Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Bybit against Injective+1.046%78s7-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 +$7 a day on $10k at the current rate, and Bybit is 1.046% dearer against Injective than usual: you sell high and buy low: +$105 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 78 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 SMCI/USDC PERP	41.110	−0.0220	get 0.0028% / 1h	36m 00s	$4K	$92	12x
Short	Bybit SMCIUSDT	41.540	0	get 0.0000% / 8h	4h 36m	$1.0M	$648K	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 +1.046%Rate

Funding earned: $46.2
Price spread: +1.046% → 0.000%: $104.6
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: $139.78
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	3.61 bp	78.8 bp −$79	210.7 bp −$2,107	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.

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 PERPlong	−0.0220%	1h	41.110	long leg	$4K	$92	12x
Bybit SMCIUSDTshort	0.0000%	8h	41.540	+1.046%	$1.0M	$648K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	41.580	+1.143%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.560	+1.095%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.526	+1.012%	$1.3M	$504K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.600	+1.192%	$1.6M	$249K	10x	as long as short
QFEX SMCI-USD	+0.0021%	1h	41.590	+1.168%	$1.1M	$1.9M	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.584	+1.153%	$32K	$5K	10x	as long as short
Variational Omni SMCI	+0.0042%	8h	41.603	+1.199%	$98K	$110K	—	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.580	+1.143%	$146	$3K	10x	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	41.570	+1.119%	$465K	$477K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.620	+1.241%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0122%	8h	41.590	+1.168%	$114	$158K	10x	as long as short
BloFin SMCI-USDT	+0.0153%	8h	41.580	+1.143%	$80K	$9K	20x	as long as short
Extended SMCI-USD	+0.0168%	1h	41.599	+1.190%	$580	$10K	10x	as long as short
Binance SMCIUSDT	+0.0168%	8h	41.610	+1.216%	$3.4M	$5.2M	20x	as long as short
Paragon para:SMCI	+0.1056%	1h	41.537	+1.038%	$159K	$265K	10x	as long as short