Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1619%/8h= −177.3% APRpaid last 24h −0.514%

Price spread now: Injective against Phemex−0.090%65s7-day average −0.439% · you buy dearer than you sell

Net, funding: paid 7d − costs−$484as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1351.352% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.489%−$349 on $10k

Price spread, last 4 days (all we have)−0.265%−$27 · spread now −0.090%, 7d avg −0.439%

Together, before fees−3.755%−$375 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.348% dearer against Phemex than usual: you sell high and buy low (spread −0.090% now, against its 7-day average of −0.439%): +$35 on $10k if it goes back. Holding the pair costs −$49 a day in funding at the current rate, which eats that in about 17 hours. 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 ARBUSDT	0.2213	0.0043	pay 0.0043% / 8h	5h 05m	$5.0M	$12.9M	50x
Short	Injective ARB/USDC PERP	0.2211	−0.1577	pay 0.0197% / 1h	5m 36s	$40K	$372K	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 −0.090%Rate

Funding earned: −$340.06
Price spread: −0.090% → −0.439%: $34.83
Slippage, 4 orders: −$123.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$440.42
Costs to cover: 1.352%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Injective: live order book, 58 min ago.

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, 3 min ago	6.76 bp	15.1 bp −$15	30.3 bp −$303	doesn't fit	doesn't fit
Sell Injective live order book, 58 min ago	51.70 bp	51.7 bp −$52	doesn't fit	doesn't fit	doesn't fit

ARB on 36 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 ARB/USDC PERPshort	−0.1577%	1h	0.2211	−0.090%	$40K	$372K	12x
Deribit ARB_USDC-PERPETUAL	−0.0247%	1h	0.2211	−0.108%	$24K	$34K	25x	as long as short
OKX ARB-USDT-SWAP	−0.0146%	8h	0.2212	−0.045%	$22.3M	$149.3M	50x	as long as short
MEXC ARB_USDT	−0.0145%	8h	0.2209	−0.163%	$38.0M	$59.4M	200x	as long as short
Polymarket Perps ARB-USD	−0.0135%	1h	0.2212	−0.063%	$87K	$2.1M	10x	as long as short
Variational Omni ARB	−0.0133%	8h	0.2209	−0.193%	$1.8M	$3.0M	—	as long as short
01 Exchange ARBUSD	−0.0128%	1h	0.2211	−0.081%	$7K	$2K	10x	as long as short
SoDEX ARB-USD	−0.0113%	1h	0.2211	−0.090%	$10K	$2.3M	5x	as long as short
Gate ARB_USDT	−0.0110%	8h	0.2211	−0.077%	$5.4M	$19.2M	60x	as long as short
Kraken Futures PF_ARBUSD	−0.0098%	1h	0.2213	−0.019%	$1.1M	$4.4M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ARB_USDC	−0.0076%	8h	0.2210	−0.136%	$13K	$388K	10x	as long as short
Bybit ARBUSDT	−0.0068%	8h	0.2212	−0.041%	$56.3M	$125.9M	50x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2211	−0.096%	$65K	$5K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0013%	1h	0.2211	−0.081%	$11K	—	150x	as long as short
Binance ARBUSDT	+0.0020%	8h	0.2212	−0.054%	$64.6M	$306.7M	75x	as long as short
Extended ARB-USD	+0.0024%	1h	0.2209	−0.173%	$351K	$2.5M	25x	as long as short
Phemex ARBUSDTlong	+0.0043%	8h	0.2213	long leg	$5.0M	$12.9M	50x
Bitget ARBUSDT	+0.0070%	8h	0.2211	−0.090%	$21.1M	$34.6M	50x	as long as short
BingX ARB-USDC	+0.0073%	8h	0.2210	−0.117%	—	$6.5M	—	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2210	−0.113%	$140K	$7K	3x	as long as short
ApeX Omni ARBUSDT	+0.0090%	1h	0.2220	+0.316%	$120K	$283K	50x	as long as short
BloFin ARB-USDT	+0.0096%	8h	0.2218	+0.208%	$3.1M	$2.6M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2210	−0.158%	$1.2M	$6.4M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2211	−0.095%	$38.2M	$49.1M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2210	−0.136%	$647K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2210	−0.131%	$42K	$169K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2211	−0.104%	$19.5M	$15.3M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2218	+0.204%	$40K	$462K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2223	+0.452%	$482K	$3.6M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2212	−0.045%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2215	+0.086%	$301K	$939K	50x	as long as short
Coinbase International ARB-PERP-INTX	+0.0224%	1h	0.2208	−0.212%	$495K	$2.0M	50x	as long as short
RISEx ARB/USDC	+0.0232%	1h	0.2213	−0.016%	$489K	$2.6M	10x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0273% / S −0.0155%	1h	0.2211	−0.085%	$825K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0289%	1h	0.2211	−0.076%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERP	+0.0544%	1h	0.2214	+0.059%	$997K	$2.8M	20x	as long as short