Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.018%

Price spread now: KuCoin against Injective−9.223%55s7-day average — · you buy dearer than you sell

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 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 −$4 a day on $10k at the current rate, and KuCoin is 9.223% cheaper against Injective than usual: you would sell low and buy high (−$922 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 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 WTI/USDC PERP	102.45	0.0220	pay 0.0028% / 1h	18m 19s	$19K	$11K	30x
Short	KuCoin CLUSDTM	93.001	0.0100	get 0.0050% / 4h	18m 19s	$7.0M	$2.4M	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 −9.223%Rate

Funding earned: −$25.2
Price spread: −9.223% → 0.000%: −$922.3
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: −$959.52
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 10 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, 10 min ago	1.93 bp	8.9 bp −$9	doesn't fit	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.

CL on 36 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 WTIOIL_USDC-PERPETUAL	−0.0503%	1h	92.900	−9.322%	$194K	$396K	15x	as long as short
Aster CLUSD1	−0.0278%	4h	92.983	−9.241%	$24.7M	$63.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0246%	4h	92.920	−9.302%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0210%	1h	92.962	−9.261%	$275K	$930K	25x	as long as short
Binance CLUSDT	−0.0156%	4h	92.960	−9.263%	$246.8M	$922.8M	100x	as long as short
Variational Omni CL	−0.0144%	4h	92.909	−9.313%	$13.5M	$10.7M	—	as long as short
Gate CL_USDT	−0.0135%	8h	92.900	−9.322%	$23.0M	$50.1M	100x	as long as short
Bitget CLUSDT	−0.0120%	4h	92.922	−9.300%	$42.2M	$41.6M	100x	as long as short
Nado WTI-PERP	−0.0110%	1h	93.024	−9.201%	$954K	$618K	10x	as long as short
Aftermath Perps WTIUSD	−0.0097%	1h	92.977	−9.246%	$2K	$26K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0081%	4h	92.920	−9.302%	$42.7M	$102.8M	50x	as long as short
edgeX CLUSDC	−0.0057%	4h	92.965	−9.258%	$523K	$305K	30x	as long as short
QFEX CL-USD	−0.0038%	1h	92.990	−9.234%	$2.3M	$2.4M	10x	as long as short
tradeXYZ xyz:CL	−0.0020%	1h	92.964	−9.259%	$184.1M	$198.0M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0017%	1h	92.940	−9.283%	$3.6M	$5.3M	20x	as long as short
Lighter WTI	−0.0016%	1h	92.977	−9.246%	$11.2M	$9.2M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.540	−8.697%	$405K	$810K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	92.986	−9.237%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.944	−9.279%	$26.7M	$79.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.014	−9.210%	$3.0M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.990	−9.234%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.958	−9.265%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.505	−9.707%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0002%	8h	92.968	−9.255%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	92.950	−9.273%	$1.7M	$15.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.990	−9.234%	$737K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.970	−9.253%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.967	−9.256%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.922	−9.300%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.996	−9.228%	$347K	$591K	10x	as long as short
KuCoin CLUSDTMshort	+0.0100%	4h	93.001	−9.223%	$7.0M	$2.4M	50x
ApeX Omni CLUSDT	+0.0100%	1h	92.940	−9.283%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.905	−9.317%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0158%	4h	92.920	−9.302%	$4.1M	$982K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0164% / S −0.0012%	1h	92.955	−9.268%	$80K	—	111x	as long as short
Injective WTI/USDC PERPlong	+0.0220%	1h	102.45	long leg	$19K	$11K	30x