Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h +0.020%

Price spread now: KuCoin against Injective+3.919%7-day average — · you sell dearer than you buy

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

The price spread pays, funding is against you. KuCoin is 3.919% dearer against Injective than usual: you sell high and buy low (spread +3.919% now, against zero (this spread has no 7-day history yet)): +$392 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	15m 12s	$1K	$13K	5.5x
Short	KuCoin NOTUSDTM	0.0005065	−0.0026	pay 0.0013% / 4h	2h 15m	$464K	$134K	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 +3.919%Rate

Funding earned: −$12.46
Price spread: +3.919% → 0.000%: $391.88
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: $367.4
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 22 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, 22 min ago	20.74 bp	130.3 bp −$130	365.9 bp −$3,659	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.

NOT on 15 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 NOT	−0.0257%	4h	0.0005069	+3.992%	$72K	$39K	—	as long as short
KuCoin NOTUSDTMshort	−0.0026%	4h	0.0005065	+3.919%	$464K	$134K	50x
Injective NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Bybit NOTUSDT	+0.0094%	4h	0.0005070	+4.021%	$2.1M	$874K	25x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005086	+4.352%	$11K	$5K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005080	+4.227%	$371K	$52K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005077	+4.165%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005077	+4.165%	$2.1M	$3.1M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005070	+4.021%	$634K	$660K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005071	+4.042%	$143K	$81K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005075	+4.124%	$1.3M	$474K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005078	+4.185%	$673K	$410K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005072	+4.062%	—	$8.9M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005073	+4.076%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.0202%	1h	0.0005081	+4.249%	$50K	$10K	10x	as long as short