesn't fit	doesn't fit
Sell Injective live order book, 42 min ago	10.37 bp	10.4 bp −$10	10.4 bp −$104	doesn't fit	doesn't fit

GOOGL on 36 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
Hotstuff GOOGL-PERP	−0.0048%	1h	356.29	−0.067%	$33K	—	20x	as long as short
Gate GOOGL_USDT	0.0000%	8h	356.38	−0.042%	$3.6M	$7.5M	100x	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	356.39	−0.039%	$23K	$467K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	356.52	−0.003%	$1K	$4.2M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	356.29	−0.067%	$23K	$153K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	356.63	+0.028%	$114K	$225K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	356.45	−0.022%	$2.7M	$66K	10x	as long as short
Aftermath Perps GOOGLUSD	+0.0015%	1h	356.12	−0.114%	$144K	$52K	10x	as long as short
Lighter GOOGL	+0.0032%	1h	356.42	−0.031%	$2.1M	$1.1M	20x	as long as short
Lighter RH GOOGL	+0.0032%	1h	356.49	−0.011%	$1.4M	$2.3M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International GOOGL-PERP-INTX	+0.0032%	1h	355.85	−0.191%	$528K	$1.1M	10x	as long as short
Injective GOOGL/USDC PERPshort	+0.0033%	1h	357.12	+0.165%	$128K	$45K	30x
Nado GOOGL-PERP	+0.0042%	1h	356.32	−0.059%	$558K	$80K	20x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	356.50	−0.008%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	356.23	−0.084%	$98.2M	$22.4M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.30	−0.065%	$683K	$441K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	356.26	−0.076%	$166	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.10	−0.121%	$2.2M	$5.0M	15x	as long as short
Variational Omni GOOGL	+0.0057%	8h	356.37	−0.045%	$4.8M	$2.7M	—	as long as short
QFEX GOOGL-USD	+0.0064%	1h	356.42	−0.031%	$1.3M	$4.7M	10x	as long as short
Paradex GOOGL-USD-PERP	+0.0081%	8h	356.49	−0.012%	$292	$253	5x	as long as short
Bitget GOOGLUSDT	+0.0090%	8h	356.50	−0.008%	$17.0M	$9.3M	100x	as long as short
Aster GOOGLUSDT	+0.0099%	8h	356.64	+0.031%	$365K	$457K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	356.30	−0.065%	$42K	$45K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	355.99	−0.151%	$3.0M	$66K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	356.18	−0.098%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	356.33	−0.056%	$10K	$10K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	356.37	−0.045%	$25K	—	10x	as long as short
Bybit GOOGLUSDTlong	+0.0110%	8h	356.53	long leg	$11.5M	$7.7M	100x
Binance GOOGLUSDT	+0.0120%	8h	356.48	−0.014%	$72.9M	$142.3M	50x	as long as short
Extended GOOGL-USD	+0.0120%	1h	356.41	−0.035%	$421K	$2.0M	20x	as long as short
Phoenix GOOGL	+0.0157%	1h	356.21	−0.090%	$137K	$48K	20x	as long as short
OKX GOOGL-USDT-SWAP	+0.0192%	8h	356.41	−0.034%	$13.8M	$12.7M	50x	as long as short
BloFin GOOGL-USDT	+0.0241%	8h	356.40	−0.036%	$690K	$234K	20x	as long as short
Arcus GOOGL-USD	+0.0306%	1h	356.15	−0.107%	$202K	$271K	10x	as long as short
edgeX GOOGLUSDC	+0.0581%	4h	356.41	−0.033%	$209K	$1.2M	10x	as long as short