Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against OKX−3.236%108s7-day average — · you buy dearer than you sell

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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 3.236% cheaper against OKX than usual: you would sell low and buy high (−$324 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 108 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 NOT-USDT-SWAP	0.0005037	0.0100	pay 0.0050% / 4h	1h 03m	$641K	$659K	20x
Short	Injective NOT/USDC PERP	0.0004874	0.0033	get 0.0004% / 1h	3m 33s	$1K	$13K	5.5x

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 −3.236%Rate

Funding earned: −$14
Price spread: −3.236% → 0.000%: −$323.61
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$347.63
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 37 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 OKX live order book, 37 min ago	2.98 bp	43.7 bp −$44	doesn't fit	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.

NOT on 16 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
Variational Omni NOT	+0.0014%	4h	0.0005035	−0.047%	$72K	$38K	—	as long as short
Injective NOT/USDC PERPshort	+0.0033%	1h	0.0004874	−3.236%	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005048	+0.226%	$11K	$6K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005040	+0.060%	$339K	$64K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005040	+0.064%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005035	−0.040%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005031	−0.119%	$2.1M	$821K	25x	as long as short
OKX NOT-USDT-SWAPlong	+0.0100%	4h	0.0005037	long leg	$641K	$659K	20x
Gate NOT_USDT	+0.0100%	4h	0.0005040	+0.060%	$139K	$57K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005036	−0.020%	$1.4M	$462K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0005034	−0.060%	$481K	$131K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005041	+0.079%	$676K	$453K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005038	+0.020%	—	$8.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005034	−0.066%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0117%	4h	0.0005042	+0.099%	$109K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1942%	1h	0.0005037	−0.009%	$49K	$7K	10x	as long as short