Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.025%

Price spread now: KuCoin against Injective+1.672%55s7-day average — · you sell dearer than you buy

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−1.050%−$105 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 1.672% dearer against Injective than usual: you sell high and buy low: +$167 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −1.050%, so the current rate has only just turned in your favour. The two prices were read 55 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	Injective VIRTUAL/USDC PERP	0.7117	0.0033	pay 0.0004% / 1h	46m 19s	$46	$88K	5.5x
Short	KuCoin VIRTUALUSDTM	0.7236	0.0100	get 0.0050% / 4h	2h 46m	$4.3M	$4.2M	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 +1.672%Rate

Funding earned: $14
Price spread: +1.672% → 0.000%: $167.21
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: $169.19
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 6 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, 6 min ago	2.76 bp	19.2 bp −$19	67.2 bp −$672	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.

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	−0.0303%	1h	0.7231	+1.602%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7227	+1.544%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7239	+1.714%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7234	+1.647%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7255	+1.945%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERPlong	+0.0033%	1h	0.7117	long leg	$46	$88K	5.5x
Lighter VIRTUAL	+0.0040%	1h	0.7230	+1.585%	$328K	$413K	5x	as long as short
ApeX Omni VIRTUALUSDT	+0.0070%	1h	0.7254	+1.925%	$41K	$244K	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7231	+1.602%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7238	+1.695%	$8.9M	$4.2M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7237	+1.681%	$172K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7236	+1.665%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7232	+1.616%	$16.6M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7229	+1.574%	$16.4M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7229	+1.574%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7232	+1.616%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7224	+1.503%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7236	+1.672%	$4.3M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7235	+1.658%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7232	+1.616%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7243	+1.770%	$247K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7231	+1.607%	$528K	$900K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7251	+1.882%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7261	+2.023%	$643K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7233	+1.634%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7226	+1.532%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7232	+1.612%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7230	+1.590%	$57K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7230	+1.584%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7232	+1.619%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7252	+1.897%	$826K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7274	+2.206%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1019%	1h	0.7242	+1.755%	$598K	$661K	50x	as long as short