Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0093%/8h= −10.1% APRpaid last 24h +0.649%

Price spread now: KuCoin against Injective−0.462%100s7-day average — · you buy dearer than you sell

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 against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.462% cheaper against Injective than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 100 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	Injective IO/USDC PERP	0.1514	0.0193	pay 0.0024% / 1h	57m 28s	$2K	$197	5.5x
Short	KuCoin IOUSDTM	0.1507	0.0100	get 0.0050% / 4h	3h 57m	$364K	$647K	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 −0.462%Rate

Funding earned: −$19.44
Price spread: −0.462% → 0.000%: −$46.24
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: −$77.69
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 17 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, 17 min ago	3.30 bp	67.2 bp −$67	391.0 bp −$3,910	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.

IO on 14 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
Hyperliquid IO	+0.0100%	1h	0.1508	−0.390%	$1.0M	$369K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1508	−0.405%	$23K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1508	−0.396%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1507	−0.489%	$1.1M	$907K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1507	−0.495%	$230K	$553K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1506	−0.528%	$1.2M	$226K	125x	as long as short
KuCoin IOUSDTMshort	+0.0100%	4h	0.1507	−0.462%	$364K	$647K	50x
Bitget IOUSDT	+0.0100%	4h	0.1507	−0.462%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1507	−0.462%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1513	−0.084%	$33K	$13K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1508	−0.423%	$241	$137K	5x	as long as short
BloFin IO-USDT	+0.0159%	4h	0.1508	−0.396%	$192K	$39K	50x	as long as short
Injective IO/USDC PERPlong	+0.0193%	1h	0.1514	long leg	$2K	$197	5.5x
Kraken Futures PF_IOUSD	+1.6656%	1h	0.1508	−0.404%	$39K	$10K	10x	as long as short