Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against HTX−4.730%65s7-day average — · you buy dearer than you sell

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.951%+$95 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 4.730% cheaper against HTX than usual: you would sell low and buy high (−$473 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 +0.951%, so the current rate has only just turned against you. The two prices were read 65 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	HTX LINK-USDT	13.016	0.0100	pay 0.0100% / 8h	5h 31m	$642K	$688K	75x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	31m 31s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −4.730%Rate

Funding earned: −$14
Price spread: −4.730% → 0.000%: −$473.04
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$499.06
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 32 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 HTX live order book, 32 min ago	23.83 bp	30.8 bp −$31	79.9 bp −$799	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.

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 −0.0090% / S +0.0167%	1h	13.027	+0.087%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.034	+0.144%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.027	+0.089%	$160K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.730%	$4K	$48K	12x
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.036	+0.156%	$940K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0065%	8h	13.022	+0.048%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.030	+0.106%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.016	+0.003%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.030	+0.107%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.028	+0.095%	$396K	$315K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.031	+0.120%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.030	+0.110%	$275K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.035	+0.148%	$120.2M	$295.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.034	+0.141%	$84.2M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.033	+0.133%	$27.5M	$82.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.044	+0.217%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.029	+0.102%	$128.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.030	+0.110%	$32.1M	$57.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.032	+0.125%	$23.1M	$13.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.030	+0.110%	$54.2M	$30.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.028	+0.095%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.028	+0.095%	$344K	$379K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.994	−0.167%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.018	+0.015%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.023	+0.057%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.005	−0.082%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.042	+0.202%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.022	+0.047%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.043	+0.207%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.024	+0.064%	$23K	$53K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	13.016	long leg	$642K	$688K	75x
Extended LINK-USD	+0.0104%	1h	13.026	+0.077%	$659K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.024	+0.065%	$546K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.025	+0.071%	$5.3M	$15.8M	75x	as long as short
dYdX LINK-USD	+0.0341%	1h	13.030	+0.111%	$345K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.030	+0.109%	$4K	—	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0418%	1h	13.029	+0.101%	$774K	$183K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0553%	1h	13.026	+0.079%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0599%	8h	13.041	+0.194%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0648%	1h	13.049	+0.256%	$81.8M	$27.1M	10x	as long as short