Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.008%

Price spread now: Injective against KuCoin−0.413%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 7 days−0.028%−$3 on $10k

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 0.413% cheaper against KuCoin than usual: you would sell low and buy high (−$41 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 SUSDTM	0.04117	0.0100	pay 0.0050% / 4h	42m 28s	$1.9M	$2.8M	50x
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	42m 28s	$2K	$37K	12x

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 −0.413%Rate

Funding earned: −$14
Price spread: −0.413% → 0.000%: −$41.29
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: −$67.31
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 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, 5 min ago	6.10 bp	87.1 bp −$87	335.2 bp −$3,352	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.

S on 25 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
01 Exchange SUSD	−0.8872%	1h	0.03950	−4.056%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1924%	1h	0.04107	−0.239%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1064%	1h	0.03961	−3.789%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04112	−0.121%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04122	+0.110%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04104	−0.304%	$633	—	150x	as long as short
Variational Omni S	+0.0013%	4h	0.04091	−0.627%	$635K	$17K	—	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	−0.413%	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0095%	4h	0.04108	−0.219%	$102K	$585K	10x	as long as short
Lighter S	+0.0096%	1h	0.04125	+0.194%	$179K	$140K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04117	−0.012%	$1.0M	$580K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04121	+0.089%	$49K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04121	+0.089%	$5.8M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04114	−0.073%	$5.9M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04122	+0.121%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04117	0.000%	$336K	$174K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04121	+0.097%	$4.2M	$1.8M	200x	as long as short
KuCoin SUSDTMlong	+0.0100%	4h	0.04117	long leg	$1.9M	$2.8M	50x
Bitget SUSDT	+0.0100%	4h	0.04122	+0.121%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04124	+0.170%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04110	−0.170%	$24K	$490K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04124	+0.162%	$231K	$1.3M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0237%	1h	0.04109	−0.194%	$69K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04115	−0.049%	$280K	$117K	75x	as long as short
Backpack S_USDC_PERP	+0.1508%	1h	0.04120	+0.073%	$117K	$441K	5x	as long as short