Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.012%

Price spread now: Bybit against Injective−1.001%68s7-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 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 −$1 a day on $10k at the current rate, and Bybit is 1.001% cheaper against Injective than usual: you would sell low and buy high (−$100 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 68 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 NOW/USDC PERP	139.80	0.0033	pay 0.0004% / 1h	26m 14s	$3K	$101	12x
Short	Bybit NOWUSDT	138.40	0.0014	get 0.0014% / 8h	7h 26m	$1.5M	$5.7M	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 −1.001%Rate

Funding earned: −$4.03
Price spread: −1.001% → 0.000%: −$100.14
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: −$115.19
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 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, 2 min ago	2.89 bp	33.9 bp −$34	146.2 bp −$1,462	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.

NOW 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
BloFin NOW-USDT	−0.0005%	8h	138.53	−0.908%	$45K	$17K	20x	as long as short
Aster NOWUSDT	0.0000%	8h	138.70	−0.789%	$41K	$995	20x	as long as short
OKX NOW-USDT-SWAP	0.0000%	8h	138.44	−0.973%	$500K	$210K	20x	as long as short
QFEX NOW-USD	0.0000%	1h	138.22	−1.130%	$1.1M	$2.1M	10x	as long as short
Gate NOW_USDT	0.0000%	8h	138.24	−1.116%	$245K	$377K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	138.39	−1.009%	$770K	$243K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	138.49	−0.937%	$830	$426K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	138.40	−1.001%	$5K	$28K	20x	as long as short
Bybit NOWUSDTshort	+0.0014%	8h	138.40	−1.001%	$1.5M	$5.7M	25x
Binance NOWUSDT	+0.0020%	8h	138.50	−0.928%	$1.8M	$1.5M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter NOW	+0.0032%	1h	138.40	−1.001%	$5K	$173	5x	as long as short
Injective NOW/USDC PERPlong	+0.0033%	1h	139.80	long leg	$3K	$101	12x
Vest NOW-USD-PERP	+0.0046%	1h	138.25	−1.109%	—	—	25x	as long as short
KuCoin NOWUSDTM	+0.0100%	8h	138.27	−1.094%	$317K	$663K	20x	as long as short
tradeXYZ xyz:NOW	+0.0220%	1h	138.26	−1.102%	$2.1M	$232K	10x	as long as short
GRVT NOW_USDT_Perp	+0.0648%	8h	138.51	−0.925%	$256	$163K	10x	as long as short