Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.008%

Price spread now: KuCoin against Injective−2.878%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on KuCoin

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

Funding pays, the price is against you. KuCoin is 2.878% cheaper against Injective than usual: you would sell low and buy high (spread −2.878% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$288 on $10k: about 5 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.028% in total) that is about 24 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	27m 10s	$2K	$37K	12x
Short	KuCoin SUSDTM	0.03982	0.0100	get 0.0050% / 4h	3h 27m	$1.8M	$2.9M	50x

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 −2.878%Rate

Funding earned: $14
Price spread: −2.878% → 0.000%: −$287.8
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$285.82
Costs to cover: 0.120%
Break-even: 149.9 days

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 5 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 5 min ago	3.76 bp	111.3 bp −$111	225.2 bp −$2,252	doesn't fit	doesn't fit

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	−0.2840%	1h	0.03980	−2.927%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2029%	1h	0.03982	−2.879%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03959	−3.439%	$49K	$5K	25x	as long as short
Variational Omni S	−0.0817%	4h	0.03983	−2.844%	$619K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03984	−2.824%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03982	−2.868%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03985	−2.811%	$614	—	150x	as long as short
Orderly PERP_S_USDC	+0.0023%	4h	0.03984	−2.829%	$101K	$331K	10x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Lighter S	+0.0096%	1h	0.03987	−2.756%	$163K	$191K	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	0.03986	−2.778%	$997K	$630K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03984	−2.823%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03987	−2.761%	$5.5M	$15.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03983	−2.854%	$5.7M	$5.0M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03982	−2.878%	$982K	$4.6M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03977	−3.000%	$326K	$217K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03985	−2.805%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTMshort	+0.0100%	4h	0.03982	−2.878%	$1.8M	$2.9M	50x
Bitget SUSDT	+0.0100%	4h	0.03988	−2.732%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03983	−2.854%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03990	−2.683%	$116K	$321K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03990	−2.683%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03983	−2.862%	$225K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03992	−2.634%	$269K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0754%	1h	0.03990	−2.683%	$67K	$10K	10x	as long as short