Funding arb · Price arb /

S

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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 −0.008%

Price spread now: Injective against KuCoin+1.260%7-day average — · you sell dearer than you buy

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 7 days−0.028%−$3 on $10k

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. Injective is 1.260% dearer against KuCoin than usual: you sell high and buy low (spread +1.260% now, against zero (this spread has no 7-day history yet)): +$126 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2 months. At the pace of the last 7 days (−0.028% in total) that is about 11 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SUSDTM	0.04049	0.0100	pay 0.0050% / 4h	1h 25m	$1.8M	$2.8M	50x
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	25m 13s	$2K	$37K	12x

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 +1.260%Rate

Funding earned: −$14
Price spread: +1.260% → 0.000%: $125.96
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: $99.94
Costs to cover: 0.120%
Break-even: from the start

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	6.17 bp	107.6 bp −$108	383.6 bp −$3,836	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.

S on 25 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
01 Exchange SUSD	−0.7792%	1h	0.03950	−2.445%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2382%	1h	0.04047	−0.059%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−2.173%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04055	+0.156%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04052	+0.065%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04052	+0.075%	$625	—	150x	as long as short
Variational Omni S	+0.0017%	4h	0.04047	−0.055%	$628K	$23K	—	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+1.260%	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0086%	4h	0.04050	+0.025%	$101K	$583K	10x	as long as short
Lighter S	+0.0096%	1h	0.04054	+0.123%	$173K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04047	−0.037%	$1.0M	$595K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04052	+0.065%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04050	+0.033%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04044	−0.123%	$5.8M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04048	−0.025%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04051	+0.049%	$330K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04049	0.000%	$4.1M	$1.8M	200x	as long as short
KuCoin SUSDTMlong	+0.0100%	4h	0.04049	long leg	$1.8M	$2.8M	50x
Bitget SUSDT	+0.0100%	4h	0.04050	+0.025%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04049	0.000%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04050	+0.025%	$23K	$491K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04049	−0.012%	$234K	$459K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04053	+0.099%	$279K	$116K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0491%	1h	0.04052	+0.074%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1755%	1h	0.04060	+0.272%	$118K	$426K	5x	as long as short