Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.014%

Price spread now: Bybit against Injective−0.146%7-day average — · you buy dearer than you sell

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 7 days+0.060%+$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.146% cheaper against Injective than usual: you would sell low and buy high (spread −0.146% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 7.3 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.060% in total) that is about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	22m 46s	$2K	$37K	12x
Short	Bybit SUSDT	0.04094	0.0100	get 0.0050% / 4h	2h 22m	$5.8M	$4.7M	50x

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 −0.146%Rate

Funding earned: $14
Price spread: −0.146% → 0.000%: −$14.63
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: −$11.65
Costs to cover: 0.110%
Break-even: 12.8 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 5 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, 5 min ago	3.70 bp	28.6 bp −$29	80.5 bp −$805	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.

S on 24 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
01 Exchange SUSD	−0.8104%	1h	0.03940	−3.902%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.902%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1240%	1h	0.04086	−0.340%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0462%	4h	0.04064	−0.870%	$632K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04093	−0.168%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04088	−0.284%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04093	−0.171%	$69K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04094	−0.153%	$2K	—	150x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0047%	4h	0.04090	−0.244%	$103K	$331K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04103	+0.073%	$169K	$167K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04100	+0.007%	$1.0M	$570K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04093	−0.162%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04098	−0.049%	$5.7M	$14.9M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.04094	−0.146%	$5.8M	$4.7M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04098	−0.049%	$1.0M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04100	0.000%	$337K	$205K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04095	−0.122%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04094	−0.146%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04104	+0.098%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04098	−0.049%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04080	−0.488%	$26K	$444K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04096	−0.087%	$232K	$1.1M	10x	as long as short
Backpack S_USDC_PERP	+0.1023%	1h	0.04100	0.000%	$119K	$348K	5x	as long as short