Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.4670%/8h= +511.4% APRpaid last 24h −1.186%

Price spread now: Injective against KuCoin+6.298%7-day average — · you sell dearer than you buy

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 for this trade now. Funding pays +$140 a day on $10k at the current rate, and Injective is 6.298% dearer against KuCoin than usual: you sell high and buy low: +$630 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin USELESSUSDTM	0.2723	0.0330	pay 0.0165% / 4h	1h 10m	$5.1M	$9.9M	12x
Short	Injective USELESS/USDC PERP	0.2894	0.5000	get 0.0625% / 1h	10m 49s	$5K	$9K	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

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 +6.298%Rate

Funding earned: $980.7
Price spread: +6.298% → 0.000%: $629.84
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: $1,598.52
Costs to cover: 0.120%
Break-even: from the start

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	9.33 bp	43.0 bp −$43	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.

USELESS on 24 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
Lighter USELESS	+0.0096%	1h	0.2726	+0.103%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2728	+0.194%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2725	+0.092%	$9.5M	$63.1M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2723	−0.004%	$26K	$147K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2725	+0.062%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2724	+0.044%	$18K	$489K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2721	−0.066%	$557K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0197%	1h	0.2729	+0.224%	$38K	$700K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2729	+0.214%	$10K	—	3x	as long as short
KuCoin USELESSUSDTMlong	+0.0330%	4h	0.2723	long leg	$5.1M	$9.9M	12x

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0332%	4h	0.2726	+0.107%	$6.8M	$8.1M	50x	as long as short
Bitget USELESSUSDT	+0.0470%	4h	0.2726	+0.110%	$5.2M	$9.1M	20x	as long as short
edgeX USELESSUSDC	+0.0474%	4h	0.2735	+0.461%	$20K	$190K	10x	as long as short
Binance USELESSUSDT	+0.0485%	4h	0.2727	+0.137%	$23.0M	$114.2M	50x	as long as short
MEXC USELESS_USDT	+0.0486%	4h	0.2726	+0.129%	$9.9M	$5.9M	50x	as long as short
Extended USELESS-USD	+0.0488%	1h	0.2725	+0.072%	$287K	$966K	5x	as long as short
Hyperliquid USELESS	+0.0844%	1h	0.2728	+0.176%	$13.3M	$20.6M	3x	as long as short
Aster USELESSUSDT	+0.1103%	4h	0.2726	+0.118%	$638K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1286%	4h	0.2727	+0.143%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1296%	4h	0.2729	+0.220%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1333%	4h	0.2727	+0.143%	$27.3M	$44.8M	13x	as long as short
Variational Omni USELESS	+0.1492%	4h	0.2726	+0.096%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1762%	4h	0.2727	+0.132%	$1.1M	$1.9M	12x	as long as short
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.2894	+6.298%	$5K	$9K	5.5x