Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.012%

Price spread now: OKX against Injective+4.419%88s7-day average — · you sell dearer than you buy

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−1.017%−$102 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 4.419% dearer against Injective than usual: you sell high and buy low: +$442 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −1.017%, so the current rate has only just turned in your favour. The two prices were read 88 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	Injective LINK/USDC PERP	12.400	0.0033	pay 0.0004% / 1h	19m 46s	$4K	$48K	12x
Short	OKX LINK-USDT-SWAP	12.948	0.0100	get 0.0100% / 8h	4h 19m	$27.3M	$81.2M	50x

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 +4.419%Rate

Funding earned: $14
Price spread: +4.419% → 0.000%: $441.94
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: $445.92
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, 4 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, 4 min ago	0.39 bp	8.3 bp −$8	15.5 bp −$155	32.4 bp −$3,235	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.

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	12.946	+4.407%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.951	+4.441%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.947	+4.408%	$159K	—	150x	as long as short
Injective LINK/USDC PERPlong	+0.0033%	1h	12.400	long leg	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0057%	8h	12.944	+4.387%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.947	+4.415%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.955	+4.476%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.961	+4.523%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	+4.475%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.950	+4.440%	$391K	$310K	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	12.950	+4.438%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.956	+4.484%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.951	+4.444%	$119.9M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.946	+4.403%	$83.5M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.948	+4.419%	$27.3M	$81.2M	50x
Arcus LINK-USD	+0.0100%	1h	12.969	+4.589%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.945	+4.395%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.950	+4.435%	$32.8M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.951	+4.444%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.947	+4.411%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.950	+4.435%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.953	+4.460%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.939	+4.348%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	+4.515%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.961	+4.524%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.975	+4.637%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.950	+4.435%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.943	+4.381%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.967	+4.576%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.946	+4.403%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.907	+4.090%	$633K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.946	+4.400%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	+4.423%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0129%	1h	12.951	+4.440%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.949	+4.427%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0372%	1h	12.964	+4.548%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.941	+4.365%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	+4.434%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0427%	1h	12.954	+4.467%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0533%	8h	12.961	+4.524%	$20.0M	$11.4M	50x	as long as short