Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.025%

Price spread now: Injective against KuCoin+1.252%100s7-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+0.888%+$89 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 1.252% dearer against KuCoin than usual: you sell high and buy low (spread +1.252% now, against zero (this spread has no 7-day history yet)): +$125 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. Mind the row above: over the last 7 days funding on this pair paid +0.888%, so the current rate has only just turned against you. 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 VIRTUALUSDTM	0.7029	0.0100	pay 0.0050% / 4h	2h 27m	$3.0M	$4.4M	50x
Short	Injective VIRTUAL/USDC PERP	0.7117	0.0033	get 0.0004% / 1h	27m 35s	$46	$88K	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

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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 +1.252%Rate

Funding earned: −$14
Price spread: +1.252% → 0.000%: $125.2
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: $99.18
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 5 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, 5 min ago	2.13 bp	25.8 bp −$26	65.0 bp −$650	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.

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0177%	1h	0.7024	−0.071%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7022	−0.100%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7024	−0.076%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7053	+0.340%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7023	−0.080%	$319K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0013%	4h	0.7020	−0.128%	$16.1M	$18.9M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7024	−0.078%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERPshort	+0.0033%	1h	0.7117	+1.252%	$46	$88K	5.5x
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7021	−0.114%	$14K	$1.4M	10x	as long as short
SoDEX VIRTUAL-USD	+0.0093%	1h	0.7024	−0.078%	$1K	$9K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7036	+0.094%	$8.6M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7029	−0.006%	$91K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7029	+0.002%	$69K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7029	0.000%	$15.8M	$41.8M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7026	−0.043%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7027	−0.028%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7027	−0.028%	$15.1M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7029	long leg	$3.0M	$4.4M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7027	−0.028%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7026	−0.043%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7031	+0.028%	$235K	$207K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7036	+0.105%	$527K	$910K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7049	+0.285%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7032	+0.037%	$627K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7056	+0.384%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7029	−0.003%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7028	−0.014%	$2K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7024	−0.067%	$56K	$299K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7022	−0.105%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0284%	1h	0.7030	+0.017%	$520K	$763K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7025	−0.064%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7044	+0.213%	$778K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+1.892%	$199K	$101K	50x	as long as short