Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Bybit against Injective+14.991%7-day average — · you sell dearer than you buy

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

The price spread pays, funding is against you. Bybit is 14.991% dearer against Injective than usual: you sell high and buy low (spread +14.991% now, against zero (this spread has no 7-day history yet)): +$1,499 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IBM/USDC PERP	201.05	0.0033	pay 0.0004% / 1h	22m 43s	—	$57	12x
Short	Bybit IBMUSDT	231.19	0	get 0.0000% / 8h	6h 22m	$973K	$346K	50x

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 +14.991%Rate

Funding earned: −$7
Price spread: +14.991% → 0.000%: $1,499.13
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: $1,481.11
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 43 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, 43 min ago	4.11 bp	14.5 bp −$14	92.7 bp −$927	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.

IBM on 17 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
Aster IBMUSDT	0.0000%	8h	231.13	+14.962%	$13K	$127K	20x	as long as short
Bybit IBMUSDTshort	0.0000%	8h	231.19	+14.991%	$973K	$346K	50x
OKX IBM-USDT-SWAP	0.0000%	8h	231.25	+15.021%	$1.4M	$1.1M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	231.33	+15.061%	$798K	$1.4M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	231.38	+15.086%	$791K	$338K	20x	as long as short
Variational Omni IBM	0.0000%	8h	231.34	+15.067%	$256K	$15K	—	as long as short
SunX IBM-USDT	0.0000%	8h	231.16	+14.976%	$1K	$487K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	231.84	+15.315%	$5K	$34K	20x	as long as short
QFEX IBM-USD	+0.0029%	1h	231.31	+15.051%	$1.2M	$3.0M	10x	as long as short
GRVT IBM_USDT_Perp	+0.0030%	8h	231.35	+15.071%	$458	$159K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective IBM/USDC PERPlong	+0.0033%	1h	201.05	long leg	—	$57	12x
Vest IBM-USD-PERP	+0.0046%	1h	231.15	+14.971%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.16	+14.976%	$1.9M	$723K	10x	as long as short
Lighter IBM	+0.0072%	1h	231.48	+15.136%	$38K	$43K	10x	as long as short
Extended IBM-USD	+0.0096%	1h	231.30	+15.045%	$54K	$232K	10x	as long as short
Binance IBMUSDT	+0.0099%	8h	231.36	+15.076%	$3.9M	$5.2M	20x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	231.20	+14.996%	$194K	$33K	20x	as long as short