## Solution
Inserting y=0 yields the equation f(1)=(f(x)+f(0))/(f(x)−f(0)) for x=0, i.e.
f(x)(f(1)−1)=f(0)(f(1)+1)
From this follows f(1)=1 and therefore also f(0)=0, because otherwise f would be constant on R\{0}, i.e. not injective. Set y=−x=0, then follows
f(−x)=−f(x)∀x=0
If you set y=xz with z=1 and x=0, then on the one hand
f(x−xzx+xz)=f(x)−f(xz)f(x)+f(xz)
On the other hand
f(x−xzx+xz)=f(1−z1+z)=1−f(z)1+f(z)
A comparison of (3) and (4) now results for all z=1 and x=0 in the equation
f(xz)=f(x)f(z)
However, we already know that f(0)=0 and f(1)=1, so (5) is true for all real x,z. With x=z it further follows from (5) that f(x)≥0 for all x≥0. Since f is injective and f(0)=0, even f(x)>0 applies for all x>0. If x>y≥0, then (x+y)/(x−y)>0 applies and therefore the left-hand side of the original equation is positive, as is the right-hand side. This also applies to the numerator on the right, i.e. also to the denominator, i.e. f(x)>f(y), and therefore f is strictly monotonically increasing to R≥0. Together with (5), this implies that for x≥0 f(x)=xc with a positive constant c. Inserting this into the original equation (where x>y≥0 ) shows that c=1. Together with (2), this now gives the only solution
f(x)=x