Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.010%

Price spread now: Bybit against Injective−0.194%88s7-day average — · you buy dearer than you sell

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

Funding pays, the price is against you. Bybit is 0.194% cheaper against Injective than usual: you would sell low and buy high (spread −0.194% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 9.7 days of funding at the current rate (+$2 a day). The two prices were read 88 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 AR/USDC PERP	4.5290	0.0033	pay 0.0004% / 1h	31m 54s	$548	$3K	5.5x
Short	Bybit ARUSDT	4.5202	0.0100	get 0.0100% / 8h	5h 31m	$4.7M	$8.4M	75x

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 −0.194%Rate

Funding earned: $14
Price spread: −0.194% → 0.000%: −$19.43
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: −$16.45
Costs to cover: 0.110%
Break-even: 15.2 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 1 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, 1 min ago	2.21 bp	38.4 bp −$38	178.5 bp −$1,785	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.

AR 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
GMX AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.5185	−0.232%	$581K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0083%	8h	4.5180	−0.243%	$2.3M	$18.8M	20x	as long as short
Injective AR/USDC PERPlong	+0.0033%	1h	4.5290	long leg	$548	$3K	5.5x
Hyperliquid AR	+0.0100%	1h	4.5271	−0.042%	$4.1M	$4.5M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5232	−0.128%	$19K	$500K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.5200	−0.199%	$9.0M	$51.5M	75x	as long as short
Bybit ARUSDTshort	+0.0100%	8h	4.5202	−0.194%	$4.7M	$8.4M	75x
Gate AR_USDT	+0.0100%	8h	4.5200	−0.199%	$2.5M	$2.0M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.5210	−0.177%	$6.5M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5200	−0.199%	$1.2M	$1.2M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ARUSDT	+0.0100%	8h	4.5180	−0.243%	$3.9M	$5.3M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5210	−0.177%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5276	−0.031%	$235K	$256K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5240	−0.110%	$20K	$725K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.5177	−0.248%	$37K	$239K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.5350	+0.132%	$434K	$497K	20x	as long as short
Kraken Futures PF_ARUSD	+0.1930%	1h	4.5297	+0.016%	$55K	$149K	20x	as long as short