Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0426%/8h= −46.7% APRpaid last 24h −0.098%

Price spread now: Injective against Binance−0.939%57s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Injective

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 against this trade now: funding costs −$13 a day on $10k at the current rate, and Injective is 0.939% cheaper against Binance than usual: you would sell low and buy high (−$94 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 57 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	Binance SMCIUSDT	41.540	0.0206	pay 0.0206% / 8h	5h 58m	$3.4M	$5.1M	20x
Short	Injective SMCI/USDC PERP	41.150	−0.0220	pay 0.0028% / 1h	58m 30s	$4K	$92	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −0.939%Rate

Funding earned: −$89.54
Price spread: −0.939% → 0.000%: −$93.89
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$193.45
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 9 min ago; Injective: no order-book sample. 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 Binance live order book, 9 min ago	2.41 bp	13.1 bp −$13	54.5 bp −$545	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

SMCI 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
Injective SMCI/USDC PERPshort	−0.0220%	1h	41.150	−0.939%	$4K	$92	12x
Bybit SMCIUSDT	0.0000%	8h	41.510	−0.072%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.560	+0.048%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.520	−0.048%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.504	−0.087%	$1.3M	$506K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.510	−0.072%	$1.6M	$246K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.509	−0.075%	$32K	$5K	10x	as long as short
QFEX SMCI-USD	+0.0048%	1h	41.520	−0.048%	$1.1M	$2.2M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.500	−0.096%	$142	$3K	10x	as long as short
Variational Omni SMCI	+0.0063%	8h	41.548	+0.019%	$98K	$110K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.480	−0.144%	$462K	$498K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.530	−0.024%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0199%	8h	41.547	+0.017%	$509	$154K	10x	as long as short
Binance SMCIUSDTlong	+0.0206%	8h	41.540	long leg	$3.4M	$5.1M	20x
Extended SMCI-USD	+0.0208%	1h	41.530	−0.024%	$580	$10K	10x	as long as short
Paragon para:SMCI	+0.2040%	1h	41.475	−0.156%	$159K	$265K	10x	as long as short