Funding arb · Price arb /

AAPL

RWAall AAPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against Phemex−0.065%65s7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as 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−$980.976% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.451%+$45 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now −0.065%, 7d avg +0.051%

Together, before fees+0.404%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.115% cheaper against Phemex than usual: you would sell low and buy high (spread −0.065% now, against its 7-day average of +0.051%). If the spread goes back, that is −$12 on $10k: about 42 hours of funding at the current rate (+$7 a day). 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 AAPLUSDT	339.73	0	get 0.0000% / 4h	1h 42m	$2.1M	$7K	10x
Short	Injective AAPL/USDC PERP	339.51	0.0220	get 0.0028% / 1h	42m 02s	$191K	$44K	30x

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 −0.065%Rate

Funding earned: $46.2
Price spread: −0.065% → +0.051%: −$11.53
Slippage, 4 orders: −$85.6
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$62.95
Costs to cover: 0.976%
Break-even: 16.5 days

Slippage from Phemex: live order book, 1 min ago; Injective: live order book, 2 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, 1 min ago	1.77 bp	39.2 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 2 min ago	7.95 bp	11.7 bp −$12	11.8 bp −$118	doesn't fit	doesn't fit

AAPL on 33 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
edgeX AAPLUSDC	−0.0398%	4h	339.62	−0.032%	$81K	$328K	20x	as long as short
Nado AAPL-PERP	−0.0046%	1h	339.63	−0.030%	$556K	$38K	20x	as long as short
BloFin AAPL-USDT	−0.0021%	8h	339.78	+0.015%	$341K	$168K	20x	as long as short
Aster AAPLUSDT	0.0000%	8h	339.66	−0.021%	$121K	$293K	20x	as long as short
Extended AAPL_24_5-USD	0.0000%	1h	339.70	−0.010%	$288K	$1.8M	10x	as long as short
Binance AAPLUSDT	0.0000%	8h	339.77	+0.012%	$22.1M	$67.7M	25x	as long as short
Bybit AAPLUSDT	0.0000%	8h	339.71	−0.006%	$5.8M	$108.3M	100x	as long as short
OKX AAPL-USDT-SWAP	0.0000%	8h	339.75	+0.006%	$6.3M	$7.0M	25x	as long as short
Gate AAPL_USDT	0.0000%	8h	339.52	−0.062%	$3.0M	$5.0M	100x	as long as short
Bitget AAPLUSDT	0.0000%	8h	339.80	+0.021%	$6.2M	$3.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni AAPL	0.0000%	8h	339.73	−0.001%	$2.4M	$1.4M	—	as long as short
GRVT AAPL_USDT_Perp	0.0000%	8h	339.73	0.000%	$16K	$402K	10x	as long as short
SunX AAPL-USDT	0.0000%	8h	339.78	+0.015%	$928	$4.6M	20x	as long as short
Deribit AAPL_USDC-PERPETUAL	0.0000%	1h	339.52	−0.062%	$28K	$68K	10x	as long as short
HTX AAPL-USDT	0.0000%	8h	339.89	+0.047%	$62K	$246K	30x	as long as short
Phemex AAPLUSDTlong	0.0000%	4h	339.73	long leg	$2.1M	$7K	10x
QFEX AAPL-USD	+0.0023%	1h	339.67	−0.018%	$3.2M	$4.3M	10x	as long as short
Coinbase International AAPL-PERP-INTX	+0.0024%	1h	339.55	−0.053%	$660K	$656K	10x	as long as short
Lighter AAPL	+0.0032%	1h	339.67	−0.019%	$908K	$2.6M	20x	as long as short
Lighter RH AAPL	+0.0032%	1h	339.66	−0.021%	$950K	$3.6M	20x	as long as short
Arcus AAPL-USD	+0.0040%	1h	339.62	−0.032%	$267K	$60K	20x	as long as short
Vest AAPL-USD-PERP	+0.0046%	1h	339.56	−0.050%	—	$45K	25x	as long as short
Polymarket Perps AAPL-USD	+0.0050%	1h	339.67	−0.018%	$280K	$417K	10x	as long as short
SoDEX AAPL-USD	+0.0050%	1h	339.69	−0.012%	$75K	$3K	10x	as long as short
Ondo Perps AAPL-USD.P	+0.0050%	1h	339.48	−0.074%	$1.3M	$2.4M	20x	as long as short
tradeXYZ xyz:AAPL	+0.0068%	1h	339.67	−0.018%	$40.6M	$76.6M	20x	as long as short
Hotstuff AAPL-PERP	+0.0080%	1h	339.71	−0.006%	$36K	—	20x	as long as short
KuCoin AAPLUSDTM	+0.0100%	8h	339.49	−0.071%	$1.4M	$39K	20x	as long as short
ApeX Omni AAPLUSDT	+0.0100%	1h	339.51	−0.065%	$948K	$11.0M	50x	as long as short
Orderly PERP_AAPL_USDC_mythos	+0.0100%	8h	339.66	−0.021%	$4K	—	10x	as long as short
Aevo AAPL-PERP	+0.0104%	1h	339.65	−0.023%	$11K	$102	10x	as long as short
Phoenix AAPL	+0.0212%	1h	339.85	+0.035%	$5K	$12K	20x	as long as short
Injective AAPL/USDC PERPshort	+0.0220%	1h	339.51	−0.065%	$191K	$44K	30x