Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1705%/8h= −186.7% APRpaid last 24h −0.501%

Price spread now: Injective against Phemex−0.320%7-day average −0.439% · you buy dearer than you sell

Net, funding: paid 7d − costs−$475as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1291.288% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.464%−$346 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.320%, 7d avg −0.439%

Together, before fees−3.500%−$350 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.119% dearer against Phemex than usual: you sell high and buy low (spread −0.320% now, against its 7-day average of −0.439%): +$12 on $10k if it goes back. Holding the pair costs −$51 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ARBUSDT	0.2190	0.0100	pay 0.0100% / 8h	7h 32m	$4.8M	$12.8M	50x
Short	Injective ARB/USDC PERP	0.2183	−0.1605	pay 0.0201% / 1h	32m 53s	$39K	$372K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now −0.320%Rate

Funding earned: −$358.01
Price spread: −0.320% → −0.439%: $11.92
Slippage, 4 orders: −$116.8
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$474.9
Costs to cover: 1.288%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Injective: live order book, 1 min ago.

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 Phemex live order book, 6 min ago	4.56 bp	15.1 bp −$15	32.9 bp −$329	doesn't fit	doesn't fit
Sell Injective live order book, 1 min ago	50.23 bp	50.2 bp −$50	doesn't fit	doesn't fit	doesn't fit

ARB on 36 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 ARB/USDC PERPshort	−0.1605%	1h	0.2183	−0.320%	$39K	$372K	12x
SoDEX ARB-USD	−0.0238%	1h	0.2188	−0.114%	$9K	$2.3M	5x	as long as short
Gate ARB_USDT	−0.0197%	8h	0.2188	−0.100%	$5.4M	$18.1M	60x	as long as short
Kraken Futures PF_ARBUSD	−0.0169%	1h	0.2188	−0.076%	$1.1M	$4.2M	50x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0115%	1h	0.2188	−0.087%	$28K	$38K	25x	as long as short
OKX ARB-USDT-SWAP	−0.0091%	8h	0.2187	−0.119%	$22.2M	$145.2M	50x	as long as short
MEXC ARB_USDT	−0.0088%	8h	0.2188	−0.110%	$43.4M	$63.0M	200x	as long as short
01 Exchange ARBUSD	−0.0056%	1h	0.2186	−0.174%	$7K	$223	10x	as long as short
Bybit ARBUSDT	−0.0049%	8h	0.2187	−0.119%	$53.2M	$125.7M	50x	as long as short
Orderly PERP_ARB_USDC	−0.0039%	8h	0.2187	−0.137%	$16K	$414K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ARB-USD	0.0000%	1h	0.2189	−0.044%	$64K	$4K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0006%	1h	0.2189	−0.025%	$73K	—	150x	as long as short
Extended ARB-USD	+0.0016%	1h	0.2187	−0.139%	$361K	$3.1M	25x	as long as short
Binance ARBUSDT	+0.0018%	8h	0.2188	−0.108%	$63.2M	$298.8M	75x	as long as short
Variational Omni ARB	+0.0028%	8h	0.2193	+0.132%	$1.8M	$3.0M	—	as long as short
Bitget ARBUSDT	+0.0068%	8h	0.2188	−0.091%	$21.0M	$34.6M	50x	as long as short
BloFin ARB-USDT	+0.0071%	8h	0.2187	−0.119%	$3.0M	$2.3M	75x	as long as short
BingX ARB-USDT	+0.0072%	8h	0.2188	−0.105%	—	$32.8M	—	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2183	−0.315%	$138K	$7K	3x	as long as short
Lighter ARB	+0.0096%	1h	0.2189	−0.050%	$1.3M	$5.5M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2190	+0.018%	$37.0M	$50.2M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2188	−0.074%	$627K	$1.7M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2189	−0.050%	$43K	$145K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2189	−0.050%	$19.4M	$13.8M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2194	+0.161%	$40K	$467K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2196	+0.270%	$475K	$3.6M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2196	+0.274%	$119K	$267K	50x	as long as short
Polymarket Perps ARB-USD	+0.0100%	1h	0.2188	−0.091%	$73K	$2.1M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2187	−0.137%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2190	0.000%	$294K	$835K	50x	as long as short
Phemex ARBUSDTlong	+0.0100%	8h	0.2190	long leg	$4.8M	$12.8M	50x
RISEx ARB/USDC	+0.0123%	1h	0.2187	−0.137%	$529K	$2.7M	10x	as long as short
Backpack ARB_USDC_PERP	+0.0168%	1h	0.2190	0.000%	$978K	$2.8M	20x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0276% / S −0.0158%	1h	0.2187	−0.117%	$825K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0288%	1h	0.2192	+0.102%	$2K	$695	20x	as long as short
Coinbase International ARB-PERP-INTX	+0.0336%	1h	0.2197	+0.338%	$527K	$1.5M	50x	as long as short