Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.025%

Price spread now: Injective against OKX−0.210%7-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+0.927%+$93 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 −$2 a day on $10k at the current rate, and Injective is 0.210% cheaper against OKX than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.927%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7132	0.0100	pay 0.0050% / 4h	3h 02m	$2.8M	$9.8M	20x
Short	Injective VIRTUAL/USDC PERP	0.7117	0.0033	get 0.0004% / 1h	2m 49s	$46	$88K	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 −0.210%Rate

Funding earned: −$14
Price spread: −0.210% → 0.000%: −$21.03
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: −$45.05
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 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, 5 min ago	0.70 bp	13.7 bp −$14	35.6 bp −$356	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.

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0590%	1h	0.7136	+0.056%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0240%	1h	0.7126	−0.084%	$324K	$407K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7135	+0.042%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7137	+0.071%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0055%	1h	0.7137	+0.063%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7157	+0.348%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7141	+0.121%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERPshort	+0.0033%	1h	0.7117	−0.210%	$46	$88K	5.5x
Orderly PERP_VIRTUAL_USDC	+0.0080%	4h	0.7136	+0.056%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7142	+0.135%	$8.8M	$4.1M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7136	+0.059%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7143	+0.152%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7129	−0.038%	$16.1M	$41.2M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7128	−0.056%	$16.5M	$18.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7132	long leg	$2.8M	$9.8M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7135	+0.042%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7135	+0.042%	$15.9M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7135	+0.042%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7133	+0.014%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7129	−0.042%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7136	+0.056%	$238K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7164	+0.445%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7158	+0.364%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7155	+0.322%	$635K	$966K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	+0.407%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7143	+0.150%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7140	+0.112%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7132	+0.002%	$57K	$282K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7134	+0.028%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7139	+0.104%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7138	+0.084%	$789K	$946K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.953%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0490%	1h	0.7143	+0.154%	$583K	$675K	50x	as long as short