Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0104%/8h= +11.3% APRpaid last 24h −0.492%

Price spread now: Injective against KuCoin−0.201%100s7-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

Funding pays, the price is against you. Injective is 0.201% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.201% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 6.5 days of funding at the current rate (+$3 a day). 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	KuCoin IOUSDTM	0.1495	0.0100	pay 0.0050% / 4h	1h 23m	$349K	$191K	50x
Short	Injective IO/USDC PERP	0.1492	0.0204	get 0.0025% / 1h	23m 39s	$2K	$199	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 −0.201%Rate

Funding earned: $21.74
Price spread: −0.201% → 0.000%: −$20.07
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: −$10.35
Costs to cover: 0.120%
Break-even: 10.3 days

Slippage unknown: KuCoin: live order book, 31 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, 31 min ago	6.70 bp	91.7 bp −$92	551.7 bp −$5,517	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.

IO 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
Hyperliquid IO	+0.0100%	1h	0.1495	+0.013%	$993K	$265K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1495	−0.004%	$23K	$47K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1495	−0.004%	$3.0M	$5.0M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1495	0.000%	$1.1M	$676K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1495	−0.013%	$229K	$467K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1495	0.000%	$1.2M	$226K	125x	as long as short
KuCoin IOUSDTMlong	+0.0100%	4h	0.1495	long leg	$349K	$191K	50x
Bitget IOUSDT	+0.0100%	4h	0.1497	+0.134%	$1.4M	$1.0M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1496	+0.067%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1493	−0.151%	$30K	$19K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1495	−0.029%	$588	$206K	5x	as long as short
BloFin IO-USDT	+0.0150%	4h	0.1496	+0.067%	$192K	$34K	50x	as long as short
Injective IO/USDC PERPshort	+0.0204%	1h	0.1492	−0.201%	$2K	$199	5.5x
Kraken Futures PF_IOUSD	+3.8552%	1h	0.1496	+0.035%	$39K	$7K	10x	as long as short