Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0426%/8h= −46.7% APRpaid last 24h −0.004%

Price spread now: Bybit against Injective−0.496%88s7-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−0.049%−$5 on $10k

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 −$13 a day on $10k at the current rate, and Bybit is 0.496% cheaper against Injective than usual: you would sell low and buy high (−$50 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.049% in total (about -2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SPCX/USDC PERP	153.19	0.0440	pay 0.0055% / 1h	21m 54s	$9K	$28K	5.5x
Short	Bybit SPCXUSDT	152.43	0.0014	get 0.0014% / 8h	3h 21m	$30.6M	$42.7M	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 −0.496%Rate

Funding earned: −$89.53
Price spread: −0.496% → 0.000%: −$49.61
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: −$150.16
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	0.66 bp	8.7 bp −$9	10.4 bp −$104	49.5 bp −$4,945	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.

SPCX on 39 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
GMX SPCX/USD [ETH-USDC]	L −0.0265% / S +0.0494%	1h	152.29	−0.584%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.41	−0.509%	$96.2M	$31.5M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.47	−0.470%	$31.3M	$65.8M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+12.626%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.43	−0.496%	$300K	$2.9M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.62	−0.372%	$8K	$920K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.38	−0.529%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDTshort	+0.0014%	8h	152.43	−0.496%	$30.6M	$42.7M	100x
BloFin SPCX-USDT	+0.0027%	8h	152.40	−0.516%	$1.9M	$1.3M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0031%	1h	152.37	−0.536%	$7K	$8K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SPCX	+0.0032%	1h	152.33	−0.561%	$2.5M	$7.4M	20x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.36	−0.542%	$105K	$297K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.36	−0.542%	—	$1.2M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0050%	1h	152.32	−0.568%	$495K	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.37	−0.535%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.43	−0.496%	$532K	$392K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.15	−0.679%	$3.2M	$2.4M	10x	as long as short
QFEX SPCX-USD	+0.0050%	1h	152.34	−0.555%	$1.2M	$5.7M	10x	as long as short
Paradex SPCX-USD-PERP	+0.0054%	8h	152.35	−0.549%	$101	—	5x	as long as short
Lighter SPCX	+0.0096%	1h	152.37	−0.535%	$1.6M	$7.4M	20x	as long as short
Pacifica SPCX	+0.0100%	1h	152.27	−0.601%	$168K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.36	−0.542%	$13.0M	$5.4M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.61	−0.379%	$58K	$271K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.34	−0.555%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.35	−0.551%	$88	—	10x	as long as short
Variational Omni SPCX	+0.0141%	8h	152.53	−0.433%	$6.0M	$2.9M	—	as long as short
Extended SPCX-USD	+0.0144%	1h	152.39	−0.523%	$732K	$3.8M	10x	as long as short
Binance SPCXUSDT	+0.0146%	8h	152.45	−0.484%	$249.7M	$1.36B	75x	as long as short
OKX SPCX-USDT-SWAP	+0.0146%	8h	152.47	−0.470%	$39.4M	$166.3M	75x	as long as short
tradeXYZ xyz:SPCX	+0.0149%	1h	152.31	−0.574%	$131.6M	$127.9M	20x	as long as short
Nado SPCX-PERP	+0.0210%	1h	152.32	−0.567%	$613K	$802K	20x	as long as short
RISEx SPCX/USDC	+0.0217%	1h	152.43	−0.499%	$408K	$517K	20x	as long as short
Bullet SPCX-USD	+0.0218%	1h	152.41	−0.509%	$12K	$192K	10x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0248%	1h	152.44	−0.490%	$739K	$931K	10x	as long as short
Phoenix SPCX	+0.0261%	1h	152.43	−0.496%	$443K	$264K	15x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0407%	1h	152.39	−0.522%	$86K	$1.2M	10x	as long as short
Aster SPCXUSD1	+0.0421%	8h	152.51	−0.444%	$18.9M	$24.0M	20x	as long as short
Injective SPCX/USDC PERPlong	+0.0440%	1h	153.19	long leg	$9K	$28K	5.5x
edgeX SPCXUSDC	+0.0639%	4h	152.56	−0.410%	$1.7M	$891K	20x	as long as short