Funding arb · Price arb /

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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 −0.029%

Price spread now: Injective against KuCoin−6.896%70s7-day average — · you buy dearer than you sell

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 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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 6.896% cheaper against KuCoin than usual: you would sell low and buy high (−$690 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 70 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	KuCoin 1000BONKUSDTM	0.000003517	0.0100	pay 0.0050% / 4h	3h 30m	$3.0M	$10.0M	75x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	30m 03s	$3K	$113	5.5x

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

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 KuCoinbpFee InjectivebpOrdersPrice spread, now −6.896%Rate

Funding earned: −$14
Price spread: −6.896% → 0.000%: −$689.61
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: −$715.63
Costs to cover: 0.120%
Break-even: never at this rate

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	1.43 bp	30.6 bp −$31	390.8 bp −$3,908	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.

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0312%	1h	0.000003510	−0.185%	$44K	$39K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003516	−0.006%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003514	−0.057%	$24	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−6.896%	$3K	$113	5.5x
Deribit 1000BONK_USDC-PERPETUAL	+0.0035%	1h	0.000003514	−0.071%	$6K	$123K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0082%	4h	0.000003517	+0.014%	$30K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003515	−0.047%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003515	−0.028%	$40K	$104K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003517	+0.025%	$81K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003518	+0.043%	$117K	$105K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003516	−0.014%	$17.2M	$62.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003511	−0.145%	$11.4M	$19.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003514	−0.071%	$2.6M	$9.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003515	−0.043%	$874K	$2.8M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003518	+0.043%	$9.8M	$7.4M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003517	long leg	$3.0M	$10.0M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003511	−0.156%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003516	−0.014%	—	$4.6M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003521	+0.125%	$327K	$139K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003494	−0.640%	$59K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003520	+0.100%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003515	−0.043%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003525	+0.242%	$100K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003514	−0.072%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003517	+0.014%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0157%	4h	0.000003522	+0.156%	$1.0M	$16.4M	75x	as long as short
Lighter 1000BONK	+0.0160%	1h	0.000003518	+0.043%	$246K	$692K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.688%	$587	—	100x	as long as short
Hyperliquid kBONK	+0.0837%	1h	0.000003520	+0.100%	$10.4M	$5.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1393%	1h	0.000003519	+0.071%	$48K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2380%	1h	0.000003528	+0.333%	$225K	$178K	50x	as long as short