Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1756%/8h= −192.3% APRpaid last 24h −0.150%

Price spread now: Injective against OKX−0.317%98s7-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 7 days−1.278%−$128 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 −$53 a day on $10k at the current rate, and Injective is 0.317% cheaper against OKX than usual: you would sell low and buy high (−$32 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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 OP-USDT-SWAP	0.1260	0.0100	pay 0.0100% / 8h	7h 31m	$6.1M	$29.9M	50x
Short	Injective OP/USDC PERP	0.1256	−0.1656	pay 0.0207% / 1h	31m 43s	$35K	$58K	12x

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 −0.317%Rate

Funding earned: −$368.86
Price spread: −0.317% → 0.000%: −$31.75
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: −$410.63
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 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, 2 min ago	0.40 bp	11.4 bp −$11	30.9 bp −$309	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.

OP on 30 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
Injective OP/USDC PERPshort	−0.1656%	1h	0.1256	−0.317%	$35K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1259	−0.048%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1259	−0.079%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1261	+0.048%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	0.000%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1260	−0.019%	—	—	150x	as long as short
Bybit OPUSDT	+0.0030%	8h	0.1260	−0.032%	$18.3M	$25.9M	75x	as long as short
Variational Omni OP	+0.0048%	8h	0.1261	+0.092%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1259	−0.079%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1261	+0.071%	$283K	$948K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1261	+0.071%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	+0.046%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	+0.032%	$20.4M	$62.0M	75x	as long as short
OKX OP-USDT-SWAPlong	+0.0100%	8h	0.1260	long leg	$6.1M	$29.9M	50x
Gate OP_USDT	+0.0100%	8h	0.1260	+0.040%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1259	−0.071%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	0.000%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1260	0.000%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1260	−0.032%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1259	−0.103%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1261	+0.068%	$4K	$391K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1261	+0.063%	$314K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.317%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1259	−0.056%	$179	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	+0.024%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.056%	$101K	$424K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.040%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.056%	$1.0M	$275K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0385%	1h	0.1261	+0.052%	$795K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1259	−0.084%	$700	—	20x	as long as short