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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 −0.035%
Price spread now: Injective against Variational Omni+0.159%91s7-day average +0.067% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on Variational OmniShort on Injective
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.055%−$6 on $10k
Price spread, last 4 days (all we have)−0.401%−$40 · spread now +0.159%, 7d avg +0.067%
Together, before fees−0.456%+ Points / potential airdropVariational Omni: Active · farm board−$46 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Injective is 0.092% dearer against Variational Omni than usual: you sell high and buy low (spread +0.159% now, against its 7-day average of +0.067%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 3 days (−0.055% in total) that is about 5.8 days. The two prices were read 91 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
LongVariational Omni ETH2,726.60.0100pay 0.0100% / 8h4h 31m$133.1M$325.4M—
ShortInjective ETH/USDC PERP2,730.9−0.0141pay 0.0018% / 1h31m 50s$117K$22.5M52x

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

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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: +0.159% → +0.067%
$9.2
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
−$41.53
Costs to cover
0.000%
Break-even
from the start
Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Injective: live order book, 2 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 Variational Omni RFQ quote, 2 min ago0.50 bpdoesn't fit0.5 bp −$52.1 bp −$207doesn't fit
Sell Injective live order book, 2 min ago13.33 bp47.5 bp −$4748.6 bp −$48648.8 bp −$4,877doesn'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
Perpl ETH−0.0447%43m2,735.2+0.317%$298K$5.6M8.3xas long as short
Injective ETH/USDC PERPshort−0.0141%1h2,730.9+0.159%$117K$22.5M52x
Hotstuff ETH-PERP−0.0080%1h2,735.9+0.343%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,736.4+0.362%$12.0M—200xas long as short
dYdX ETH-USD0.0000%1h2,737.5+0.403%$10.8M$41.7M50xas long as short
01 Exchange ETHUSD0.0000%1h2,736.3+0.357%$188K$821K50xas long as short
Phoenix ETH0.0000%1h2,732+0.200%$829K$2.9M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,736.5+0.365%$27.9M—200xas long as short
Bullet ETH-USD+0.0007%1h2,735.8+0.340%$179K$1.7M20xas long as short
ApeX Omni ETHUSDT+0.0044%1h2,731.3+0.175%$8.9M$31.3M100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0058%8h2,736.9+0.379%—$1.14B—as long as short
HTX ETH-USDT+0.0063%8h2,735+0.310%$1.06B$1.19B200xas long as short
KuCoin ETHUSDTM+0.0067%8h2,736.6+0.367%$380.2M$575.1M100xas long as short
OKX ETH-USDT-SWAP+0.0070%8h2,737.2+0.388%$1.67B$10.73B100xas long as short
Phemex ETHUSDT+0.0071%8h2,736.2+0.352%$265.9M$65.4M150xas long as short
Bybit ETHUSDT+0.0071%8h2,737+0.384%$2.39B$4.35B150xas long as short
SoDEX ETH-USD+0.0072%1h2,736.1+0.350%$54.5M$187.7M40xas long as short
Aster ETHUSDT+0.0084%8h2,737+0.385%$251.1M$843.8M200xas long as short
MEXC ETH_USDT+0.0087%8h2,737.1+0.388%$1.53B$2.56B500xas long as short
Aevo ETH-PERP+0.0088%1h2,733.3+0.247%$4.9M$155K20xas long as short
Binance ETHUSDT+0.0090%8h2,737.4+0.398%$6.35B$15.87B150xas long as short
Lighter ETH+0.0096%1h2,737.8+0.413%$113.2M$438.5M50xas long as short
Lighter RH ETH+0.0096%1h2,739+0.456%$23.4M$106.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,736.2+0.355%—$30.8M500xas long as short
Paradex ETH-USD-PERP+0.0098%8h2,739.3+0.467%$15.5M$8.1M50xas long as short
RISEx ETH/USDC+0.0099%1h2,736.4+0.361%$5.6M$11.5M25xas long as short
Katana Perps ETH-USD+0.0100%8h2,735.4+0.324%$500K$3.2M50xas long as short
Nado ETH-PERP+0.0100%1h2,735.4+0.326%$13.8M$104.4M50xas long as short
Hyperliquid ETH+0.0100%1h2,739.4+0.471%$3.11B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,736.3+0.357%$32.0M$334.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,732.3+0.211%$2.7M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,736.2+0.354%$1.6M$16.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,728.7+0.077%$166.6M$310.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,737.1+0.385%$3.35B$8.87B200xas long as short
Bitget ETHUSDT+0.0100%8h2,737.4+0.398%$2.07B$2.75B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,736.4+0.359%$15.0M$39.7M50xas long as short
Variational Omni ETHlong+0.0100%8h2,726.6long leg$133.1M$325.4M—
edgeX ETHUSDC+0.0100%4h2,729.6+0.113%$183.6M$671.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,730.3+0.137%$158.8M$86.8M50xas long as short
StandX ETH-USD+0.0100%1h2,730.8+0.156%$21.1M$68.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,736.2+0.355%—$843K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,737.6+0.405%$11.2M$9.1M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,736.1+0.349%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,737.6+0.406%$41.3M$29.8M15xas long as short
SunX ETH-USDT+0.0100%8h2,735.1+0.314%$958K$11.4M100xas long as short
Deribit ETH-PERPETUAL+0.0101%1h2,737.5+0.402%$260.2M$196.6M50xas long as short
Extended ETH-USD+0.0104%1h2,736.2+0.353%$30.3M$72.7M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,737.7+0.410%$51.3M$4.27B50xas long as short
Aftermath Perps ETHUSD+0.0120%1h2,732.4+0.216%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0145%8h2,736+0.346%$6.6M$678.5M4.9xas long as short
Orderly PERP_ETH_USDC+0.0193%8h2,738.6+0.441%$32.2M$11.5M100xas long as short
Reya ETHRUSDPERP+0.0221%1h2,735.2+0.318%$7.3M$1.2M25xas long as short
Kraken Futures PF_ETHUSD+0.0222%1h2,737+0.382%$83.5M$314.8M100xas long as short
Hibachi ETH/USDT-P+0.0256%1h2,734.9+0.307%$253K$1.4M20xas long as short
BloFin ETH-USDT+0.0350%8h2,734+0.273%$283.4M$175.7M150xas long as short