Funding arb · Price arb /

CASHCAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.4444%/8h= −486.6% APRpaid last 24h −1.357%

Price spread now: Bybit against Injective−0.193%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

Both sides work against this trade now: funding costs −$133 a day on $10k at the current rate, and Bybit is 0.193% cheaper against Injective than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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 CASHCAT/USDC PERP	0.1654	0.5000	pay 0.0625% / 1h	29m 45s	$8K	$18K	5.5x
Short	Bybit CASHCATUSDT	0.1651	0.0556	get 0.0278% / 4h	1h 29m	$12.3M	$17.9M	10x

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

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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 −0.193%Rate

Funding earned: −$933.24
Price spread: −0.193% → 0.000%: −$19.35
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: −$963.61
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: 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 Bybit live order book, 4 min ago	2.74 bp	40.3 bp −$40	123.7 bp −$1,237	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.

CASHCAT on 22 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
Hyperliquid CASHCAT	+0.0100%	1h	0.1648	−0.339%	$44.9M	$19.3M	3x	as long as short
Arcus CASHCAT-USD	+0.0100%	1h	0.1644	−0.585%	$114K	$219K	5x	as long as short
Gate CASHCAT_USDT	+0.0100%	4h	0.1646	−0.453%	$1.4M	$1.9M	20x	as long as short
KuCoin CASHCATUSDTM	+0.0100%	4h	0.1649	−0.284%	$560K	$2.4M	10x	as long as short
Variational Omni CASHCAT	+0.0100%	4h	0.1648	−0.389%	$1.2M	$1.5M	—	as long as short
ApeX Omni CASHCATUSDT	+0.0100%	1h	0.1641	−0.756%	$74K	$63K	50x	as long as short
Nado CASHCAT-PERP	+0.0100%	1h	0.1645	−0.553%	$246K	$185K	5x	as long as short
SunX CASHCAT-USDT	+0.0100%	1h	0.1646	−0.480%	—	$2.4M	10x	as long as short
SoDEX CASHCAT-USD	+0.0100%	1h	0.1645	−0.520%	$494	$1K	3x	as long as short
HTX CASHCAT-USDT	+0.0100%	1h	0.1647	−0.438%	$18K	$346K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CASHCAT-USD	+0.0160%	1h	0.1647	−0.403%	$100K	$499K	5x	as long as short
Polymarket Perps CASHCAT-USD	+0.0182%	1h	0.1648	−0.345%	$66K	$1.2M	3x	as long as short
Lighter RH CASHCAT	+0.0464%	1h	0.1648	−0.381%	$321K	$823K	3x	as long as short
OKX CASHCAT-USDT-SWAP	+0.0534%	4h	0.1651	−0.181%	$1.4M	$10.6M	20x	as long as short
Bybit CASHCATUSDTshort	+0.0556%	4h	0.1651	−0.193%	$12.3M	$17.9M	10x
MEXC CASHCAT_USDT	+0.0576%	4h	0.1650	−0.224%	$8.2M	$501K	20x	as long as short
BingX CASHCAT-USDT	+0.0608%	4h	0.1651	−0.181%	—	$1.0M	—	as long as short
Aster CASHCATUSDT	+0.0692%	1h	0.1645	−0.520%	$550K	$1.0M	10x	as long as short
BloFin CASHCAT-USDT	+0.0758%	4h	0.1646	−0.484%	$52K	$470K	20x	as long as short
Lighter CASHCAT	+0.0904%	1h	0.1649	−0.278%	$1.2M	$1.7M	3x	as long as short
edgeX CASHCATUSDC	+0.1260%	4h	0.1644	−0.575%	$49K	$170K	5x	as long as short
Injective CASHCAT/USDC PERPlong	+0.5000%	1h	0.1654	long leg	$8K	$18K	5.5x