Funding arb · Price arb /

IMX

all IMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0614%/8h= −67.2% APRpaid last 24h −0.364%

Price spread now: KuCoin against Kraken Futures−0.422%52s7-day average −0.168% · you buy dearer than you sell

Net, funding: paid 7d − costs−$713as 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−$4644.644% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−2.487%−$249 on $10k

Price spread, last 3 days (all we have)+0.283%+$28 · spread now −0.422%, 7d avg −0.168%

Together, before fees−2.204%−$220 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and KuCoin is 0.254% cheaper against Kraken Futures than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.168%). Swap the legs. The two prices were read 52 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	Kraken Futures PF_IMXUSD	0.1515	0.0714	pay 0.0089% / 1h	52m 23s	$115K	$10K	20x
Short	KuCoin IMXUSDTM	0.1509	0.0100	get 0.0050% / 4h	1h 52m	$375K	$159K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Kraken Futures. 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 Kraken FuturesbpFee KuCoinbpOrdersPrice spread, now −0.422%Rate

Funding earned: −$128.85
Price spread: −0.422% → −0.168%: −$25.36
Slippage, 4 orders: −$442.36
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$618.57
Costs to cover: 4.644%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 10 min ago; KuCoin: live order book, 45 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 Kraken Futures live order book, 10 min ago	68.44 bp	108.8 bp −$109	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 45 min ago	13.24 bp	116.5 bp −$117	196.7 bp −$1,967	doesn't fit	doesn't fit

IMX on 14 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
Variational Omni IMX	−0.0435%	4h	0.1516	+0.057%	$95K	$131K	—	as long as short
dYdX IMX-USD	0.0000%	1h	0.1514	−0.110%	$26K	$2K	5x	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1514	−0.110%	$2K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	−0.026%	$559	$28K	5.5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1512	−0.201%	$3.6M	$5.7M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1510	−0.343%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1512	−0.198%	$947K	$1.6M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1511	−0.290%	$648K	$81K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1513	−0.158%	$2.6M	$582K	125x	as long as short
KuCoin IMXUSDTMshort	+0.0100%	4h	0.1509	−0.422%	$375K	$159K	50x

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1514	−0.092%	$1.3M	$397K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1511	−0.290%	—	$2.9M	—	as long as short
Hyperliquid IMX	+0.0125%	1h	0.1518	+0.146%	$3.5M	$281K	5x	as long as short
Kraken Futures PF_IMXUSDlong	+0.0714%	1h	0.1515	long leg	$115K	$10K	20x