Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.006%

Price spread now: KuCoin against Injective−0.327%115s7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.192% of the position

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 3 days (all we have)+0.350%+$35 · spread now −0.327%, 7d avg −0.020%

Together, before fees+0.307%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.307% cheaper against Injective than usual: you would sell low and buy high (spread −0.327% now, against its 7-day average of −0.020%). If the spread goes back, that is −$31 on $10k: about 49 days of funding at the current rate (+$1 a day). The two prices were read 115 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 BTC/USDC PERP	86,155	0.0023	pay 0.0003% / 1h	1m 30s	$342K	$26.9M	52x
Short	KuCoin XBTUSDTM	85,873.1	0.0044	get 0.0044% / 8h	7h 01m	$822.4M	$718.7M	125x

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 −0.327%Rate

Funding earned: $4.42
Price spread: −0.327% → −0.020%: −$30.68
Slippage, 4 orders: −$7.15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$45.43
Costs to cover: 0.192%
Break-even: 79.0 days

Slippage from Injective: live order book, 3 min ago; KuCoin: live order book, 3 min ago.

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 live order book, 3 min ago	3.14 bp	3.1 bp −$3	14.4 bp −$144	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	0.01 bp	6.2 bp −$6	8.7 bp −$87	10.5 bp −$1,052	doesn't fit

BTC on 56 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
Phoenix BTC	−0.0129%	1h	85,869	−0.332%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,906	−0.289%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,880.4	−0.319%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,918.5	−0.275%	$523K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,877.7	−0.322%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	85,906.5	−0.288%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERPlong	+0.0023%	1h	86,155	long leg	$342K	$26.9M	52x
Aster BTCUSDT	+0.0029%	8h	85,870.2	−0.331%	$498.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTMshort	+0.0044%	8h	85,873.1	−0.327%	$822.4M	$718.7M	125x
HTX BTC-USDT	+0.0048%	8h	85,874.6	−0.325%	$2.28B	$961.0M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0050%	1h	85,862	−0.340%	$6.7M	$145.9M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	85,890	−0.308%	$8.1M	$42.5M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,851	−0.353%	—	$15.3M	—	as long as short
SoDEX BTC-USD	+0.0064%	1h	85,891	−0.306%	$60.2M	$338.3M	40x	as long as short
Bitget BTCUSDT	+0.0065%	8h	85,872.9	−0.327%	$2.95B	$5.08B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,877.7	−0.322%	$5.71B	$10.74B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,887.6	−0.310%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,874.9	−0.325%	$5.09B	$5.79B	500x	as long as short
Binance BTCUSDT	+0.0081%	8h	85,858.9	−0.344%	$9.34B	$24.39B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,922.2	−0.270%	$169.7M	$999.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,924.1	−0.268%	$23.4M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,884	−0.315%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,862	−0.340%	$200K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,932.5	−0.258%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,900	−0.296%	$22.0M	$226.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,948	−0.240%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,944.2	−0.245%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,857.7	−0.345%	$5.23B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,863.4	−0.338%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,894	−0.303%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,893.1	−0.304%	$7.0M	$97.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,887.8	−0.310%	$35.3M	$162.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	−0.088%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,951.8	−0.236%	$277.5M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	−0.088%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,961.3	−0.225%	$140.7M	$320.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,886.8	−0.311%	$30.5M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,941.5	−0.248%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,875	−0.325%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,873	−0.327%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,854.8	−0.348%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,919.7	−0.273%	$144K	$666K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,911.6	−0.282%	$30.1M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,877	−0.323%	$3.2M	$5.6M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,898.7	−0.297%	$154.9M	$473.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	−0.016%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,868.2	−0.333%	$45.4M	$224.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,912.5	−0.282%	—	$100.4M	500x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,911.3	−0.283%	$720K	$8.0M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,925.9	−0.266%	$131.4M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	85,918.6	−0.274%	$187.5M	$958.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,070.9	−0.098%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	85,917.9	−0.275%	$414.9M	$641.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,941	−0.248%	$10.2M	$766.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0203%	1h	85,878.5	−0.321%	$13.7M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,941.6	−0.248%	$902.7M	$1.51B	50x	as long as short