Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Bitget against Injective+0.948%51s7-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 Bitget

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 +$7 a day on $10k at the current rate, and Bitget is 0.948% dearer against Injective than usual: you sell high and buy low: +$95 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 51 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 SMCI/USDC PERP	41.120	−0.0220	get 0.0028% / 1h	52m 31s	$4K	$90	12x
Short	Bitget SMCIUSDT	41.510	0	get 0.0000% / 8h	3h 52m	$1.3M	$490K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.948%Rate

Funding earned: $46.2
Price spread: +0.948% → 0.000%: $94.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: $129.02
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bitget: 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 Bitget live order book, 4 min ago	4.95 bp	34.1 bp −$34	58.7 bp −$587	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.

SMCI 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
Injective SMCI/USDC PERPlong	−0.0220%	1h	41.120	long leg	$4K	$90	12x
Bybit SMCIUSDT	0.0000%	8h	41.420	+0.730%	$1.0M	$647K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.470	+0.851%	$688K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.460	+0.827%	$1.6M	$1.5M	20x	as long as short
Bitget SMCIUSDTshort	0.0000%	8h	41.510	+0.948%	$1.3M	$490K	20x
Phemex SMCIUSDT	0.0000%	8h	41.480	+0.875%	$1.6M	$250K	10x	as long as short
Variational Omni SMCI	+0.0002%	8h	41.463	+0.834%	$97K	$110K	—	as long as short
QFEX SMCI-USD	+0.0032%	1h	41.430	+0.754%	$1.1M	$1.9M	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.424	+0.739%	$32K	$5K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.450	+0.803%	$150	$3K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SMCI_USDT_Perp	+0.0079%	8h	41.490	+0.900%	$45	$161K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.430	+0.754%	$463K	$481K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.460	+0.827%	$8K	$286K	10x	as long as short
Binance SMCIUSDT	+0.0118%	8h	41.428	+0.748%	$3.4M	$5.2M	20x	as long as short
BloFin SMCI-USDT	+0.0118%	8h	41.450	+0.803%	$79K	$9K	20x	as long as short
Extended SMCI-USD	+0.0120%	1h	41.439	+0.775%	$582	$10K	10x	as long as short
Paragon para:SMCI	+0.0360%	1h	41.441	+0.781%	$159K	$265K	10x	as long as short