Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.037%

Price spread now: OKX against Injective−4.049%7-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 7 days−0.144%−$14 on $10k

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 4.049% cheaper against Injective than usual: you would sell low and buy high (spread −4.049% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$405 on $10k: about 7 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.144%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	42m 46s	$2K	$37K	12x
Short	OKX S-USDT-SWAP	0.03934	0.0100	get 0.0050% / 4h	1h 42m	$982K	$6.5M	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 −4.049%Rate

Funding earned: $14
Price spread: −4.049% → 0.000%: −$404.88
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: −$400.9
Costs to cover: 0.100%
Break-even: 207.4 days

Slippage unknown: Injective: no order-book sample; OKX: live order book, 5 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, 5 min ago	1.27 bp	35.1 bp −$35	doesn't fit	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.

S on 25 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_SUSD	−0.1589%	1h	0.03933	−4.080%	$33K	$28K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−6.683%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0862%	4h	0.03922	−4.338%	$611K	$32K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0194% / S +0.0188%	1h	0.03936	−4.000%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03931	−4.111%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0024%	1h	0.03930	−4.146%	$24K	$2K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03936	−3.990%	$607	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03936	−4.000%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0023%	4h	0.03933	−4.073%	$100K	$348K	10x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0053%	4h	0.03934	−4.052%	$43K	$212K	10x	as long as short
Lighter S	+0.0096%	1h	0.03939	−3.927%	$165K	$222K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03936	−3.995%	$988K	$787K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03936	−4.002%	$5.4M	$20.5M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03931	−4.122%	$5.6M	$5.9M	50x	as long as short
OKX S-USDT-SWAPshort	+0.0100%	4h	0.03934	−4.049%	$982K	$6.5M	20x
Gate S_USDT	+0.0100%	4h	0.03926	−4.244%	$321K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03936	−4.000%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03930	−4.146%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03937	−3.976%	$1.2M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03934	−4.049%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−4.146%	$25K	$466K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03932	−4.090%	$221K	$881K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	−4.024%	$268K	$128K	75x	as long as short
Backpack S_USDC_PERP	+0.0385%	1h	0.03940	−3.902%	$115K	$300K	5x	as long as short