Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Injective against Bybit−0.796%58s7-day average — · you buy dearer than you sell

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

Long on Bybit 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 0.796% cheaper against Bybit than usual: you would sell low and buy high (−$80 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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 SMCIUSDT	41.480	0	get 0.0000% / 8h	5h 46m	$1.0M	$648K	25x
Short	Injective SMCI/USDC PERP	41.150	−0.0220	pay 0.0028% / 1h	46m 25s	$4K	$93	12x

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 −0.796%Rate

Funding earned: −$46.2
Price spread: −0.796% → 0.000%: −$79.56
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$136.78
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	4.82 bp	72.7 bp −$73	199.6 bp −$1,996	doesn't fit	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	41.150	−0.796%	$4K	$93	12x
Bybit SMCIUSDTlong	0.0000%	8h	41.480	long leg	$1.0M	$648K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	41.510	+0.072%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.500	+0.048%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.518	+0.092%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.510	+0.072%	$1.6M	$248K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.494	+0.034%	$32K	$5K	10x	as long as short
QFEX SMCI-USD	+0.0048%	1h	41.470	−0.024%	$1.1M	$2.2M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.490	+0.024%	$142	$3K	10x	as long as short
Variational Omni SMCI	+0.0066%	8h	41.532	+0.125%	$98K	$110K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.490	+0.024%	$462K	$498K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.500	+0.048%	$8K	$285K	10x	as long as short
BloFin SMCI-USDT	+0.0181%	8h	41.480	0.000%	—	$9K	20x	as long as short
GRVT SMCI_USDT_Perp	+0.0188%	8h	41.549	+0.167%	$587	$154K	10x	as long as short
Binance SMCIUSDT	+0.0191%	8h	41.502	+0.053%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0192%	1h	41.493	+0.031%	$580	$10K	10x	as long as short
Paragon para:SMCI	+0.1361%	1h	41.495	+0.035%	$159K	$265K	10x	as long as short