Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.028%

Price spread now: Injective against Bybit−0.042%68s7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as 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−$370.372% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.042%, 7d avg +0.028%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.070% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.028%). Swap the legs. The two prices were read 68 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 GOOGLUSDT	357.27	0.0108	pay 0.0108% / 8h	46m 04s	$11.5M	$7.9M	100x
Short	Injective GOOGL/USDC PERP	357.12	0.0033	get 0.0004% / 1h	46m 04s	$128K	$45K	30x

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 −0.042%Rate

Funding earned: −$15.66
Price spread: −0.042% → +0.028%: −$7.03
Slippage, 4 orders: −$26.18
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$59.89
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Injective: live order book, 58 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, 2 min ago	0.14 bp	8.1 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell Injective live order book, 58 min ago	9.94 bp	10.0 bp −$10	10.0 bp −$100	doesn't fit	doesn't fit

GOOGL on 36 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
Coinbase International GOOGL-PERP-INTX	−0.0048%	1h	356.60	−0.188%	$511K	$1.1M	10x	as long as short
Hotstuff GOOGL-PERP	−0.0008%	1h	357.02	−0.070%	$33K	—	20x	as long as short
OKX GOOGL-USDT-SWAP	0.0000%	8h	357.21	−0.017%	$13.6M	$12.8M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.10	−0.048%	$3.6M	$7.4M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.31	+0.011%	$17.3M	$9.8M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.10	−0.049%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	357.13	−0.038%	$23K	$450K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.21	−0.017%	$1K	$4.0M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.30	+0.008%	$115K	$210K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	357.28	+0.003%	$2.7M	$88K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado GOOGL-PERP	+0.0004%	1h	356.95	−0.089%	$549K	$91K	20x	as long as short
Aster GOOGLUSDT	+0.0008%	8h	357.29	+0.005%	$365K	$424K	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0022%	1h	357.15	−0.033%	$144K	$45K	10x	as long as short
Binance GOOGLUSDT	+0.0030%	8h	357.23	−0.011%	$72.0M	$143.4M	50x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.12	−0.042%	$1.3M	$1.9M	20x	as long as short
Extended GOOGL-USD	+0.0032%	1h	357.13	−0.041%	$424K	$2.3M	20x	as long as short
Injective GOOGL/USDC PERPshort	+0.0033%	1h	357.12	−0.042%	$128K	$45K	30x
QFEX GOOGL-USD	+0.0035%	1h	357.14	−0.036%	$1.3M	$4.2M	10x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	356.95	−0.090%	$207K	$279K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.23	−0.011%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.02	−0.070%	$98.1M	$21.4M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.93	−0.095%	$685K	$430K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.01	−0.073%	$135	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.83	−0.123%	$2.3M	$4.8M	15x	as long as short
Paradex GOOGL-USD-PERP	+0.0051%	8h	357.10	−0.047%	$293	$253	5x	as long as short
KuCoin GOOGLUSDTM	+0.0064%	8h	356.83	−0.123%	$3.0M	$101K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	356.91	−0.101%	$42K	$37K	10x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.00	−0.076%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.03	−0.067%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.06	−0.059%	$25K	—	10x	as long as short
Bybit GOOGLUSDTlong	+0.0108%	8h	357.27	long leg	$11.5M	$7.9M	100x
Phoenix GOOGL	+0.0112%	1h	357.11	−0.045%	$137K	$36K	20x	as long as short
BloFin GOOGL-USDT	+0.0119%	8h	357.22	−0.014%	$690K	$236K	20x	as long as short
Lighter GOOGL	+0.0136%	1h	357.17	−0.028%	$2.0M	$1.3M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	+0.0142%	1h	357.07	−0.056%	$24K	$157K	10x	as long as short
edgeX GOOGLUSDC	+0.0249%	4h	357.08	−0.054%	$208K	$1.2M	10x	as long as short