Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.007%

Price spread now: Bybit against Injective+1.304%98s7-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 +$2 a day on $10k at the current rate, and Bybit is 1.304% dearer against Injective than usual: you sell high and buy low: +$130 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 98 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 AR/USDC PERP	4.5720	0.0033	pay 0.0004% / 1h	59m 43s	$3K	$339	5.5x
Short	Bybit ARUSDT	4.6316	0.0100	get 0.0100% / 8h	7h 59m	$4.6M	$8.8M	75x

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 +1.304%Rate

Funding earned: $14
Price spread: +1.304% → 0.000%: $130.36
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: $133.34
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 8 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, 8 min ago	3.25 bp	33.8 bp −$34	138.0 bp −$1,380	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.

AR 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
Kraken Futures PF_ARUSD	−0.1943%	1h	4.6321	+1.314%	$53K	$163K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.6410	+1.509%	$595K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0100%	8h	4.6280	+1.225%	$2.4M	$21.1M	20x	as long as short
Binance ARUSDT	+0.0008%	8h	4.6360	+1.401%	$9.3M	$55.5M	75x	as long as short
Extended AR-USD	+0.0008%	1h	4.6330	+1.335%	$38K	$237K	10x	as long as short
MEXC AR_USDT	+0.0008%	8h	4.6360	+1.400%	$6.8M	$4.4M	100x	as long as short
Injective AR/USDC PERPlong	+0.0033%	1h	4.5720	long leg	$3K	$339	5.5x
BloFin AR-USDT	+0.0034%	8h	4.6290	+1.247%	$440K	$628K	20x	as long as short
Hyperliquid AR	+0.0100%	1h	4.6448	+1.592%	$4.3M	$4.9M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.6340	+1.356%	$20K	$606K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDTshort	+0.0100%	8h	4.6316	+1.304%	$4.6M	$8.8M	75x
Gate AR_USDT	+0.0100%	8h	4.6360	+1.400%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.6340	+1.356%	$1.5M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.6310	+1.290%	$4.0M	$5.7M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.6320	+1.312%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.6239	+1.135%	$144K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.6380	+1.444%	$23K	$764K	50x	as long as short