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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 04:00 UTC+0.0241%/8h= +26.4% APRpaid last 24h +0.032%
Price spread now: Variational Omni against Injective+0.170%106s7-day average −0.068% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on InjectiveShort on Variational Omni
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.055%+$5 on $10k
Price spread, last 4 days (all we have)+0.269%+$27 · spread now +0.170%, 7d avg −0.068%
Together, before fees+0.323%+ Points / potential airdropVariational Omni: Active · farm board+$32 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Variational Omni is 0.238% dearer against Injective than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.068%. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.055% in total (about 5.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongInjective ETH/USDC PERP2,736.3−0.0141get 0.0018% / 1h55m 36s$117K$22.5M52x
ShortVariational Omni ETH2,7410.0100get 0.0100% / 8h4h 55m$133.2M$324.9M—

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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

Funding earned
$50.71
Price spread: +0.170% → −0.068%
$23.83
Slippage, 4 orders
no order book: not counted
Fee Injective: 0.01 bp × 2 orders
−$0.02
Fee Variational Omni: 0 bp × 2 orders
$0
Net
$74.52
Costs to cover
0.000%
Break-even
from the start
Slippage unknown: Injective: live order book, 4 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Injective live order book, 4 min ago14.57 bp14.6 bp −$1514.6 bp −$14614.6 bp −$1,45820914.3 bp −$10.46M
Sell Variational Omni RFQ quote, 4 min ago0.57 bpdoesn't fit0.6 bp −$65.1 bp −$513doesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective ETH/USDC PERPlong−0.0141%1h2,736.3long leg$117K$22.5M52x
Hotstuff ETH-PERP−0.0080%1h2,742+0.208%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,741.8+0.203%$12.0M—200xas long as short
dYdX ETH-USD0.0000%1h2,741+0.173%$10.8M$41.7M50xas long as short
01 Exchange ETHUSD0.0000%1h2,740.8+0.164%$182K$834K50xas long as short
Perpl ETH0.0000%43m2,741.3+0.182%$300K$5.5M8.3xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,742+0.209%$25.3M—200xas long as short
Phoenix ETH+0.0017%1h2,739+0.099%$844K$2.9M25xas long as short
ApeX Omni ETHUSDT+0.0039%1h2,740.1+0.137%$8.8M$30.7M100xas long as short
BingX ETH-USDC+0.0055%8h2,740.3+0.147%—$18.4M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0069%8h2,740.7+0.162%$1.69B$10.60B100xas long as short
Bullet ETH-USD+0.0071%1h2,741.1+0.175%$180K$1.7M20xas long as short
KuCoin ETHUSDTM+0.0072%8h2,740.1+0.137%$380.9M$573.7M100xas long as short
SoDEX ETH-USD+0.0073%1h2,741.3+0.183%$54.6M$187.6M40xas long as short
Aster ETHUSDT+0.0082%8h2,740.3+0.147%$253.5M$840.5M200xas long as short
MEXC ETH_USDT+0.0088%8h2,740+0.135%$1.56B$2.52B500xas long as short
Aevo ETH-PERP+0.0088%1h2,738.8+0.093%$4.9M$154K20xas long as short
Binance ETHUSDT+0.0091%8h2,740.1+0.138%$6.36B$15.70B150xas long as short
Lighter ETH+0.0096%1h2,740.6+0.158%$112.4M$430.5M50xas long as short
Lighter RH ETH+0.0096%1h2,742.2+0.214%$24.6M$102.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,739.7+0.125%—$30.5M500xas long as short
RISEx ETH/USDC+0.0099%1h2,741.3+0.183%$5.6M$11.4M25xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,744.6+0.304%$15.8M$8.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,740.3+0.146%$500K$3.1M50xas long as short
Nado ETH-PERP+0.0100%1h2,742.1+0.213%$13.9M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,742.5+0.227%$3.11B$2.06B25xas long as short
Pacifica ETH+0.0100%1h2,740.9+0.168%$31.7M$335.1M50xas long as short
Bybit ETHUSDT+0.0100%8h2,740.1+0.139%$2.43B$4.19B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,741+0.172%$2.7M$16.9M25xas long as short
Arcus ETH-USD+0.0100%1h2,741.3+0.184%$2.8M$16.0M25xas long as short
Bulk ETH-USD+0.0100%1h2,739.7+0.125%$165.8M$302.8M25xas long as short
Gate ETH_USDT+0.0100%8h2,740.9+0.168%$3.39B$8.67B200xas long as short
Bitget ETHUSDT+0.0100%8h2,740.9+0.168%$2.08B$2.72B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,741.6+0.193%$15.0M$39.6M50xas long as short
Variational Omni ETHshort+0.0100%8h2,741+0.170%$133.2M$324.9M—
edgeX ETHUSDC+0.0100%4h2,734.9−0.051%$181.8M$664.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,737.4+0.038%$159.2M$83.8M50xas long as short
StandX ETH-USD+0.0100%1h2,738.8+0.091%$21.2M$69.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,741.7+0.197%—$843K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,742.7+0.234%$11.0M$8.8M50xas long as short
Derive ETH-PERP+0.0100%1h2,743.2+0.251%$41.4M$29.7M15xas long as short
SunX ETH-USDT+0.0100%8h2,740.9+0.169%$960K$11.4M100xas long as short
HTX ETH-USDT+0.0100%8h2,741.5+0.189%$1.06B$1.18B200xas long as short
Phemex ETHUSDT+0.0100%8h2,741.7+0.196%$266.4M$65.2M150xas long as short
Extended ETH-USD+0.0104%1h2,739.6+0.121%$30.6M$72.3M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,743.2+0.252%$53.1M$4.26B50xas long as short
Aftermath Perps ETHUSD+0.0132%1h2,740.3+0.146%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0158%8h2,740.7+0.161%$7.6M$672.6M4.9xas long as short
Deribit ETH-PERPETUAL+0.0191%1h2,743.1+0.249%$260.0M$194.9M50xas long as short
Orderly PERP_ETH_USDC+0.0195%8h2,743.8+0.275%$32.3M$11.5M100xas long as short
BloFin ETH-USDT+0.0210%8h2,737.7+0.049%$285.5M$175.3M150xas long as short
Kraken Futures PF_ETHUSD+0.0221%1h2,742.3+0.218%$86.0M$309.8M100xas long as short
Reya ETHRUSDPERP+0.0225%1h2,741.2+0.178%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,739.3+0.110%$251K$1.4M20xas long as short
Bluefin ETH-PERP+0.4134%1h2,742.4+0.223%$21K$20K25xas long as short