Funding arb · Price arb /

COST

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Bybit against Injective+1.101%98s7-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 1.101% dearer against Injective than usual: you sell high and buy low (spread +1.101% now, against zero (this spread has no 7-day history yet)): +$110 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4 months. The two prices were read 98 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 COST/USDC PERP	891.98	0.0033	pay 0.0004% / 1h	47m 41s	$2K	$28K	12x
Short	Bybit COSTUSDT	901.80	0	get 0.0000% / 8h	2h 47m	$491K	$221K	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 +1.101%Rate

Funding earned: −$7
Price spread: +1.101% → 0.000%: $110.09
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: $92.07
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 57 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, 57 min ago	7.12 bp	15.3 bp −$15	195.5 bp −$1,955	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.

COST on 15 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
Aster COSTUSDT	0.0000%	8h	901.54	+1.072%	$45K	$178	20x	as long as short
Binance COSTUSDT	0.0000%	8h	901.36	+1.052%	$1.1M	$969K	20x	as long as short
Bybit COSTUSDTshort	0.0000%	8h	901.80	+1.101%	$491K	$221K	25x
OKX COST-USDT-SWAP	0.0000%	8h	902.16	+1.141%	$442K	$122K	10x	as long as short
Gate COST_USDT	0.0000%	8h	901.28	+1.043%	$522K	$8K	25x	as long as short
Bitget COSTUSDT	0.0000%	8h	900.89	+0.999%	$403K	$77K	25x	as long as short
Variational Omni COST	0.0000%	8h	901.21	+1.034%	$41K	$13K	—	as long as short
SunX COST-USDT	0.0000%	8h	899.90	+0.888%	$2K	$2.9M	10x	as long as short
HTX COST-USDT	0.0000%	8h	902.29	+1.156%	$10K	$42K	10x	as long as short
QFEX COST-USD	+0.0003%	1h	901.24	+1.038%	$1.1M	$2.5M	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective COST/USDC PERPlong	+0.0033%	1h	891.98	long leg	$2K	$28K	12x
Extended COST-USD	+0.0040%	1h	898.25	+0.703%	—	—	10x	as long as short
Vest COST-USD-PERP	+0.0046%	1h	901.31	+1.046%	—	—	25x	as long as short
tradeXYZ xyz:COST	+0.0050%	1h	900.84	+0.993%	$1.8M	$517K	20x	as long as short
KuCoin COSTUSDTM	+0.0100%	8h	900.20	+0.922%	$47K	$894K	20x	as long as short