Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.015%

Price spread now: OKX against Injective−0.266%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$170.165% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)+0.302%+$30 · spread now −0.266%, 7d avg −0.017%

Together, before fees+0.310%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.250% cheaper against Injective than usual: you would sell low and buy high (spread −0.266% now, against its 7-day average of −0.017%). If the spread goes back, that is −$25 on $10k: about 11 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.008% in total) that is about 7 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,616	0.0023	pay 0.0003% / 1h	39m 05s	$333K	$26.9M	52x
Short	OKX BTC-USDT-SWAP	86,385.2	0.0100	get 0.0100% / 8h	7h 39m	$2.56B	$12.53B	100x

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 −0.266%Rate

Funding earned: $16.18
Price spread: −0.266% → −0.017%: −$24.97
Slippage, 4 orders: −$6.48
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$25.3
Costs to cover: 0.165%
Break-even: 17.9 days

Slippage from Injective: live order book, 5 min ago; OKX: live order book, 5 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, 5 min ago	2.31 bp	3.0 bp −$3	11.2 bp −$112	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	6.2 bp −$3,099

BTC on 56 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
Phoenix BTC	−0.0129%	1h	86,448	−0.194%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,422	−0.224%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,397.5	−0.252%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,435.6	−0.208%	$499K	$21.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,397.7	−0.252%	$903.6M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,402.9	−0.246%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,370.1	−0.284%	$500.9M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	86,402.9	−0.246%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERPlong	+0.0023%	1h	86,616	long leg	$333K	$26.9M	52x
Phemex BTCUSDT	+0.0033%	8h	86,356.4	−0.300%	$153.5M	$475.3M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0037%	8h	86,376.4	−0.277%	$830.9M	$723.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,390.8	−0.260%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0049%	8h	86,370.9	−0.283%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,410.3	−0.237%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,358.8	−0.297%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,360	−0.296%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	86,370.5	−0.283%	$9.40B	$24.37B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,349.2	−0.308%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,370.6	−0.283%	$170.2M	$984.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,367	−0.287%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,387	−0.264%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,369	−0.285%	$201K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.9	−0.208%	$4.6M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,419.3	−0.227%	$21.9M	$229.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,425	−0.221%	$3.79B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,459	−0.181%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,377.6	−0.275%	$5.25B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	86,385.2	−0.266%	$2.56B	$12.53B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,433	−0.211%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,431.1	−0.213%	$7.2M	$95.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,373.3	−0.280%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,355.4	−0.301%	$37.5M	$155.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.305%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,362.3	−0.293%	$278.9M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	−0.170%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,361.6	−0.294%	$141.6M	$322.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	−0.245%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,442.5	−0.200%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,395	−0.255%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,390	−0.261%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,372.7	−0.281%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,405.1	−0.243%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.2	−0.253%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	−0.293%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,360	−0.296%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350	−0.307%	$2.29B	$963.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.323%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,342.3	−0.316%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,414.7	−0.232%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,397.8	−0.252%	$132.2M	$5.46B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,384.1	−0.268%	$192.1M	$943.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,435.3	−0.209%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,418.2	−0.228%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,346.7	−0.311%	$415.9M	$648.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,402.4	−0.247%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,430	−0.215%	$9.9M	$762.4M	6.4x	as long as short