Funding arb · Price arb /

SPCX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0288%/8h= −31.5% APRpaid last 24h −0.010%

Price spread now: OKX against Injective−0.229%68s7-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−0.075%−$7 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 −$9 a day on $10k at the current rate, and OKX is 0.229% cheaper against Injective than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 68 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.075% in total (about -3.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SPCX/USDC PERP	152.77	0.0440	pay 0.0055% / 1h	6m 06s	$9K	$28K	5.5x
Short	OKX SPCX-USDT-SWAP	152.42	0.0152	get 0.0152% / 8h	1h 06m	$39.5M	$166.6M	75x

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 −0.229%Rate

Funding earned: −$60.48
Price spread: −0.229% → 0.000%: −$22.91
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: −$93.41
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; OKX: live order book, 3 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, 3 min ago	0.33 bp	5.8 bp −$6	7.0 bp −$70	17.5 bp −$1,751	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.

SPCX on 39 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 SPCX/USD [ETH-USDC]	L −0.0187% / S +0.0435%	1h	152.31	−0.304%	$90K	—	20x	as long as short
Gate SPCX_USDT	0.0000%	8h	152.38	−0.255%	$96.2M	$32.0M	100x	as long as short
Bitget SPCXUSDT	0.0000%	8h	152.42	−0.229%	$31.2M	$66.1M	75x	as long as short
GRVT SPCX_USDT_Perp	0.0000%	8h	172.53	+12.935%	$4K	$882	10x	as long as short
StandX SPCX-USD	0.0000%	1h	152.38	−0.255%	$300K	$2.7M	20x	as long as short
SunX SPCX-USDT	0.0000%	8h	152.61	−0.105%	$8K	$895K	10x	as long as short
HTX SPCX-USDT	0.0000%	8h	152.46	−0.203%	$1.3M	$1.8M	75x	as long as short
Bybit SPCXUSDT	+0.0014%	8h	152.39	−0.249%	$30.6M	$42.7M	100x	as long as short
BloFin SPCX-USDT	+0.0023%	8h	152.40	−0.242%	$1.9M	$1.2M	75x	as long as short
Aftermath Perps SPCXUSD	+0.0028%	1h	152.29	−0.313%	$7K	$8K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SPCX	+0.0032%	1h	152.32	−0.295%	$2.5M	$7.3M	20x	as long as short
QFEX SPCX-USD	+0.0038%	1h	152.36	−0.268%	$1.2M	$5.5M	10x	as long as short
Arcus SPCX-USD	+0.0040%	1h	152.31	−0.301%	$103K	$298K	5x	as long as short
Vest SPCX-USD-PERP	+0.0046%	1h	152.30	−0.308%	—	$1.2M	10x	as long as short
SoDEX SPCX-USD	+0.0050%	1h	152.36	−0.268%	$1.7M	$99K	20x	as long as short
Phemex SPCXUSDT	+0.0050%	8h	152.40	−0.242%	$530K	$377K	50x	as long as short
Ondo Perps SPCX-USD.P	+0.0050%	1h	152.22	−0.360%	$3.2M	$2.2M	10x	as long as short
RISEx SPCX/USDC	+0.0072%	1h	152.41	−0.232%	$392K	$507K	20x	as long as short
Pacifica SPCX	+0.0100%	1h	152.30	−0.308%	$168K	$120K	10x	as long as short
KuCoin SPCXUSDTM	+0.0100%	8h	152.24	−0.347%	$13.0M	$5.5M	20x	as long as short
ApeX Omni SPCXUSDT	+0.0100%	1h	152.40	−0.242%	$58K	$272K	50x	as long as short
Orderly PERP_SPCX_USDC_mythos	+0.0100%	8h	152.40	−0.242%	$14K	$7K	10x	as long as short
Aevo SPCX-PERP	+0.0104%	1h	152.39	−0.248%	$88	—	10x	as long as short
tradeXYZ xyz:SPCX	+0.0122%	1h	152.30	−0.308%	$130.1M	$129.0M	20x	as long as short
Variational Omni SPCX	+0.0126%	8h	152.36	−0.270%	$5.9M	$2.8M	—	as long as short
Paradex SPCX-USD-PERP	+0.0134%	8h	152.41	−0.238%	$101	—	5x	as long as short
Binance SPCXUSDT	+0.0144%	8h	152.40	−0.242%	$252.0M	$1.36B	75x	as long as short
Extended SPCX-USD	+0.0144%	1h	152.36	−0.266%	$724K	$3.6M	10x	as long as short
Polymarket Perps SPCX-USD	+0.0144%	1h	152.35	−0.275%	$487K	$1.2M	10x	as long as short
Lighter SPCX	+0.0152%	1h	152.34	−0.281%	$1.6M	$7.4M	20x	as long as short
OKX SPCX-USDT-SWAPshort	+0.0152%	8h	152.42	−0.229%	$39.5M	$166.6M	75x
edgeX SPCXUSDC	+0.0185%	4h	152.37	−0.261%	$1.7M	$891K	20x	as long as short
Coinbase International SPCX-PERP-INTX	+0.0192%	1h	152.28	−0.321%	$732K	$923K	10x	as long as short
Phoenix SPCX	+0.0210%	1h	152.36	−0.268%	$443K	$266K	15x	as long as short
Nado SPCX-PERP	+0.0266%	1h	152.25	−0.339%	$626K	$805K	20x	as long as short
Bullet SPCX-USD	+0.0304%	1h	152.40	−0.242%	$11K	$192K	10x	as long as short
Aster SPCXUSD1	+0.0406%	8h	152.49	−0.181%	$18.9M	$29.2M	20x	as long as short
Deribit SPCX_USDC-PERPETUAL	+0.0407%	1h	152.33	−0.288%	$90K	$1.3M	10x	as long as short
Injective SPCX/USDC PERPlong	+0.0440%	1h	152.77	long leg	$9K	$28K	5.5x