INJ arbitrage explained
Right now Injective (INJ) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $7.54 and the highest bid on MEXC spot at $7.56.
The widest INJ perpetual spread is between OKX and Bitget: long INJ on OKX at $7.54 and short on Bitget at $7.54 for +0.09% gross, or -0.07% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.174% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best INJ route is to buy spot on Binance and short the perpetual on Bitget: -0.04% gross, -0.24% net, with +0.030% a day of funding on the short leg.
Spot–spot INJ arbitrage (buy on Binance, withdraw, deposit and sell on MEXC) shows +0.17% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small INJ gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: INJ funding rates · INJ spread charts · Injective price · arbitrage scanner for all coins.