Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h −0.919%

Price spread now: Injective against KuCoin−0.066%70s7-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 0.066% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.066% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 3.5 days of funding at the current rate (+$2 a day). The two prices were read 70 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	0.1515	0.0100	pay 0.0050% / 4h	1h 03m	$400K	$654K	50x
Short	Injective IO/USDC PERP	0.1514	0.0163	get 0.0020% / 1h	3m 58s	$2K	$106	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 −0.066%Rate

Funding earned: $13.27
Price spread: −0.066% → 0.000%: −$6.6
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: −$5.35
Costs to cover: 0.120%
Break-even: 9.8 days

Slippage unknown: KuCoin: live order book, 69 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, 69 min ago	6.63 bp	99.0 bp −$99	459.2 bp −$4,592	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
Kraken Futures PF_IOUSD	−0.0638%	1h	0.1519	+0.239%	$39K	$21K	10x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1516	+0.066%	$1.0M	$387K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1517	+0.099%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1517	+0.104%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1514	−0.066%	$1.1M	$876K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1515	+0.020%	$245K	$553K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1514	−0.066%	$1.1M	$233K	125x	as long as short
KuCoin IOUSDTMlong	+0.0100%	4h	0.1515	long leg	$400K	$654K	50x
Bitget IOUSDT	+0.0100%	4h	0.1517	+0.132%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1516	+0.066%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1510	−0.310%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1516	+0.083%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0148%	4h	0.1515	0.000%	$194K	$31K	50x	as long as short
Injective IO/USDC PERPshort	+0.0163%	1h	0.1514	−0.066%	$2K	$106	5.5x