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 +0.012%

Price spread now: OKX against Injective+4.677%68s7-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 4.677% dearer against Injective than usual: you sell high and buy low: +$468 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 68 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	12m 12s	$4K	$48K	12x
Short	OKX LINK-USDT-SWAP	12.980	0.0100	get 0.0100% / 8h	5h 12m	$27.4M	$82.3M	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 +4.677%Rate

Funding earned: $14
Price spread: +4.677% → 0.000%: $467.74
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: $471.72
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, 2 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, 2 min ago	0.38 bp	8.9 bp −$9	14.0 bp −$140	25.6 bp −$2,556	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	12.988	+4.740%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.997	+4.811%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.987	+4.731%	$160K	—	150x	as long as short
Injective LINK/USDC PERPlong	+0.0033%	1h	12.400	long leg	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0064%	8h	12.984	+4.710%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.990	+4.758%	$962K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.985	+4.719%	$1.9M	$2.8M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0097%	1h	12.991	+4.769%	$772K	$175K	50x	as long as short
Phoenix LINK	+0.0098%	1h	13.026	+5.045%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.992	+4.776%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.986	+4.722%	$393K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.988	+4.745%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.996	+4.805%	$274K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.985	+4.719%	$120.0M	$296.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.980	+4.677%	$83.9M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.980	+4.677%	$27.4M	$82.3M	50x
Arcus LINK-USD	+0.0100%	1h	13.010	+4.919%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.984	+4.710%	$128.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.983	+4.702%	$32.4M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.988	+4.742%	$22.9M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.983	+4.702%	$54.0M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.983	+4.702%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.989	+4.750%	$344K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.038	+5.145%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.032	+5.093%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.034	+5.113%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.039	+5.153%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.995	+4.798%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.985	+4.719%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.006	+4.888%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.988	+4.742%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.986	+4.722%	$641K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.981	+4.686%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	+4.761%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.004	+4.871%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.983	+4.704%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0518%	1h	12.992	+4.773%	$344K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0555%	1h	12.990	+4.760%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0595%	8h	13.000	+4.839%	$20.1M	$11.4M	50x	as long as short
Hyperliquid LINK	+0.0651%	1h	13.001	+4.847%	$81.8M	$27.3M	10x	as long as short