Funding arb · Price arb /

INJ

all INJ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h —

Price spread now: Variational Omni against Reya−0.198%55s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.198% cheaper against Reya than usual: you would sell low and buy high (spread −0.198% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 2.2 days of funding at the current rate (+$9 a day). The two prices were read 55 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	Reya INJRUSDPERP	7.8448	−0.0200	get 0.0025% / 1h	24m 31s	—	—	20x
Short	Variational Omni INJ	7.8292	0.0100	get 0.0100% / 8h	6h 24m	$275K	$152K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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

Position, each leg$Hold fordaysFee ReyabpFee Variational OmnibpOrdersPrice spread, now −0.198%Rate

Funding earned: $62.94
Price spread: −0.198% → 0.000%: −$19.83
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $37.11
Costs to cover: 0.060%
Break-even: 2.9 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 44 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 44 min ago	3.34 bp	doesn't fit	55.8 bp −$558	doesn't fit	doesn't fit

Reya: 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 23 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
Reya INJRUSDPERPlong	−0.0200%	1h	7.8448	long leg	—	—	20x
gTrade (Gains Network) INJ/USD	L +0.0006% / S −0.0002%	1h	7.8460	+0.016%	$3K	—	150x	as long as short
dYdX INJ-USD	+0.0024%	1h	7.8322	−0.160%	$81K	$17K	5x	as long as short
Aevo INJ-PERP	+0.0096%	1h	7.8468	+0.026%	$71K	—	3x	as long as short
Aster INJUSDT	+0.0100%	8h	7.8338	−0.140%	$149K	$424K	20x	as long as short
Binance INJUSDT	+0.0100%	8h	7.8316	−0.168%	$35.5M	$91.6M	75x	as long as short
Bybit INJUSDT	+0.0100%	8h	7.8268	−0.229%	$22.0M	$31.0M	50x	as long as short
OKX INJ-USDT-SWAP	+0.0100%	8h	7.8250	−0.252%	$6.4M	$19.0M	50x	as long as short
Gate INJ_USDT	+0.0100%	8h	7.8300	−0.188%	$2.8M	$4.9M	50x	as long as short
KuCoin INJUSDTM	+0.0100%	8h	7.8340	−0.137%	$9.4M	$16.5M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget INJUSDT	+0.0100%	8h	7.8320	−0.163%	$14.4M	$10.2M	75x	as long as short
Variational Omni INJshort	+0.0100%	8h	7.8292	−0.198%	$275K	$152K	—
ApeX Omni INJUSDT	+0.0100%	1h	7.7770	−0.864%	$47K	$281K	50x	as long as short
Orderly PERP_INJ_USDC	+0.0100%	8h	7.8460	+0.016%	$35K	$80K	10x	as long as short
Extended INJ-USD	+0.0104%	1h	7.8342	−0.135%	$116K	$365K	10x	as long as short
Deribit INJ_USDC-PERPETUAL	+0.0171%	1h	7.8473	+0.032%	$6K	$24K	25x	as long as short
GMX INJ/USD [WBTC.b-USDC]	L +0.0270% / S −0.0198%	1h	7.8449	+0.001%	$30K	—	100x	as long as short
BingX INJ-USDT	+0.0271%	8h	7.8310	−0.175%	—	$21.4M	—	as long as short
MEXC INJ_USDT	+0.0285%	8h	7.8350	−0.124%	$31.8M	$21.3M	300x	as long as short
Hyperliquid INJ	+0.0372%	1h	7.8428	−0.025%	$26.4M	$8.8M	5x	as long as short
Kraken Futures PF_INJUSD	+0.0403%	1h	7.8473	+0.032%	$877K	$3.0M	50x	as long as short
Coinbase International INJ-PERP-INTX	+0.0624%	1h	7.8430	−0.022%	$383K	$603K	50x	as long as short
Injective INJ/USDC PERP	+0.1354%	1h	7.8520	+0.092%	$327K	$12.1M	30x	as long as short