Funding arb · Price arb /

UNI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2848%/8h= +311.8% APRpaid last 24h +0.179%

Price spread now: Injective against Variational Omni−1.258%106s7-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 1.258% cheaper against Variational Omni than usual: you would sell low and buy high (spread −1.258% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$126 on $10k: about 35 hours of funding at the current rate (+$85 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	Variational Omni UNI	8.9020	−0.0146	get 0.0146% / 8h	2h 15m	$4.0M	$4.6M	—
Short	Injective UNI/USDC PERP	8.7900	0.2702	get 0.0338% / 1h	15m 25s	$657	$97K	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

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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 −1.258%Rate

Funding earned: $598
Price spread: −1.258% → 0.000%: −$125.83
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: $472.16
Costs to cover: 0.000%
Break-even: 1.5 days

Slippage unknown: Variational Omni: RFQ quote, 4 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, 4 min ago	3.27 bp	doesn't fit	17.4 bp −$174	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.

UNI on 40 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 UNIlong	−0.0146%	8h	8.9020	long leg	$4.0M	$4.6M	—
Bybit UNIUSDT	−0.0094%	8h	8.8890	−0.146%	$101.3M	$106.1M	75x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	8.8928	−0.103%	$562K	$138K	50x	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0006%	1h	8.8919	−0.113%	$80K	—	150x	as long as short
OKX UNI-USDT-SWAP	+0.0024%	8h	8.8880	−0.157%	$54.7M	$247.9M	50x	as long as short
01 Exchange UNIUSD	+0.0024%	1h	8.8941	−0.089%	$444	—	10x	as long as short
dYdX UNI-USD	+0.0090%	1h	8.8975	−0.051%	$246K	$5K	10x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	8.8935	−0.096%	$25K	—	20x	as long as short
Nado UNI-PERP	+0.0100%	1h	8.8920	−0.112%	$850K	$4.0M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	8.8966	−0.060%	$1.0M	$3.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica UNI	+0.0100%	1h	8.8968	−0.059%	$301K	$563K	10x	as long as short
Binance UNIUSDT	+0.0100%	8h	8.8910	−0.124%	$217.3M	$595.7M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	8.8980	−0.045%	$274K	$612K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	8.8920	−0.112%	$23.1M	$59.4M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	8.8890	−0.146%	$43.2M	$24.7M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	8.8890	−0.146%	$13.4M	$13.9M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	8.8870	−0.169%	$32.2M	$41.5M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	8.8910	−0.124%	—	$6.5M	—	as long as short
Backpack UNI_USDC_PERP	+0.0100%	1h	8.8953	−0.075%	$987K	$2.3M	10x	as long as short
edgeX UNIUSDC	+0.0100%	4h	8.8994	−0.030%	$167K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	8.8970	−0.056%	$618K	$2.6M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	8.9000	−0.023%	$84K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	8.8900	−0.135%	$106K	$3.2M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	8.8895	−0.141%	$94K	$334K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	8.8850	−0.191%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	8.8938	−0.092%	$36K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	8.8890	−0.146%	$25K	$666K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	8.9034	+0.016%	$723K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	8.8880	−0.157%	$26.8M	$4.3M	50x	as long as short
Extended UNI-USD	+0.0104%	1h	8.8879	−0.159%	$308K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	8.8886	−0.150%	$32K	$1K	3x	as long as short
Coinbase International UNI-PERP-INTX	+0.0200%	1h	8.9090	+0.079%	$1.0M	$5.4M	50x	as long as short
BloFin UNI-USDT	+0.0220%	8h	8.9070	+0.056%	$9.8M	$3.4M	75x	as long as short
Kraken Futures PF_UNIUSD	+0.0267%	1h	8.8960	−0.067%	$5.0M	$7.1M	50x	as long as short
Hyperliquid UNI	+0.0301%	1h	8.9009	−0.012%	$96.9M	$59.8M	10x	as long as short
Reya UNIRUSDPERP	+0.0360%	1h	8.8882	−0.155%	$16K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0379% / S −0.0320%	1h	8.8920	−0.113%	$558K	—	120x	as long as short
Aftermath Perps UNIUSD	+0.0543%	1h	8.9056	+0.040%	$1K	$50K	10x	as long as short
Lighter UNI	+0.0576%	1h	8.9133	+0.127%	$4.6M	$5.4M	15x	as long as short
Injective UNI/USDC PERPshort	+0.2702%	1h	8.7900	−1.258%	$657	$97K	12x