Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0169%/8h= −18.5% APRpaid last 24h −0.020%

Price spread now: Injective against KuCoin−0.487%70s7-day average +0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$720.724% of the position

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 3 days (all we have)+0.370%+$37 · spread now −0.487%, 7d avg +0.062%

Together, before fees+0.600%+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Injective is 0.549% cheaper against KuCoin than usual: you would sell low and buy high (−$55 if the spread goes back to its 7-day average of +0.062%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.229%, so the current rate has only just turned against you. 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 ETHUSDTM	2,775.6	0.0081	pay 0.0081% / 8h	4m 09s	$421.8M	$738.3M	100x
Short	Injective ETH/USDC PERP	2,762.1	−0.0088	pay 0.0011% / 1h	4m 09s	$119K	$22.5M	52x

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 −0.487%Rate

Funding earned: −$35.39
Price spread: −0.487% → +0.062%: −$54.87
Slippage, 4 orders: −$60.42
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$162.7
Costs to cover: 0.724%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Injective: live order book, 5 min ago.

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, 5 min ago	0.02 bp	6.0 bp −$6	7.0 bp −$70	10.2 bp −$1,020	doesn't fit
Sell Injective live order book, 5 min ago	13.87 bp	46.5 bp −$46	47.6 bp −$476	47.7 bp −$4,773	doesn't fit

ETH on 55 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
Perpl ETH	−0.0223%	43m	2,773.7	−0.070%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,774	−0.057%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERPshort	−0.0088%	1h	2,762.1	−0.487%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,772.4	−0.116%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0021%	1h	2,769.3	−0.228%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.4	−0.044%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.1	−0.054%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.5	−0.148%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.9	+0.010%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,775.5	−0.004%	$1.71B	$11.91B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0024%	8h	2,775.1	−0.020%	$270.5M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,775.7	+0.002%	$12.8M	—	200x	as long as short
SoDEX ETH-USD	+0.0030%	1h	2,774.9	−0.026%	$55.3M	$228.7M	40x	as long as short
Aftermath Perps ETHUSD	+0.0030%	1h	2,772	−0.131%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,775.5	−0.004%	$256.2M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0034%	1h	2,774.9	−0.024%	$182K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,775.4	−0.009%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,775.4	−0.009%	$6.47B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.3	−0.083%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,775.7	+0.005%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,775.4	−0.007%	$3.29B	$9.70B	200x	as long as short
KuCoin ETHUSDTMlong	+0.0081%	8h	2,775.6	long leg	$421.8M	$738.3M	100x
Bybit ETHUSDT	+0.0088%	8h	2,775.9	+0.010%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDC	+0.0088%	8h	2,775	−0.022%	—	$17.5M	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,777.1	+0.055%	$60.7M	$4.60B	50x	as long as short
Nado ETH-PERP	+0.0092%	1h	2,774.5	−0.038%	$14.3M	$118.2M	50x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,774.7	−0.033%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,775.5	−0.003%	$115.2M	$501.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.8	+0.043%	$25.3M	$122.1M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,774	−0.060%	—	$1.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0099%	1h	2,776.4	+0.029%	$259.1M	$222.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.3	−0.084%	$15.9M	$10.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.5	−0.076%	$483K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.9	+0.046%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.2	−0.051%	$31.3M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.3	−0.155%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.7	−0.032%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.224%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.9	+0.009%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.255%	$148.3M	$337.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	−0.210%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	−0.169%	$161.1M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.8	−0.173%	$21.4M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.8	−0.029%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776	+0.013%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.2	−0.050%	$973K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.5	+0.069%	$42.8M	$29.4M	15x	as long as short
Kalshi KXETHPERP	+0.0101%	8h	2,772.3	−0.119%	$8.4M	$688.6M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.1	−0.054%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.8	−0.067%	—	$43.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,776.8	+0.042%	$90.8M	$338.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0144%	8h	2,778.1	+0.089%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,770	−0.201%	$286.6M	$193.5M	150x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,771.5	−0.148%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,774.2	−0.050%	$7.4M	$1.2M	25x	as long as short