Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0205%/8h= +22.4% APRpaid last 24h +0.006%

Price spread now: Bybit against Injective+0.622%98s7-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

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.622% dearer against Injective than usual: you sell high and buy low: +$62 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 98 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 NOW/USDC PERP	139.80	0.0033	pay 0.0004% / 1h	15m 51s	$3K	$101	12x
Short	Bybit NOWUSDT	140.67	0.0238	get 0.0238% / 8h	7h 15m	$1.6M	$292K	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 +0.622%Rate

Funding earned: $42.97
Price spread: +0.622% → 0.000%: $62.23
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: $94.18
Costs to cover: 0.110%
Break-even: from the start

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	6.73 bp	33.1 bp −$33	169.5 bp −$1,695	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.

NOW on 16 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
OKX NOW-USDT-SWAP	0.0000%	8h	140.62	+0.587%	$517K	$240K	20x	as long as short
QFEX NOW-USD	0.0000%	1h	140.74	+0.672%	$1.1M	$1.4M	10x	as long as short
Gate NOW_USDT	0.0000%	8h	140.65	+0.608%	$247K	$341K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	140.63	+0.594%	$820K	$280K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	140.79	+0.708%	$1K	$297K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	140.89	+0.780%	$5K	$37K	20x	as long as short
Lighter NOW	+0.0032%	1h	140.64	+0.601%	$5K	$308	5x	as long as short
Injective NOW/USDC PERPlong	+0.0033%	1h	139.80	long leg	$3K	$101	12x
Vest NOW-USD-PERP	+0.0046%	1h	140.84	+0.744%	—	—	25x	as long as short
KuCoin NOWUSDTM	+0.0100%	8h	140.65	+0.608%	$317K	$683K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster NOWUSDT	+0.0104%	8h	140.97	+0.835%	$42K	$859	20x	as long as short
BloFin NOW-USDT	+0.0188%	8h	140.93	+0.808%	$46K	$19K	20x	as long as short
Binance NOWUSDT	+0.0190%	8h	140.63	+0.597%	$1.9M	$1.5M	20x	as long as short
Bybit NOWUSDTshort	+0.0238%	8h	140.67	+0.622%	$1.6M	$292K	25x
tradeXYZ xyz:NOW	+0.0397%	1h	140.50	+0.501%	$2.1M	$245K	10x	as long as short
GRVT NOW_USDT_Perp	+0.0596%	8h	141.02	+0.873%	$126	$136K	10x	as long as short