Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.025%

Price spread now: KuCoin against Injective+2.332%100s7-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 7 days−1.138%−$114 on $10k

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 +$2 a day on $10k at the current rate, and KuCoin is 2.332% dearer against Injective than usual: you sell high and buy low: +$233 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −1.138%, so the current rate has only just turned in your favour. The two prices were read 100 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 VIRTUAL/USDC PERP	0.7117	0.0033	pay 0.0004% / 1h	27m 35s	$46	$88K	5.5x
Short	KuCoin VIRTUALUSDTM	0.7283	0.0100	get 0.0050% / 4h	27m 35s	$4.3M	$4.2M	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 +2.332%Rate

Funding earned: $14
Price spread: +2.332% → 0.000%: $233.24
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: $235.22
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 5 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, 5 min ago	2.73 bp	21.1 bp −$21	48.8 bp −$488	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.

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0435%	1h	0.7293	+2.473%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7277	+2.248%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7272	+2.183%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7304	+2.629%	$11K	$40K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7278	+2.258%	$331K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7298	+2.539%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERPlong	+0.0033%	1h	0.7117	long leg	$46	$88K	5.5x
SoDEX VIRTUAL-USD	+0.0072%	1h	0.7288	+2.396%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7292	+2.459%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7284	+2.346%	$200K	$102K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7282	+2.319%	$73K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7279	+2.276%	$16.6M	$38.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7278	+2.262%	$16.2M	$16.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7276	+2.234%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7280	+2.290%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7280	+2.290%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7283	+2.332%	$4.3M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7283	+2.332%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7276	+2.234%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7287	+2.389%	$246K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	+2.651%	$537K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7291	+2.452%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7300	+2.571%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7291	+2.445%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7279	+2.282%	$36K	$955K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7285	+2.361%	$2K	$1.3M	20x	as long as short
Hyperliquid VIRTUAL	+0.0102%	1h	0.7292	+2.462%	$9.1M	$4.0M	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7276	+2.229%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7290	+2.437%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7297	+2.531%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7291	+2.445%	$816K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+3.119%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0862%	1h	0.7306	+2.649%	$597K	$582K	50x	as long as short