Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0373%/8h= −40.9% APRpaid last 24h +0.031%

Price spread now: KuCoin against Injective−0.109%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 4 days (all we have)+0.253%+$25 · spread now −0.109%, 7d avg −0.075%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and KuCoin is 0.034% cheaper against Injective than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.075%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.160% in total (about -8.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,751.5	0.0461	pay 0.0058% / 1h	55m 11s	$118K	$21.7M	52x
Short	KuCoin ETHUSDTM	2,748.5	0.0088	get 0.0088% / 8h	5h 55m	$365.3M	$442.0M	100x

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 −0.109%Rate

Funding earned: −$78.4
Price spread: −0.109% → −0.075%: −$3.4
Slippage, 4 orders: −$61.65
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$155.48
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from Injective: live order book, 2 min ago; KuCoin: live order book, 2 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 Injective live order book, 2 min ago	17.25 bp	17.3 bp −$17	17.3 bp −$173	17.3 bp −$1,726	20850.8 bp −$10.43M
Sell KuCoin live order book, 2 min ago	0.02 bp	6.3 bp −$6	8.2 bp −$82	10.7 bp −$1,067	doesn't fit

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0120%	1h	2,748.6	−0.106%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	−0.076%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,750	−0.055%	$809K	$2.8M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,748.5	−0.109%	$12.2M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,748.9	−0.094%	$7.2M	$661.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,748.7	−0.101%	$269K	$5.0M	8.3x	as long as short
Bybit ETHUSDT	+0.0002%	8h	2,748.4	−0.114%	$2.37B	$3.82B	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.5	−0.072%	$33.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0024%	1h	2,748.5	−0.109%	$8.3M	$25.3M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,748	−0.128%	$1.67B	$9.25B	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0072%	1h	2,749.4	−0.076%	$182K	$950K	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,748.8	−0.100%	$3.27B	$7.68B	200x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,748.6	−0.106%	$257.5M	$723.0M	200x	as long as short
KuCoin ETHUSDTMshort	+0.0088%	8h	2,748.5	−0.109%	$365.3M	$442.0M	100x
Aevo ETH-PERP	+0.0088%	1h	2,746.3	−0.190%	$4.9M	$214K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,749.6	−0.068%	$266.7M	$185.5M	50x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,748.6	−0.105%	$6.41B	$14.09B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,748.5	−0.108%	$1.60B	$2.34B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,748.9	−0.094%	$113.9M	$383.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.1	−0.052%	$23.7M	$93.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.8	−0.098%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,749.4	−0.077%	$46.2M	$3.91B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.3	−0.116%	$507K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.4	−0.113%	$14.6M	$96.1M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.5	−0.073%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.6	−0.142%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.7	−0.065%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	−0.081%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748.5	−0.108%	$2.11B	$2.31B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,748.7	−0.102%	—	$946.1M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748	−0.128%	$14.9M	$36.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.8	−0.133%	$132.6M	$290.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.3	−0.116%	$185.2M	$607.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.9	−0.059%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.6	−0.105%	$21.1M	$75.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.1	−0.051%	—	$352K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.2	−0.047%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.8	−0.098%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.6	−0.104%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.6	−0.106%	$947K	$8.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.7	−0.102%	$61.9M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,748.5	−0.108%	$1.05B	$1.05B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.4	−0.113%	$264.1M	$57.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.6	−0.140%	$30.5M	$65.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,748.7	−0.101%	$82.5M	$274.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0105%	1h	2,749.1	−0.086%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERP	+0.0157%	1h	2,747.6	−0.140%	$7.3M	$832K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,751	−0.018%	$32.5M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,749.6	−0.070%	$5.7M	$10.6M	25x	as long as short
dYdX ETH-USD	+0.0227%	1h	2,749.3	−0.081%	$15.3M	$42.8M	50x	as long as short
Hyperliquid ETH	+0.0250%	1h	2,751.8	+0.011%	$3.16B	$1.75B	25x	as long as short
BloFin ETH-USDT	+0.0360%	8h	2,748.9	−0.093%	$283.3M	$149.9M	150x	as long as short
Injective ETH/USDC PERPlong	+0.0461%	1h	2,751.5	long leg	$118K	$21.7M	52x
Paradex ETH-USD-PERP	+0.0522%	8h	2,752.9	+0.049%	$16.0M	$6.2M	50x	as long as short