Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Variational Omni−4.681%7-day average — · you buy dearer than you sell

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

Long on Variational Omni 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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.681% cheaper against Variational Omni than usual: you would sell low and buy high (−$468 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 2Z	0.05225	0.0100	pay 0.0050% / 4h	2h 43m	$33K	$23K	—
Short	Injective 2Z/USDC PERP	0.04980	0.0033	get 0.0004% / 1h	43m 00s	$867	$213	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −4.681%Rate

Funding earned: −$14
Price spread: −4.681% → 0.000%: −$468.14
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$482.16
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: no order-book sample; 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Variational Omni and 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.

2Z on 17 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
Backpack 2Z_USDC_PERP	−0.0750%	1h	0.05204	−0.394%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERPshort	+0.0033%	1h	0.04980	−4.681%	$867	$213	5.5x
Lighter 2Z	+0.0096%	1h	0.05214	−0.203%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05208	−0.317%	$656K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05211	−0.261%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05213	−0.229%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05213	−0.222%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05214	−0.203%	$726K	$918K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05216	−0.164%	$444K	$691K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05205	−0.375%	$91K	$60K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05213	−0.222%	$328K	$122K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05206	−0.361%	$178K	$50K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05215	−0.183%	$156K	$623K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05213	−0.222%	—	$6.5M	—	as long as short
Variational Omni 2Zlong	+0.0100%	4h	0.05225	long leg	$33K	$23K	—
SunX 2Z-USDT	+0.0100%	4h	0.05213	−0.222%	$2K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0512%	1h	0.05204	−0.395%	$5K	$3K	10x	as long as short