Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1082%/8h= +118.5% APRpaid last 24h +0.315%

Price spread now: Injective against Variational Omni+4.594%7-day average — · you sell dearer than you buy

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 for this trade now. Funding pays +$32 a day on $10k at the current rate, and Injective is 4.594% dearer against Variational Omni than usual: you sell high and buy low: +$459 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	Variational Omni S	0.03920	−0.1048	get 0.0524% / 4h	11m 04s	$611K	$31K	—
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	11m 04s	$2K	$37K	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

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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +4.594%Rate

Funding earned: $227.17
Price spread: +4.594% → 0.000%: $459.37
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: $686.52
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 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, 3 min ago	5.10 bp	doesn't fit	114.7 bp −$1,147	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.

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	−0.5896%	1h	0.03840	−2.039%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2122%	1h	0.03929	+0.241%	$33K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.396%	$47K	$5K	25x	as long as short
Variational Omni Slong	−0.1048%	4h	0.03920	long leg	$611K	$31K	—
GMX S/USD [WBTC.b-USDC]	L −0.0204% / S +0.0196%	1h	0.03931	+0.277%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03925	+0.140%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03932	+0.308%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03932	+0.312%	$606	—	150x	as long as short
Orderly PERP_S_USDC	+0.0026%	4h	0.03928	+0.206%	$100K	$339K	10x	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+4.594%	$2K	$37K	12x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03933	+0.333%	$165K	$217K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03928	+0.196%	$984K	$678K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03933	+0.330%	$43K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03929	+0.231%	$5.4M	$16.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03922	+0.053%	$5.6M	$5.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03928	+0.206%	$980K	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03922	+0.053%	$320K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03929	+0.231%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03929	+0.231%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03929	+0.231%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03926	+0.155%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03930	+0.257%	$114K	$314K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.257%	$25K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03928	+0.199%	$221K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03928	+0.206%	$265K	$125K	75x	as long as short