Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0220%/8hpaid last 24h −0.098%

Price spread now: Injective against Binance−1.072%117s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Injective

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 against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 1.072% cheaper against Binance than usual: you would sell low and buy high (−$107 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 117 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	Binance SMCIUSDT	41.050	0	get 0.0000% / 8h	4h 21m	$3.4M	$5.7M	20x
Short	Injective SMCI/USDC PERP	40.610	−0.0220	pay 0.0028% / 1h	21m 18s	$4K	$99	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −1.072%Rate

Funding earned: −$46.2
Price spread: −1.072% → 0.000%: −$107.19
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$163.41
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 7 min ago; Injective: no order-book sample. 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 Binance live order book, 7 min ago	2.44 bp	12.8 bp −$13	54.2 bp −$542	173.2 bp −$17.3K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

SMCI on 17 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
Injective SMCI/USDC PERPshort	−0.0220%	1h	40.610	−1.072%	$4K	$99	12x
BloFin SMCI-USDT	−0.0025%	8h	40.950	−0.244%	$80K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	41.075	+0.060%	$573	$10K	10x	as long as short
Binance SMCIUSDTlong	0.0000%	8h	41.050	long leg	$3.4M	$5.7M	20x
Bybit SMCIUSDT	0.0000%	8h	41.000	−0.122%	$1.0M	$656K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.020	−0.073%	$693K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.030	−0.049%	$1.6M	$1.8M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.016	−0.083%	$1.3M	$579K	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.920	−0.317%	$67K	$368K	—	as long as short
GRVT SMCI_USDT_Perp	0.0000%	8h	40.970	−0.195%	$309	$151K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex SMCIUSDT	0.0000%	8h	40.970	−0.195%	$1.6M	$285K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.011	−0.095%	$32K	$7K	10x	as long as short
QFEX SMCI-USD	+0.0035%	1h	41.080	+0.073%	$1.1M	$2.0M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.980	−0.171%	$130	$3K	10x	as long as short
Paragon para:SMCI	+0.0060%	1h	40.980	−0.171%	$157K	$264K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.020	−0.073%	$459K	$552K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.990	−0.146%	$8K	$289K	10x	as long as short