Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.041%

Price spread now: OKX against Injective−2.165%48s7-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 OKX

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

Funding pays, the price is against you. OKX is 2.165% cheaper against Injective than usual: you would sell low and buy high (spread −2.165% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$217 on $10k: about 4 months of funding at the current rate (+$2 a day). The two prices were read 48 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 AR/USDC PERP	4.5720	0.0033	pay 0.0004% / 1h	34m 32s	$3K	$363	5.5x
Short	OKX AR-USDT-SWAP	4.4730	0.0100	get 0.0100% / 8h	2h 34m	$2.2M	$20.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −2.165%Rate

Funding earned: $14
Price spread: −2.165% → 0.000%: −$216.54
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$212.56
Costs to cover: 0.100%
Break-even: 113.3 days

Slippage unknown: Injective: no order-book sample; OKX: live order book, 4 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 OKX live order book, 4 min ago	2.24 bp	18.7 bp −$19	109.0 bp −$1,090	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.

AR 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
Kraken Futures PF_ARUSD	−0.1999%	1h	4.4875	−1.849%	$46K	$155K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.4783	−2.050%	$575K	—	50x	as long as short
Injective AR/USDC PERPlong	+0.0033%	1h	4.5720	long leg	$3K	$363	5.5x
Hyperliquid AR	+0.0100%	1h	4.4856	−1.890%	$3.8M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4760	−2.100%	$20K	$626K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4780	−2.056%	$8.8M	$56.4M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4790	−2.034%	$4.6M	$8.9M	75x	as long as short
OKX AR-USDT-SWAPshort	+0.0100%	8h	4.4730	−2.165%	$2.2M	$20.7M	20x
Gate AR_USDT	+0.0100%	8h	4.4770	−2.078%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4790	−2.034%	$6.7M	$4.8M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.4800	−2.012%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4740	−2.143%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4780	−2.056%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4723	−2.180%	$137K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4740	−2.143%	$57K	$748K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4785	−2.046%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4850	−1.903%	$421K	$670K	20x	as long as short