Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h 0.000%

Price spread now: Injective against KuCoin+1.441%7-day average −0.281% · you sell dearer than you buy

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

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−2.518%−$252 · spread now +1.441%, 7d avg −0.281%

Together, before fees−2.528%−$253 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.722% dearer against KuCoin than usual: you sell high and buy low (spread +1.441% now, against its 7-day average of −0.281%): +$172 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. At the pace of the last 7 days (−0.011% in total) that is about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ADAUSDTM	0.2436	0.0100	pay 0.0100% / 8h	2h 20m	$29.2M	$15.7M	75x
Short	Injective ADA/USDC PERP	0.2471	0.0033	get 0.0004% / 1h	20m 32s	$849	$202K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpFee InjectivebpOrdersPrice spread, now +1.441%Rate

Funding earned: −$14
Price spread: +1.441% → −0.281%: $172.16
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $146.14
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 3 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 KuCoin live order book, 3 min ago	2.69 bp	12.6 bp −$13	23.1 bp −$231	70.3 bp −$7,033	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.

ADA on 37 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
Kalshi KXADAPERP	0.0000%	8h	0.2431	−0.201%	$202K	$7.5M	3.2x	as long as short
dYdX ADA-USD	+0.0002%	1h	0.2435	−0.039%	$200K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2427	−0.351%	$83K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0020%	1h	0.2428	−0.327%	$6.2M	$13.7M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2429	−0.263%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERPshort	+0.0033%	1h	0.2471	+1.441%	$849	$202K	12x
Lighter ADA	+0.0096%	1h	0.2437	+0.066%	$2.4M	$1.0M	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2437	+0.053%	$42.0M	$17.5M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2437	+0.045%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2436	+0.007%	$156K	$176K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2436	+0.019%	$102.4M	$407.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2436	+0.004%	$71.5M	$123.1M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2437	+0.045%	$32.4M	$116.9M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2435	−0.037%	$99.0M	$64.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2436	+0.004%	$52.6M	$65.0M	300x	as long as short
KuCoin ADAUSDTMlong	+0.0100%	8h	0.2436	long leg	$29.2M	$15.7M	75x
Bitget ADAUSDT	+0.0100%	8h	0.2436	+0.004%	$66.2M	$53.0M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2436	+0.004%	—	$20.2M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2430	−0.255%	$126K	$476K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2427	−0.362%	$4.2M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2420	−0.654%	$64K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2419	−0.696%	$284K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2420	−0.653%	$84K	$887K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2430	−0.230%	$114K	$918K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2428	−0.324%	$6K	$6K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2428	−0.321%	$39K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2429	−0.285%	$8K	$764K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2429	−0.304%	$334	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2427	−0.366%	$1.3M	$6.9M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2428	−0.324%	$47.1M	$7.4M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2438	+0.075%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2436	+0.017%	$522K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2428	−0.324%	$377K	$8.4M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2431	−0.201%	$4.4M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2431	−0.221%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0639% / S −0.0714%	1h	0.2427	−0.367%	$161K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0656%	1h	0.2430	−0.259%	$605K	$597K	50x	as long as short