Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.005%

Price spread now: Injective against Variational Omni−4.288%106s7-day average — · you buy dearer than you sell

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.288% cheaper against Variational Omni than usual: you would sell low and buy high (−$429 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 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	Variational Omni LINK	12.955	0.0100	pay 0.0100% / 8h	6h 33m	$3.3M	$1.6M	—
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	33m 27s	$4K	$48K	12x

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

Position, each leg$Hold fordaysFee Variational OmnibpFee InjectivebpOrdersPrice spread, now −4.288%Rate

Funding earned: −$14
Price spread: −4.288% → 0.000%: −$428.77
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: −$442.79
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; 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 RFQ quote, 1 min ago	3.12 bp	doesn't fit	10.1 bp −$101	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

LINK on 39 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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	12.946	−0.073%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.974	+0.142%	$472K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.944	−0.087%	$149K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.288%	$4K	$48K	12x
Phoenix LINK	+0.0049%	1h	12.978	+0.175%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.961	+0.043%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.958	+0.019%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.940	−0.117%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	12.986	+0.236%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.945	−0.083%	$394K	$322K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.942	−0.106%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.942	−0.107%	$274K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.945	−0.080%	$118.9M	$306.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.938	−0.135%	$83.4M	$72.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.945	−0.081%	$27.2M	$84.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.955	−0.004%	$181K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.942	−0.104%	$127.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.947	−0.066%	$33.3M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.947	−0.066%	$22.5M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.942	−0.104%	$53.9M	$31.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.947	−0.066%	—	$23.0M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.978	+0.174%	$337K	$395K	15x	as long as short
Variational Omni LINKlong	+0.0100%	8h	12.955	long leg	$3.3M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	12.955	−0.006%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.962	+0.049%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	+0.019%	$133K	$684K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.948	−0.058%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.962	+0.050%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.978	+0.172%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.966	+0.081%	$14K	$44K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.939	−0.124%	$638K	$866K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.928	−0.212%	$658K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.966	+0.077%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0213%	1h	12.969	+0.107%	$770K	$212K	50x	as long as short
dYdX LINK-USD	+0.0281%	1h	12.940	−0.119%	$343K	$48K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.942	−0.105%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0391%	1h	12.960	+0.035%	$79.5M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.972	+0.130%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0631%	8h	12.985	+0.228%	$20.1M	$11.5M	50x	as long as short