Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0295%/8h= +32.3% APRpaid last 24h −0.002%

Price spread now: Injective against KuCoin−3.752%7-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

Funding pays, the price is against you. Injective is 3.752% cheaper against KuCoin than usual: you would sell low and buy high (spread −3.752% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$375 on $10k: about 42 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin NOTUSDTM	0.0005064	−0.0262	get 0.0131% / 4h	3h 30m	$473K	$128K	50x
Short	Injective NOT/USDC PERP	0.0004874	0.0033	get 0.0004% / 1h	30m 45s	$1K	$13K	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

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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 −3.752%Rate

Funding earned: $62.02
Price spread: −3.752% → 0.000%: −$375.2
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: −$325.2
Costs to cover: 0.120%
Break-even: 43.7 days

Slippage unknown: KuCoin: live order book, 42 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, 42 min ago	10.85 bp	86.7 bp −$87	532.1 bp −$5,321	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.

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
Variational Omni NOT	−0.0310%	4h	0.0005075	+0.210%	$72K	$38K	—	as long as short
KuCoin NOTUSDTMlong	−0.0262%	4h	0.0005064	long leg	$473K	$128K	50x
Injective NOT/USDC PERPshort	+0.0033%	1h	0.0004874	−3.752%	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005089	+0.492%	$11K	$4K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005080	+0.316%	$360K	$55K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005079	+0.304%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005080	+0.316%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005072	+0.158%	$2.1M	$858K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005077	+0.257%	$644K	$677K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005068	+0.079%	$140K	$70K	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	0.0005083	+0.375%	$1.4M	$441K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005084	+0.395%	$675K	$415K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005077	+0.257%	—	$725K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005079	+0.306%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0125%	4h	0.0005090	+0.513%	$111K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1125%	1h	0.0005083	+0.385%	$50K	$7K	10x	as long as short