Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Bybit against Injective+2.831%7-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 2.831% dearer against Injective than usual: you sell high and buy low: +$283 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	53m 03s	$1K	$13K	5.5x
Short	Bybit NOTUSDT	0.0005012	0.0100	get 0.0050% / 4h	3h 53m	$2.1M	$813K	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 +2.831%Rate

Funding earned: $14
Price spread: +2.831% → 0.000%: $283.14
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: $286.12
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	4.98 bp	40.0 bp −$40	210.5 bp −$2,105	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.

NOT on 16 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 NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005029	+3.184%	$11K	$6K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005020	+2.995%	$340K	$65K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005014	+2.866%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005019	+2.969%	$2.1M	$2.9M	50x	as long as short
Bybit NOTUSDTshort	+0.0100%	4h	0.0005012	+2.831%	$2.1M	$813K	25x
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005018	+2.954%	$643K	$650K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005019	+2.975%	$141K	$59K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005018	+2.954%	$1.3M	$452K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005017	+2.934%	$487K	$130K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NOTUSDT	+0.0100%	4h	0.0005024	+3.078%	$673K	$469K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005015	+2.893%	—	$8.3M	—	as long as short
Variational Omni NOT	+0.0100%	4h	0.0005016	+2.917%	$71K	$38K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005017	+2.941%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0149%	4h	0.0005013	+2.852%	$108K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1155%	1h	0.0005021	+3.011%	$49K	$5K	10x	as long as short