Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0301%/8h= −33.0% APRpaid last 24h +0.020%

Price spread now: KuCoin against Injective+3.796%85s7-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

The price spread pays, funding is against you. KuCoin is 3.796% dearer against Injective than usual: you sell high and buy low (spread +3.796% now, against zero (this spread has no 7-day history yet)): +$380 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 42 days. The two prices were read 85 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 NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	55m 59s	$1K	$13K	5.5x
Short	KuCoin NOTUSDTM	0.0005059	−0.0268	pay 0.0134% / 4h	3h 55m	$471K	$129K	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 +3.796%Rate

Funding earned: −$63.28
Price spread: +3.796% → 0.000%: $379.57
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: $304.27
Costs to cover: 0.120%
Break-even: from the start

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	10.85 bp	84.9 bp −$85	289.9 bp −$2,899	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.

NOT on 16 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
Bybit NOTUSDT	−0.0544%	4h	0.0005060	+3.816%	$2.1M	$856K	25x	as long as short
Variational Omni NOT	−0.0387%	4h	0.0005057	+3.747%	$72K	$38K	—	as long as short
KuCoin NOTUSDTMshort	−0.0268%	4h	0.0005059	+3.796%	$471K	$129K	50x
Injective NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005078	+4.177%	$11K	$4K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005070	+4.021%	$360K	$54K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005065	+3.913%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005068	+3.980%	$2.1M	$3.0M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005067	+3.960%	$641K	$667K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005070	+4.021%	$141K	$69K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005068	+3.980%	$1.3M	$432K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005069	+4.001%	$672K	$413K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005063	+3.878%	—	$8.8M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005067	+3.954%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0154%	4h	0.0005071	+4.042%	$111K	$16K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1120%	1h	0.0005106	+4.753%	$50K	$8K	10x	as long as short