Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0340%/8h= +37.3% APRpaid last 24h +0.006%

Price spread now: Bybit against Injective+0.901%88s7-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

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Bybit is 0.901% dearer against Injective than usual: you sell high and buy low: +$90 more if the spread goes back to zero (this spread has no 7-day history yet). 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 NOW/USDC PERP	139.80	0.0033	pay 0.0004% / 1h	37m 43s	$3K	$101	12x
Short	Bybit NOWUSDT	141.06	0.0374	get 0.0374% / 8h	7h 37m	$1.6M	$294K	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 +0.901%Rate

Funding earned: $71.48
Price spread: +0.901% → 0.000%: $90.13
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: $150.59
Costs to cover: 0.110%
Break-even: from the start

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	7.82 bp	42.2 bp −$42	177.3 bp −$1,773	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.

NOW on 16 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
OKX NOW-USDT-SWAP	0.0000%	8h	140.90	+0.787%	$514K	$237K	20x	as long as short
QFEX NOW-USD	0.0000%	1h	140.82	+0.730%	$1.1M	$1.5M	10x	as long as short
Gate NOW_USDT	0.0000%	8h	140.87	+0.765%	$256K	$308K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	140.84	+0.744%	$788K	$259K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	141.05	+0.894%	$1K	$305K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	141.14	+0.959%	$5K	$37K	20x	as long as short
Lighter NOW	+0.0032%	1h	140.92	+0.801%	$5K	$171	5x	as long as short
Injective NOW/USDC PERPlong	+0.0033%	1h	139.80	long leg	$3K	$101	12x
Vest NOW-USD-PERP	+0.0046%	1h	140.95	+0.823%	—	—	25x	as long as short
Aster NOWUSDT	+0.0092%	8h	141.40	+1.144%	$42K	$859	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOWUSDTM	+0.0100%	8h	140.85	+0.751%	$316K	$664K	20x	as long as short
Binance NOWUSDT	+0.0177%	8h	141.03	+0.880%	$1.9M	$1.5M	20x	as long as short
BloFin NOW-USDT	+0.0180%	8h	140.76	+0.687%	$46K	$18K	20x	as long as short
tradeXYZ xyz:NOW	+0.0320%	1h	140.93	+0.808%	$2.1M	$236K	10x	as long as short
Bybit NOWUSDTshort	+0.0374%	8h	141.06	+0.901%	$1.6M	$294K	25x
GRVT NOW_USDT_Perp	+0.0606%	8h	140.69	+0.637%	$165	$137K	10x	as long as short