Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.014%

Price spread now: Injective against OKX+0.225%98s7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.152% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.273%−$27 · spread now +0.225%, 7d avg +0.016%

Together, before fees−0.274%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.209% dearer against OKX than usual: you sell high and buy low (spread +0.225% now, against its 7-day average of +0.016%): +$21 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9.1 days. At the pace of the last 7 days (−0.001% in total) that is about years. 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 BTC-USDT-SWAP	86,364.6	0.0100	pay 0.0100% / 8h	1h 13m	$2.53B	$12.71B	100x
Short	Injective BTC/USDC PERP	86,559	0.0024	get 0.0003% / 1h	13m 43s	$315K	$26.8M	52x

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 +0.225%Rate

Funding earned: −$15.99
Price spread: +0.225% → +0.016%: $20.88
Slippage, 4 orders: −$5.19
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$10.32
Costs to cover: 0.152%
Break-even: from the start

Slippage from OKX: live order book, 5 min ago; Injective: live order book, just now.

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	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.6 bp −$2,778
Sell Injective live order book, just now	2.14 bp	2.7 bp −$3	11.2 bp −$112	doesn't fit	doesn't fit

BTC on 56 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
Bluefin BTC-PERP	−0.0708%	1h	86,399.4	+0.040%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,402	+0.043%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,388	+0.027%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,365.8	+0.001%	$360K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,356.6	−0.009%	$503.4M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,410.1	+0.053%	$421K	$23.6M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,359.9	−0.005%	$850.9M	$712.2M	125x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,406.9	+0.049%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,398.9	+0.040%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,365.4	+0.001%	$8.4M	$42.8M	25x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0010%	1h	86,406.7	+0.049%	$918.1M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,367.4	+0.003%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0024%	1h	86,559	+0.225%	$315K	$26.8M	52x
Aftermath Perps BTCUSD	+0.0028%	1h	86,454.3	+0.104%	$81K	$218K	20x	as long as short
BingX BTC-USDT	+0.0036%	8h	86,357.6	−0.008%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,377.5	+0.015%	$150.0M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,349.1	−0.018%	$2.95B	$5.10B	150x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,361.7	−0.003%	$9.42B	$24.44B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,362.3	−0.003%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,364	−0.001%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,357.7	−0.008%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,365	0.000%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,371.5	+0.008%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,385.2	+0.024%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,379	+0.017%	$8.5M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,339	−0.030%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,399.2	+0.040%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,394	+0.034%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,439	+0.086%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,400.2	+0.041%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	86,364.6	long leg	$2.53B	$12.71B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,365	0.000%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,419	+0.063%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.155%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365	0.000%	$37.8M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.035%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,426.9	+0.072%	$279.3M	$949.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.2	+0.062%	$217.1M	$176.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,418.4	+0.062%	$141.3M	$323.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	+0.018%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,432.2	+0.078%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,377	+0.014%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,380	+0.018%	$189K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,382.9	+0.021%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,379.3	+0.017%	$30.6M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,372	+0.009%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,370	+0.006%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,374.1	+0.011%	$2.29B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,332.3	−0.037%	$45.5M	$226.2M	50x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	86,421.2	+0.066%	$719K	$8.1M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,400	+0.041%	—	$98.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,410.3	+0.053%	$131.3M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,393.9	+0.034%	$191.1M	$943.9M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,397	+0.038%	$414.4M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0186% / S −0.0212%	1h	86,388.8	+0.028%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,409	+0.051%	$9.7M	$734.4M	6.4x	as long as short