Funding arb · Price arb /

MNT

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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 +0.011%

Price spread now: Variational Omni against Injective−1.923%106s7-day average −0.271% · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.037%+$4 on $10k

Price spread, last 3 days (all we have)+3.752%+$375 · spread now −1.923%, 7d avg −0.271%

Together, before fees+3.789%+ Points / potential airdropVariational Omni: Active · farm board+$379 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 1.652% cheaper against Injective than usual: you would sell low and buy high (spread −1.923% now, against its 7-day average of −0.271%). If the spread goes back, that is −$165 on $10k: about 3 months of funding at the current rate (+$2 a day). 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	Injective MNT/USDC PERP	0.6526	0.0033	pay 0.0004% / 1h	31m 29s	$3K	$210K	12x
Short	Variational Omni MNT	0.6401	0.0100	get 0.0100% / 8h	6h 31m	$284K	$173K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −1.923%Rate

Funding earned: $14
Price spread: −1.923% → −0.271%: −$165.17
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$151.19
Costs to cover: 0.000%
Break-even: 82.6 days

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 38 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 38 min ago	4.61 bp	doesn't fit	81.5 bp −$815	doesn't fit	doesn't fit

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.

MNT 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6418	−1.658%	$19	—	100x	as long as short
ApeX Omni MNTUSDT	−0.0318%	1h	0.6404	−1.869%	$11K	$640K	50x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6414	−1.711%	$770	—	150x	as long as short
Injective MNT/USDC PERPlong	+0.0033%	1h	0.6526	long leg	$3K	$210K	12x
Lighter MNT	+0.0096%	1h	0.6428	−1.499%	$138K	$73K	5x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6422	−1.594%	$6.6M	$946K	5x	as long as short
Bybit MNTUSDT	+0.0100%	8h	0.6410	−1.781%	$42.0M	$15.0M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6401	−1.915%	$413K	$164K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6409	−1.793%	$2.4M	$103K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6408	−1.808%	—	$2.5M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNTshort	+0.0100%	8h	0.6401	−1.923%	$284K	$173K	—
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6418	−1.655%	$1K	—	10x	as long as short
Backpack MNT_USDC_PERP	+0.0143%	1h	0.6413	−1.732%	$50K	$55K	10x	as long as short
Kraken Futures PF_MNTUSD	+0.0385%	1h	0.6411	−1.757%	$16K	$29K	20x	as long as short