Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: KuCoin against Injective+3.512%7-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 KuCoin

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 3.512% dearer against Injective than usual: you sell high and buy low: +$351 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective 2Z/USDC PERP	0.04980	0.0033	pay 0.0004% / 1h	30m 55s	$867	$213	5.5x
Short	KuCoin 2ZUSDTM	0.05155	0.0100	get 0.0050% / 4h	1h 30m	$164K	$62K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +3.512%Rate

Funding earned: $14
Price spread: +3.512% → 0.000%: $351.2
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $353.18
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 71 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 KuCoin live order book, 71 min ago	9.20 bp	78.8 bp −$79	606.1 bp −$6,061	doesn't fit	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.

2Z on 17 exchanges

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
Kraken Futures PF_2ZUSD	−0.3191%	1h	0.05144	+3.288%	$5K	$2K	10x	as long as short
Backpack 2Z_USDC_PERP	−0.0438%	1h	0.05158	+3.574%	$45K	$21K	5x	as long as short
Injective 2Z/USDC PERPlong	+0.0033%	1h	0.04980	long leg	$867	$213	5.5x
Lighter 2Z	+0.0096%	1h	0.05165	+3.715%	$16K	$3K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05157	+3.558%	$647K	$330K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05160	+3.614%	$12K	$20K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05160	+3.610%	$74K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05156	+3.534%	$2.0M	$2.1M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05158	+3.574%	$708K	$1.0M	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05155	+3.514%	$430K	$728K	20x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate 2Z_USDT	+0.0100%	4h	0.05159	+3.594%	$90K	$81K	50x	as long as short
MEXC 2Z_USDT	+0.0100%	4h	0.05158	+3.574%	$309K	$138K	50x	as long as short
KuCoin 2ZUSDTMshort	+0.0100%	4h	0.05155	+3.512%	$164K	$62K	50x
Bitget 2ZUSDT	+0.0100%	4h	0.05155	+3.514%	$168K	$713K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05156	+3.534%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05176	+3.929%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05163	+3.675%	$2K	$1.1M	20x	as long as short