Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0013%/8h= −1.5% APRpaid last 24h −0.019%

Price spread now: Injective against Bybit−0.066%108s7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as 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−$160.159% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.066%, 7d avg +0.019%

Together, before fees+0.060%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Injective is 0.084% cheaper against Bybit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.019%). Swap the legs. The two prices were read 108 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	Bybit BTCUSDT	85,237	0.0080	pay 0.0080% / 8h	19m 29s	$5.10B	$10.03B	150x
Short	Injective BTC/USDC PERP	85,181	0.0067	get 0.0008% / 1h	19m 29s	$302K	$25.3M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.066%Rate

Funding earned: −$2.8
Price spread: −0.066% → +0.019%: −$8.44
Slippage, 4 orders: −$4.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$27.14
Costs to cover: 0.159%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Injective: live order book, 5 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 Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.5 bp −$552	7.2 bp −$3,577
Sell Injective live order book, 5 min ago	2.06 bp	2.3 bp −$2	10.3 bp −$103	doesn't fit	doesn't fit

BTC on 56 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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.026%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	−0.056%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,150.1	−0.102%	$421.9M	$685.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0015%	8h	85,233.1	−0.005%	$927.3M	$777.8M	125x	as long as short
Aster BTCUSDT	0.0000%	8h	85,235	−0.002%	$509.3M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	+0.015%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,249	+0.014%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0009%	1h	85,231.4	−0.007%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,226.5	−0.012%	$185.7M	$955.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0058%	1h	85,166	−0.083%	$139.5M	$312.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0064%	8h	85,222.3	−0.017%	—	$17.4M	—	as long as short
Injective BTC/USDC PERPshort	+0.0067%	1h	85,181	−0.066%	$302K	$25.3M	52x
Bybit BTCUSDTlong	+0.0080%	8h	85,237	long leg	$5.10B	$10.03B	150x
Nado BTC-PERP	+0.0086%	1h	85,219.1	−0.021%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,232.5	−0.005%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,235.8	−0.001%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,247	+0.012%	$8.4M	$57.7M	100x	as long as short
Bitget BTCUSDT	+0.0096%	8h	85,241.1	+0.005%	$2.97B	$5.21B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,199.2	−0.044%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,211	−0.031%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,259.8	+0.027%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,320	+0.097%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,241.5	+0.005%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,247.1	+0.012%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,250	+0.015%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,221	−0.019%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,246.8	+0.011%	$4.7M	$97.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,239.7	+0.003%	$5.48B	$11.13B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,247	+0.012%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,216.9	−0.024%	$36.7M	$188.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.118%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,142.9	−0.110%	$282.3M	$957.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,165.4	−0.084%	$213.7M	$159.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,160.1	−0.090%	$30.0M	$212.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,294.5	+0.067%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,244	+0.008%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,247.1	+0.012%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,207.5	−0.035%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,241.4	+0.005%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,139.1	−0.115%	$29.5M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	−0.071%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,211	−0.031%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,200.6	−0.043%	$2.25B	$973.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,212	−0.029%	$159.0M	$516.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.004%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,205.2	−0.037%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,251.7	+0.017%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,242	+0.006%	$111.7M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,235.3	−0.002%	$6.6M	$143.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,246.4	+0.011%	$840.2M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,202	−0.041%	$12.2M	$737.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,258.2	+0.025%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,225.7	−0.013%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,205.5	−0.037%	$678K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,233.1	−0.005%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,237.4	0.000%	$459K	$18.4M	6.7x	as long as short