Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h +0.076%

Price spread now: Injective against Bybit−3.322%78s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Injective

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 against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 3.322% cheaper against Bybit than usual: you would sell low and buy high (−$332 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	Bybit CRWDUSDT	248.91	0	get 0.0000% / 8h	5h 52m	$1.1M	$529K	25x
Short	Injective CRWD/USDC PERP	240.64	−0.0220	pay 0.0028% / 1h	52m 04s	$21K	$20K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −3.322%Rate

Funding earned: −$46.2
Price spread: −3.322% → 0.000%: −$332.25
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$389.47
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Injective: no order-book sample. 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 Bybit live order book, 4 min ago	4.22 bp	121.4 bp −$121	209.2 bp −$2,092	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

CRWD 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 CRWD/USDC PERPshort	−0.0220%	1h	240.64	−3.322%	$21K	$20K	12x
Aster CRWDUSDT	0.0000%	8h	249.00	+0.035%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	249.09	+0.072%	$2.4M	$6.7M	25x	as long as short
Bybit CRWDUSDTlong	0.0000%	8h	248.91	long leg	$1.1M	$529K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	249.14	+0.092%	$615K	$615K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	249.01	+0.040%	$292K	$416K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	249.06	+0.060%	$67K	$60K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	249.17	+0.104%	$698	$112K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	249.05	+0.056%	$2K	$1.2M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	249.22	+0.125%	$6K	$7K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDT	0.0000%	8h	249.15	+0.096%	$1.5M	$191K	10x	as long as short
QFEX CRWD-USD	+0.0046%	1h	248.96	+0.020%	$1.2M	$2.8M	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	248.87	−0.018%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	248.92	+0.004%	$867K	$627K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	248.98	+0.028%	$34K	$454K	20x	as long as short
Phoenix CRWD	+0.0289%	1h	249.02	+0.044%	$8	$106K	10x	as long as short
Paragon para:CRWD	+0.0346%	1h	248.66	−0.098%	$84K	$108K	10x	as long as short