Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0023%/8h= −2.6% APRpaid last 24h −0.320%

Price spread now: Variational Omni against Injective−1.895%91s7-day average — · 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 4 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 −$1 a day on $10k at the current rate, and Variational Omni is 1.895% cheaper against Injective than usual: you would sell low and buy high (−$190 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 91 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 S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	3m 40s	$2K	$37K	12x
Short	Variational Omni S	0.04022	0.0010	get 0.0005% / 4h	1h 03m	$625K	$22K	—

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

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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −1.895%Rate

Funding earned: −$4.93
Price spread: −1.895% → 0.000%: −$189.52
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: −$194.47
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 40 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, 40 min ago	8.66 bp	doesn't fit	115.1 bp −$1,151	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.

S on 25 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
01 Exchange SUSD	−0.7632%	1h	0.03950	−3.659%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2396%	1h	0.04024	−1.853%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−3.390%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04026	−1.798%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04021	−1.931%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04025	−1.833%	$620	—	150x	as long as short
Variational Omni Sshort	+0.0010%	4h	0.04022	−1.895%	$625K	$22K	—
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0086%	4h	0.04024	−1.854%	$100K	$591K	10x	as long as short
Lighter S	+0.0096%	1h	0.04037	−1.537%	$172K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04033	−1.641%	$1.0M	$579K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04032	−1.647%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04033	−1.624%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04029	−1.732%	$5.7M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04032	−1.659%	$1.0M	$3.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04024	−1.854%	$327K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04035	−1.585%	$4.1M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04022	−1.902%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04032	−1.659%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04028	−1.756%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04040	−1.463%	$23K	$487K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04026	−1.796%	$232K	$396K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04029	−1.732%	$280K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0744%	1h	0.04030	−1.707%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1784%	1h	0.04030	−1.707%	$117K	$426K	5x	as long as short