Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Bybit against Injective+0.899%118s7-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 +$7 a day on $10k at the current rate, and Bybit is 0.899% dearer against Injective than usual: you sell high and buy low: +$90 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 118 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	41.150	−0.0220	get 0.0028% / 1h	3m 22s	$4K	$97	12x
Short	Bybit SMCIUSDT	41.520	0	get 0.0000% / 8h	6h 03m	$1.0M	$648K	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 +0.899%Rate

Funding earned: $46.2
Price spread: +0.899% → 0.000%: $89.91
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: $125.09
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 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, 2 min ago	4.82 bp	81.8 bp −$82	202.2 bp −$2,022	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 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 PERPlong	−0.0220%	1h	41.150	long leg	$4K	$97	12x
Bybit SMCIUSDTshort	0.0000%	8h	41.520	+0.899%	$1.0M	$648K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	41.530	+0.923%	$689K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.520	+0.899%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.512	+0.880%	$1.3M	$506K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.530	+0.923%	$1.6M	$247K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.530	+0.923%	$32K	$5K	10x	as long as short
QFEX SMCI-USD	+0.0043%	1h	41.520	+0.899%	$1.1M	$2.2M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.520	+0.899%	$143	$3K	10x	as long as short
Variational Omni SMCI	+0.0060%	8h	41.533	+0.930%	$97K	$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	41.490	+0.826%	$462K	$498K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.510	+0.875%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0197%	8h	41.541	+0.950%	$508	$154K	10x	as long as short
Extended SMCI-USD	+0.0208%	1h	41.530	+0.924%	$580	$10K	10x	as long as short
Binance SMCIUSDT	+0.0210%	8h	41.540	+0.948%	$3.4M	$5.2M	20x	as long as short
Paragon para:SMCI	+0.1312%	1h	41.490	+0.826%	$159K	$265K	10x	as long as short