Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Injective against Phemex−0.831%65s7-day average — · you buy dearer than you sell

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

Long on Phemex 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 −$7 a day on $10k at the current rate, and Injective is 0.831% cheaper against Phemex than usual: you would sell low and buy high (−$83 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	Phemex SMCIUSDT	40.890	0	get 0.0000% / 8h	12m 01s	$1.6M	$258K	10x
Short	Injective SMCI/USDC PERP	40.550	−0.0220	pay 0.0028% / 1h	12m 01s	$4K	$89	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now −0.831%Rate

Funding earned: −$46.2
Price spread: −0.831% → 0.000%: −$83.15
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$141.37
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 1 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 Phemex live order book, 1 min ago	2.44 bp	43.6 bp −$44	doesn't fit	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 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 PERPshort	−0.0220%	1h	40.550	−0.831%	$4K	$89	12x
Bitget SMCIUSDT	−0.0161%	8h	40.874	−0.039%	$1.3M	$501K	20x	as long as short
BloFin SMCI-USDT	−0.0007%	8h	40.940	+0.122%	$79K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.878	−0.028%	$573	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.890	0.000%	$3.4M	$5.3M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.870	−0.049%	$995K	$293K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.820	−0.171%	$674K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.860	−0.073%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.864	−0.064%	$124K	$134K	—	as long as short
Phemex SMCIUSDTlong	0.0000%	8h	40.890	long leg	$1.6M	$258K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SMCI	+0.0032%	1h	40.867	−0.056%	$40K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.880	−0.024%	$132	$3K	10x	as long as short
QFEX SMCI-USD	+0.0067%	1h	40.890	0.000%	$1.1M	$1.7M	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0068%	8h	40.890	0.000%	$148	$170K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.860	−0.073%	$459K	$518K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.900	+0.024%	$8K	$287K	10x	as long as short
Paragon para:SMCI	+0.0223%	1h	40.877	−0.031%	$157K	$266K	10x	as long as short