Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.035%

Price spread now: Injective against KuCoin+0.153%85s7-day average +0.315% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1111.113% of the position

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.251%+$25 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now +0.153%, 7d avg +0.315%

Together, before fees+0.309%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.162% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.153% now, against its 7-day average of +0.315%). If the spread goes back, that is −$16 on $10k: about 4.5 days of funding at the current rate (+$4 a day). The two prices were read 85 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 METAUSDTM	736.49	0.0100	pay 0.0100% / 8h	4h 05m	$1.6M	$980K	20x
Short	Injective META/USDC PERP	737.62	0.0220	get 0.0028% / 1h	5m 52s	$166K	$61K	30x

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 +0.153%Rate

Funding earned: $25.2
Price spread: +0.153% → +0.315%: −$16.19
Slippage, 4 orders: −$99.24
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$102.25
Costs to cover: 1.113%
Break-even: 35.4 days

Slippage from KuCoin: live order book, 3 min ago; Injective: live order book, 36 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 KuCoin live order book, 3 min ago	6.52 bp	27.0 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 36 min ago	18.41 bp	33.2 bp −$33	doesn't fit	doesn't fit	doesn't fit

META on 37 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
Hotstuff META-PERP	−0.1600%	1h	736.20	−0.039%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	736.19	−0.041%	$291K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	737.00	+0.069%	$486K	$656K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	736.25	−0.032%	$543K	$3.9M	17x	as long as short
Binance METAUSDT	0.0000%	8h	736.60	+0.014%	$24.5M	$191.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	736.77	+0.038%	$7.5M	$16.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	736.22	−0.037%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	736.10	−0.053%	$485K	$6.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	736.30	−0.026%	$5.9M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	735.79	−0.095%	$2.7M	$3.3M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	736.26	−0.031%	$12K	$422K	10x	as long as short
SunX META-USDT	0.0000%	8h	736.34	−0.020%	$864	$6.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	735.68	−0.110%	$36K	$199K	10x	as long as short
HTX META-USDT	0.0000%	8h	736.03	−0.062%	$108K	$315K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	736.96	+0.064%	$2.0M	$10K	10x	as long as short
Lighter RH META	+0.0032%	1h	736.58	+0.012%	$914K	$2.9M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	736.38	−0.015%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	736.29	−0.027%	$177K	$194K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	735.84	−0.088%	$555K	$570K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	736.25	−0.033%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	735.47	−0.138%	$726K	$5.0M	10x	as long as short
QFEX META-USD	+0.0056%	1h	736.18	−0.042%	$2.2M	$14.1M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	735.98	−0.069%	—	—	5x	as long as short
Nado META-PERP	+0.0072%	1h	735.91	−0.078%	$478K	$546K	20x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	736.53	+0.005%	$53K	$84K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	735.77	−0.098%	$665K	$7.3M	10x	as long as short
Pacifica META	+0.0100%	1h	736.29	−0.028%	$607	$3K	10x	as long as short
KuCoin METAUSDTMlong	+0.0100%	8h	736.49	long leg	$1.6M	$980K	20x
ApeX Omni METAUSDT	+0.0100%	1h	735.66	−0.113%	$165K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	736.14	−0.048%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	736.06	−0.059%	$265	—	10x	as long as short
Arcus META-USD	+0.0209%	1h	735.66	−0.113%	$112K	$295K	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	737.62	+0.153%	$166K	$61K	30x
edgeX METAUSDC	+0.0274%	4h	736.39	−0.014%	$62K	$350K	10x	as long as short
tradeXYZ xyz:META	+0.0287%	1h	736.33	−0.022%	$86.4M	$136.6M	20x	as long as short
Lighter META	+0.0400%	1h	736.78	+0.039%	$1.5M	$3.2M	20x	as long as short
Phoenix META	+0.0626%	1h	737.05	+0.076%	$787K	$1.6M	20x	as long as short