Funding arb · Price arb /

BX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h +0.061%

Price spread now: Bybit against Injective+0.253%7-day average — · you sell dearer than you buy

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

The price spread pays, funding is against you. Bybit is 0.253% dearer against Injective than usual: you sell high and buy low (spread +0.253% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BX/USDC PERP	126.28	0.0220	pay 0.0028% / 1h	4m 39s	$963	$27K	12x
Short	Bybit BXUSDT	126.60	0	get 0.0000% / 8h	1h 04m	$498K	$857K	25x

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 +0.253%Rate

Funding earned: −$46.2
Price spread: +0.253% → 0.000%: $25.34
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: −$31.88
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 10 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, 10 min ago	4.74 bp	82.4 bp −$82	209.3 bp −$2,093	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.

BX on 14 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
QFEX BX-USD	−0.0080%	1h	126.42	+0.111%	$1.1M	$1.3M	10x	as long as short
Aster BXUSDT	0.0000%	8h	126.38	+0.078%	$5K	$2K	20x	as long as short
Bybit BXUSDTshort	0.0000%	8h	126.60	+0.253%	$498K	$857K	25x
Gate BX_USDT	0.0000%	8h	126.68	+0.317%	$425K	$20K	20x	as long as short
Bitget BXUSDT	0.0000%	8h	126.46	+0.143%	$902K	$45K	20x	as long as short
SunX BX-USDT	0.0000%	8h	126.56	+0.222%	$692	$303K	10x	as long as short
HTX BX-USDT	0.0000%	8h	126.65	+0.293%	$7K	$3K	20x	as long as short
OKX BX-USDT-SWAP	+0.0155%	8h	126.48	+0.158%	$163K	$106K	20x	as long as short
Injective BX/USDC PERPlong	+0.0220%	1h	126.28	long leg	$963	$27K	12x
tradeXYZ xyz:BX	+0.0466%	1h	126.40	+0.095%	$662K	$180K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BXUSDTM	+0.0882%	8h	126.55	+0.214%	$113K	$1.1M	20x	as long as short
Variational Omni BX	+0.0908%	8h	126.56	+0.220%	$31K	$127	—	as long as short
Binance BXUSDT	+0.1206%	8h	126.55	+0.214%	$804K	$455K	20x	as long as short
GRVT BX_USDT_Perp	+0.2042%	8h	126.53	+0.202%	$421	$124K	10x	as long as short