Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Injective against OKX+4.886%98s7-day average — · you sell dearer than you buy

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+0.144%+$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 4.886% dearer against OKX than usual: you sell high and buy low (spread +4.886% now, against zero (this spread has no 7-day history yet)): +$489 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8 months. Mind the row above: over the last 7 days funding on this pair paid +0.144%, 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 S-USDT-SWAP	0.03909	0.0100	pay 0.0050% / 4h	27m 45s	$979K	$4.9M	20x
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	27m 45s	$2K	$37K	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 +4.886%Rate

Funding earned: −$14
Price spread: +4.886% → 0.000%: $488.62
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: $464.6
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 5 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, 5 min ago	2.55 bp	38.4 bp −$38	doesn't fit	doesn't fit	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.

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
01 Exchange SUSD	−0.6080%	1h	0.03850	−1.509%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2131%	1h	0.03914	+0.125%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.123%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0995%	4h	0.03911	+0.052%	$608K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0202% / S +0.0195%	1h	0.03922	+0.333%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03917	+0.206%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03921	+0.314%	$604	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0005%	1h	0.03922	+0.333%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0029%	4h	0.03918	+0.230%	$100K	$340K	10x	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+4.886%	$2K	$37K	12x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03915	+0.153%	$164K	$217K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03916	+0.174%	$981K	$695K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03927	+0.461%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03910	+0.028%	$5.3M	$17.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03908	−0.026%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAPlong	+0.0100%	4h	0.03909	long leg	$979K	$4.9M	20x
Gate S_USDT	+0.0100%	4h	0.03917	+0.205%	$320K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03913	+0.102%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03915	+0.153%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03918	+0.230%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03914	+0.128%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03920	+0.281%	$114K	$312K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	+0.281%	$25K	$454K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03913	+0.103%	$220K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03916	+0.179%	$267K	$126K	75x	as long as short