Funding arb · Price arb /

INJ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0167%/8h= −18.3% APRpaid last 24h −0.098%

Price spread now: Variational Omni against GMX+0.118%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Variational Omni is 0.118% dearer against GMX than usual: you sell high and buy low (spread +0.118% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX INJ/USD [WBTC.b-USDC]	7.5144	L +0.0267% / S −0.0198%	pay 0.0033% / 1h	37m 45s	$28K	—	100x
Short	Variational Omni INJ	7.5233	0.0100	get 0.0100% / 8h	2h 37m	$268K	$149K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now +0.118%Rate

Funding earned: −$35.02
Price spread: +0.118% → 0.000%: $11.83
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$35.2
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 11 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 11 min ago	3.37 bp	doesn't fit	43.3 bp −$433	doesn't fit	doesn't fit

GMX: 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.

INJ on 24 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
Kraken Futures PF_INJUSD	−0.0215%	1h	7.5182	+0.051%	$762K	$3.5M	50x	as long as short
Reya INJRUSDPERP	−0.0200%	1h	7.5156	+0.017%	—	—	20x	as long as short
dYdX INJ-USD	0.0000%	1h	7.5189	+0.060%	$78K	$17K	5x	as long as short
gTrade (Gains Network) INJ/USD	L +0.0007% / S −0.0027%	1h	7.5143	−0.001%	$16K	—	150x	as long as short
Deribit INJ_USDC-PERPETUAL	+0.0016%	1h	7.5195	+0.068%	$6K	$24K	25x	as long as short
Aevo INJ-PERP	+0.0096%	1h	7.5145	+0.002%	$68K	—	3x	as long as short
Orderly PERP_INJ_USDC	+0.0100%	8h	7.5150	+0.008%	$34K	$94K	10x	as long as short
Hyperliquid INJ	+0.0100%	1h	7.5264	+0.160%	$25.3M	$8.7M	5x	as long as short
Aster INJUSDT	+0.0100%	8h	7.5212	+0.091%	$137K	$418K	20x	as long as short
Binance INJUSDT	+0.0100%	8h	7.5210	+0.088%	$32.7M	$97.3M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit INJUSDT	+0.0100%	8h	7.5210	+0.088%	$20.8M	$31.5M	50x	as long as short
OKX INJ-USDT-SWAP	+0.0100%	8h	7.5220	+0.102%	$6.1M	$18.5M	50x	as long as short
Gate INJ_USDT	+0.0100%	8h	7.5160	+0.022%	$2.6M	$5.2M	50x	as long as short
KuCoin INJUSDTM	+0.0100%	8h	7.5220	+0.102%	$9.4M	$18.0M	50x	as long as short
Bitget INJUSDT	+0.0100%	8h	7.5140	−0.005%	$13.8M	$10.3M	75x	as long as short
Variational Omni INJshort	+0.0100%	8h	7.5233	+0.118%	$268K	$149K	—
ApeX Omni INJUSDT	+0.0100%	1h	7.5260	+0.155%	$45K	$270K	50x	as long as short
Extended INJ-USD	+0.0104%	1h	7.5142	−0.002%	$112K	$562K	10x	as long as short
BloFin INJ-USDT	+0.0220%	8h	7.5160	+0.022%	$1.6M	$5.6M	75x	as long as short
BingX INJ-USDT	+0.0248%	8h	7.5170	+0.035%	—	$20.7M	—	as long as short
MEXC INJ_USDT	+0.0261%	8h	7.5300	+0.208%	$29.8M	$20.0M	300x	as long as short
GMX INJ/USD [WBTC.b-USDC]long	L +0.0267% / S −0.0198%	1h	7.5144	long leg	$28K	—	100x
Coinbase International INJ-PERP-INTX	+0.0480%	1h	7.5250	+0.141%	$369K	$633K	50x	as long as short
Injective INJ/USDC PERP	+0.1029%	1h	7.5400	+0.341%	$314K	$12.1M	30x	as long as short