Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.014%

Price spread now: Injective against KuCoin−11.382%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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 11.382% cheaper against KuCoin than usual: you would sell low and buy high (−$1,138 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.8538	0.0100	pay 0.0050% / 4h	1h 34m	$2.1M	$769K	50x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	34m 54s	$266	$25	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 −11.382%Rate

Funding earned: −$14
Price spread: −11.382% → 0.000%: −$1,138.2
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: −$1,164.22
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 2 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, 2 min ago	9.19 bp	56.6 bp −$57	doesn't fit	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.

RAY 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
Kraken Futures PF_RAYUSD	−0.2276%	1h	1.8542	+0.021%	$100K	$448K	10x	as long as short
MEXC RAY_USDT	−0.0296%	8h	1.8553	+0.081%	$13.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8538	0.000%	$2K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−11.382%	$266	$25	5.5x
Lighter RAY	+0.0096%	1h	1.8578	+0.216%	$301K	$250K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8514	−0.129%	$4.7M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8526	−0.065%	$591K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.8538	long leg	$2.1M	$769K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8540	+0.011%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8534	−0.022%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8592	+0.293%	$734K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8551	+0.070%	$109K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8535	−0.016%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8536	−0.011%	$15K	$138K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8532	−0.032%	$256K	$873K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0464%	4h	1.8571	+0.178%	$257K	$249K	10x	as long as short