Funding arb · Price arb /

JPM

RWAall JPM 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+1.151%48s7-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 7 days+0.325%+$33 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bybit is 1.151% dearer against Injective than usual: you sell high and buy low: +$115 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 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 JPM/USDC PERP	348.50	−0.0220	get 0.0028% / 1h	16m 26s	$7K	$45K	12x
Short	Bybit JPMUSDT	352.51	0	get 0.0000% / 8h	2h 16m	$154K	$1.1M	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 +1.151%Rate

Funding earned: $46.2
Price spread: +1.151% → 0.000%: $115.06
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: $150.24
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 4 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, 4 min ago	3.55 bp	53.0 bp −$53	doesn't fit	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.

JPM on 14 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 JPMUSDC	−0.0912%	4h	352.29	+1.087%	$36K	$172K	10x	as long as short
Injective JPM/USDC PERPlong	−0.0220%	1h	348.50	long leg	$7K	$45K	12x
Aster JPMUSDT	0.0000%	8h	352.39	+1.117%	$3K	$437	20x	as long as short
Binance JPMUSDT	0.0000%	8h	352.31	+1.093%	$938K	$500K	20x	as long as short
Bybit JPMUSDTshort	0.0000%	8h	352.51	+1.151%	$154K	$1.1M	25x
Gate JPM_USDT	0.0000%	8h	352.28	+1.085%	$727K	$228K	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	352.19	+1.059%	$205K	$11K	20x	as long as short
Variational Omni JPM	0.0000%	8h	352.28	+1.086%	$120K	$7K	—	as long as short
GRVT JPM_USDT_Perp	0.0000%	8h	352.37	+1.110%	$5K	$82K	10x	as long as short
SunX JPM-USDT	0.0000%	8h	352.29	+1.088%	$909	$859K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX JPM-USDT	0.0000%	8h	352.08	+1.027%	$7K	$39K	20x	as long as short
QFEX JPM-USD	+0.0003%	1h	352.16	+1.050%	$1.1M	$2.6M	10x	as long as short
BloFin JPM-USDT	+0.0021%	8h	352.28	+1.085%	$90K	$27K	20x	as long as short
KuCoin JPMUSDTM	+0.0100%	8h	352.34	+1.102%	$157K	$925K	20x	as long as short