Funding arb · Price arb /

LINK

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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 −0.012%

Price spread now: Injective against OKX−4.959%98s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.027%+$103 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 −$2 a day on $10k at the current rate, and Injective is 4.959% cheaper against OKX than usual: you would sell low and buy high (−$496 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.027%, so the current rate has only just turned against you. The two prices were read 98 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	OKX LINK-USDT-SWAP	13.047	0.0100	pay 0.0100% / 8h	2h 51m	$27.6M	$84.6M	50x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	51m 43s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −4.959%Rate

Funding earned: −$14
Price spread: −4.959% → 0.000%: −$495.9
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$519.92
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 min ago; Injective: no order-book sample. 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 OKX live order book, 2 min ago	0.38 bp	11.0 bp −$11	15.3 bp −$153	32.2 bp −$3,217	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

LINK on 40 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 LINK/USD [LINK-USDC]	L −0.0091% / S +0.0166%	1h	13.086	+0.296%	$1.7M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.067	+0.153%	$346K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.080	+0.254%	$455K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.081	+0.258%	$697K	$107K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.087	+0.307%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.127	+0.617%	$3K	$84K	10x	as long as short
Variational Omni LINK	+0.0031%	8h	13.109	+0.479%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.959%	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0056%	8h	13.069	+0.169%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.067	+0.154%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.046	−0.009%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.078	+0.238%	$399K	$316K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.080	+0.253%	$77.9M	$23.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.075	+0.215%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.061	+0.104%	$274K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.058	+0.086%	$120.8M	$300.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.050	+0.023%	$84.2M	$69.4M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	13.047	long leg	$27.6M	$84.6M	50x
Arcus LINK-USD	+0.0100%	1h	13.081	+0.261%	$183K	$170K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.059	+0.092%	$130.2M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.049	+0.015%	$35.2M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.066	+0.146%	$21.9M	$16.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.052	+0.038%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.052	+0.038%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.082	+0.268%	$362K	$370K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.117	+0.534%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.133	+0.659%	$591K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.109	+0.475%	$153K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.082	+0.268%	$79K	$62K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.074	+0.208%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.094	+0.363%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.075	+0.215%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.078	+0.237%	$640K	$905K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.050	+0.022%	$665K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.078	+0.241%	$548K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.084	+0.284%	$987K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.090	+0.330%	$5.2M	$16.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.080	+0.256%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0507%	1h	13.084	+0.281%	$6.9M	$7.7M	50x	as long as short
Phemex LINKUSDT	+0.0511%	8h	13.092	+0.345%	$20.2M	$11.5M	50x	as long as short