Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0259%/8h= −28.3% APRpaid last 24h −0.874%

Price spread now: Injective against Variational Omni+0.376%7-day average — · you sell dearer than you buy

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 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. Injective is 0.376% dearer against Variational Omni than usual: you sell high and buy low (spread +0.376% now, against zero (this spread has no 7-day history yet)): +$38 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 4.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IO	0.1509	0.0100	pay 0.0050% / 4h	34m 53s	$30K	$5K	—
Short	Injective IO/USDC PERP	0.1515	−0.0159	pay 0.0020% / 1h	34m 53s	$2K	$104	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 +0.376%Rate

Funding earned: −$54.32
Price spread: +0.376% → 0.000%: $37.59
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: −$16.75
Costs to cover: 0.000%
Break-even: from the start

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.

IO on 14 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
Injective IO/USDC PERPshort	−0.0159%	1h	0.1515	+0.376%	$2K	$104	5.5x
Hyperliquid IO	+0.0100%	1h	0.1511	+0.118%	$1.0M	$387K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1512	+0.178%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1511	+0.143%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1508	−0.088%	$1.1M	$876K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1512	+0.144%	$244K	$548K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1509	−0.022%	$1.1M	$228K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1509	−0.022%	$383K	$663K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1511	+0.111%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1510	+0.045%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IOlong	+0.0100%	4h	0.1509	long leg	$30K	$5K	—
Extended IO-USD	+0.0104%	1h	0.1511	+0.111%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0111%	4h	0.1516	+0.442%	$194K	$31K	50x	as long as short
Kraken Futures PF_IOUSD	+1.2613%	1h	0.1512	+0.180%	$39K	$19K	10x	as long as short