Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.014%

Price spread now: Injective against KuCoin−8.804%115s7-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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 8.804% cheaper against KuCoin than usual: you would sell low and buy high (−$880 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 115 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 RAYUSDTM	1.8014	0.0100	pay 0.0050% / 4h	1h 03m	$1.9M	$779K	50x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	3m 31s	$266	$25	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 −8.804%Rate

Funding earned: −$14
Price spread: −8.804% → 0.000%: −$880.43
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: −$906.45
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 3 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, 3 min ago	8.31 bp	84.9 bp −$85	doesn't fit	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.

RAY on 16 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8020	+0.033%	$1K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−8.804%	$266	$25	5.5x
MEXC RAY_USDT	+0.0053%	8h	1.8011	−0.017%	$12.5M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8021	+0.039%	$4.5M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8005	−0.050%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.8014	long leg	$1.9M	$779K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8010	−0.022%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8019	+0.028%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8069	+0.308%	$706K	$961K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8032	+0.101%	$68K	$66K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8022	+0.044%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8024	+0.056%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8015	+0.006%	$252K	$872K	20x	as long as short
Lighter RAY	+0.0408%	1h	1.8021	+0.039%	$264K	$298K	5x	as long as short
Kraken Futures PF_RAYUSD	+0.0775%	1h	1.7963	−0.282%	$90K	$456K	10x	as long as short
Orderly PERP_RAY_USDC	+0.0822%	4h	1.8065	+0.283%	$324K	$399K	10x	as long as short