Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against KuCoin−9.832%55s7-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 9.832% cheaper against KuCoin than usual: you would sell low and buy high (−$983 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	KuCoin 1000BONKUSDTM	0.000003631	0.0100	pay 0.0050% / 4h	1h 26m	$3.1M	$10.8M	75x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	26m 16s	$3K	$113	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 −9.832%Rate

Funding earned: −$14
Price spread: −9.832% → 0.000%: −$983.2
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: −$1,009.22
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	1.38 bp	38.3 bp −$38	472.8 bp −$4,728	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.

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0016%	1h	0.000003622	−0.248%	$46K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003629	−0.045%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003632	+0.019%	$25	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−9.832%	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003632	+0.026%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003631	+0.014%	$55K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003638	+0.180%	$61K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003634	+0.083%	$121K	$138K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003636	+0.143%	$18.7M	$79.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003631	−0.006%	$12.5M	$24.6M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003634	+0.083%	$3.0M	$13.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003631	0.000%	$964K	$3.4M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003632	+0.028%	$12.1M	$9.2M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003631	long leg	$3.1M	$10.8M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003631	0.000%	$4.7M	$4.7M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003631	0.000%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003605	−0.720%	$338K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003628	−0.083%	$61K	$707K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003632	+0.028%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003638	+0.193%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003635	+0.110%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003635	+0.110%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003633	+0.059%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003628	−0.083%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0111%	4h	0.000003631	0.000%	$1.1M	$19.4M	75x	as long as short
Lighter 1000BONK	+0.0160%	1h	0.000003637	+0.165%	$253K	$747K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−17.378%	$555	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0301%	1h	0.000003633	+0.055%	$25K	$165K	10x	as long as short
Hyperliquid kBONK	+0.1260%	1h	0.000003640	+0.248%	$12.5M	$7.8M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1756%	1h	0.000003643	+0.330%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2960%	1h	0.000003647	+0.451%	$225K	$222K	50x	as long as short