Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.025%

Price spread now: Bybit against Injective−0.008%108s7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.366% of the position

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 4 days (all we have)+0.035%+$3 · spread now −0.008%, 7d avg −0.029%

Together, before fees+0.095%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.021% dearer against Injective than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.029%. The two prices were read 108 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 GOOGL/USDC PERP	357.12	0.0033	pay 0.0004% / 1h	15m 33s	$128K	$45K	30x
Short	Bybit GOOGLUSDT	357.09	0.0137	get 0.0137% / 8h	1h 15m	$11.5M	$7.9M	100x

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 −0.008%Rate

Funding earned: $21.8
Price spread: −0.008% → −0.029%: $2.07
Slippage, 4 orders: −$25.56
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.71
Costs to cover: 0.366%
Break-even: 11.1 days

Slippage from Injective: live order book, 28 min ago; Bybit: live order book, 3 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 Injective live order book, 28 min ago	9.94 bp	10.0 bp −$10	10.0 bp −$100	57277.1 bp −$5.73M	326384.8 bp −$163.19M
Sell Bybit live order book, 3 min ago	0.14 bp	7.7 bp −$8	15.0 bp −$150	doesn't fit	doesn't fit

GOOGL 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
Coinbase International GOOGL-PERP-INTX	−0.0024%	1h	356.60	−0.146%	$511K	$1.1M	10x	as long as short
OKX GOOGL-USDT-SWAP	0.0000%	8h	357.04	−0.022%	$13.6M	$13.1M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	356.89	−0.064%	$3.6M	$7.5M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.05	−0.020%	$17.3M	$9.8M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	356.99	−0.036%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	356.98	−0.040%	$23K	$447K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.05	−0.020%	$1K	$4.0M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	356.90	−0.062%	$24K	$156K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.15	+0.008%	$115K	$211K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	357.09	−0.008%	$2.7M	$88K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado GOOGL-PERP	+0.0016%	1h	356.88	−0.066%	$549K	$92K	20x	as long as short
Aster GOOGLUSDT	+0.0017%	8h	357.15	+0.008%	$365K	$424K	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0018%	1h	356.86	−0.073%	$144K	$46K	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	356.99	−0.036%	$1.3M	$2.1M	20x	as long as short
Injective GOOGL/USDC PERPlong	+0.0033%	1h	357.12	long leg	$128K	$45K	30x
QFEX GOOGL-USD	+0.0038%	1h	356.96	−0.045%	$1.3M	$4.2M	10x	as long as short
Binance GOOGLUSDT	+0.0039%	8h	357.03	−0.025%	$72.0M	$143.7M	50x	as long as short
Extended GOOGL-USD	+0.0040%	1h	356.92	−0.056%	$423K	$1.2M	20x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	356.76	−0.101%	$207K	$279K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.15	+0.008%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	356.84	−0.078%	$98.1M	$21.4M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.75	−0.104%	$684K	$430K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	356.86	−0.073%	$150	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.67	−0.126%	$2.3M	$4.9M	15x	as long as short
Paradex GOOGL-USD-PERP	+0.0052%	8h	357.00	−0.035%	$293	$253	5x	as long as short
Hotstuff GOOGL-PERP	+0.0080%	1h	356.87	−0.070%	$33K	—	20x	as long as short
Phoenix GOOGL	+0.0090%	1h	356.88	−0.067%	$137K	$36K	20x	as long as short
KuCoin GOOGLUSDTM	+0.0096%	8h	356.59	−0.148%	$3.0M	$100K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	356.82	−0.083%	$42K	$39K	10x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	356.85	−0.076%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	356.88	−0.067%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	356.91	−0.058%	$25K	—	10x	as long as short
Lighter GOOGL	+0.0112%	1h	357.02	−0.028%	$2.0M	$1.3M	20x	as long as short
Bybit GOOGLUSDTshort	+0.0137%	8h	357.09	−0.008%	$11.5M	$7.9M	100x
BloFin GOOGL-USDT	+0.0160%	8h	357.04	−0.022%	$687K	$236K	20x	as long as short
edgeX GOOGLUSDC	+0.0593%	4h	356.99	−0.035%	$208K	$1.2M	10x	as long as short