Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0409%/8h= +44.8% APRpaid last 24h +0.119%

Price spread now: Injective against Variational Omni−3.716%7-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

Funding pays, the price is against you. Injective is 3.716% cheaper against Variational Omni than usual: you would sell low and buy high (spread −3.716% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$372 on $10k: about 30 days of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NOT	0.0005062	−0.0375	get 0.0188% / 4h	31m 00s	$72K	$39K	—
Short	Injective NOT/USDC PERP	0.0004874	0.0033	get 0.0004% / 1h	31m 00s	$1K	$13K	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

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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 −3.716%Rate

Funding earned: $85.83
Price spread: −3.716% → 0.000%: −$371.61
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: −$285.8
Costs to cover: 0.000%
Break-even: 30.3 days

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.

NOT on 16 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
Variational Omni NOTlong	−0.0375%	4h	0.0005062	long leg	$72K	$39K	—
KuCoin NOTUSDTM	−0.0258%	4h	0.0005054	−0.160%	$469K	$127K	50x	as long as short
Injective NOT/USDC PERPshort	+0.0033%	1h	0.0004874	−3.716%	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005083	+0.405%	$11K	$4K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005070	+0.156%	$360K	$57K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005066	+0.069%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005072	+0.205%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005067	+0.097%	$2.1M	$853K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005072	+0.195%	$633K	$658K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005057	−0.101%	$140K	$70K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005072	+0.195%	$1.3M	$427K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005072	+0.195%	$672K	$412K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005070	+0.156%	—	$8.8M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005071	+0.168%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0109%	4h	0.0005073	+0.215%	$111K	$16K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1700%	1h	0.0005079	+0.339%	$50K	$9K	10x	as long as short