Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Phemex against Injective+0.976%65s7-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 Phemex

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 Phemex is 0.976% dearer against Injective than usual: you sell high and buy low: +$98 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	41.000	−0.0220	get 0.0028% / 1h	4m 14s	$4K	$99	12x
Short	Phemex SMCIUSDT	41.400	0	get 0.0000% / 8h	1h 04m	$1.6M	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.976%Rate

Funding earned: $46.2
Price spread: +0.976% → 0.000%: $97.56
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $131.74
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Phemex: 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 Phemex live order book, 4 min ago	2.41 bp	40.3 bp −$40	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.

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	41.000	long leg	$4K	$99	12x
Bybit SMCIUSDT	0.0000%	8h	41.350	+0.854%	$1.0M	$656K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.420	+1.024%	$689K	$1.2M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.360	+0.878%	$1.6M	$1.9M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.383	+0.934%	$1.3M	$530K	20x	as long as short
Variational Omni SMCI	0.0000%	8h	41.404	+0.986%	$67K	$81K	—	as long as short
Phemex SMCIUSDTshort	0.0000%	8h	41.400	+0.976%	$1.6M	$266K	10x
Lighter RH SMCI	+0.0032%	1h	41.395	+0.963%	$32K	$7K	10x	as long as short
QFEX SMCI-USD	+0.0049%	1h	41.410	+1.000%	$1.1M	$2.3M	10x	as long as short
Paragon para:SMCI	+0.0060%	1h	41.350	+0.854%	$159K	$265K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.330	+0.805%	$460K	$545K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.370	+0.902%	$8K	$284K	10x	as long as short
SoDEX SMCI-USD	+0.0110%	1h	41.380	+0.927%	$129	$3K	10x	as long as short
Extended SMCI-USD	+0.0144%	1h	41.406	+0.991%	$578	$10K	10x	as long as short
Binance SMCIUSDT	+0.0145%	8h	41.414	+1.011%	$3.4M	$5.5M	20x	as long as short
BloFin SMCI-USDT	+0.0162%	8h	41.370	+0.902%	$79K	$9K	20x	as long as short
GRVT SMCI_USDT_Perp	+0.0264%	8h	41.400	+0.976%	$348	$158K	10x	as long as short