Funding arb · Price arb /

RUNE

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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 −0.039%

Price spread now: Variational Omni against Injective+2.624%7-day average — · you sell dearer than you buy

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)—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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 2.624% dearer against Injective than usual: you sell high and buy low: +$262 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective RUNE/USDC PERP	0.6155	0.0033	pay 0.0004% / 1h	30m 45s	$7	$14	12x
Short	Variational Omni RUNE	0.6317	0.0100	get 0.0100% / 8h	6h 30m	$186K	$69K	—

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 +2.624%Rate

Funding earned: $14
Price spread: +2.624% → 0.000%: $262.42
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: $276.4
Costs to cover: 0.000%
Break-even: from the start

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	7.61 bp	doesn't fit	62.4 bp −$624	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.

RUNE on 15 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
Deribit RUNE_USDC-PERPETUAL	0.0000%	1h	0.6310	+2.518%	—	—	10x	as long as short
Injective RUNE/USDC PERPlong	+0.0033%	1h	0.6155	long leg	$7	$14	12x
Binance RUNEUSDT	+0.0100%	8h	0.6311	+2.530%	$4.9M	$14.6M	75x	as long as short
Bybit RUNEUSDT	+0.0100%	8h	0.6311	+2.535%	$2.9M	$2.5M	75x	as long as short
Gate RUNE_USDT	+0.0100%	8h	0.6320	+2.681%	$636K	$366K	50x	as long as short
MEXC RUNE_USDT	+0.0100%	8h	0.6311	+2.535%	$3.8M	$3.3M	125x	as long as short
KuCoin RUNEUSDTM	+0.0100%	8h	0.6315	+2.600%	$892K	$303K	50x	as long as short
Bitget RUNEUSDT	+0.0100%	8h	0.6323	+2.729%	$1.6M	$744K	50x	as long as short
BingX RUNE-USDT	+0.0100%	8h	0.6317	+2.632%	—	$59.0M	—	as long as short
Variational Omni RUNEshort	+0.0100%	8h	0.6317	+2.624%	$186K	$69K	—

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended RUNE-USD	+0.0104%	1h	0.6308	+2.484%	$4K	$164K	10x	as long as short
Coinbase International RUNE-PERP-INTX	+0.0104%	1h	0.6368	+3.461%	$38K	$31K	25x	as long as short
dYdX RUNE-USD	+0.0523%	1h	0.6317	+2.632%	$54K	$5K	5x	as long as short
Hyperliquid RUNE	+0.0634%	1h	0.6317	+2.632%	$1.7M	$1.0M	5x	as long as short
Kraken Futures PF_RUNEUSD	+0.1765%	1h	0.6327	+2.797%	$183K	$282K	20x	as long as short