Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h +0.007%

Price spread now: Variational Omni against Injective+0.479%106s7-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 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

The price spread pays, funding is against you. Variational Omni is 0.479% dearer against Injective than usual: you sell high and buy low (spread +0.479% now, against zero (this spread has no 7-day history yet)): +$48 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 10 days. 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	Injective VIRTUAL/USDC PERP	0.7117	0.0033	pay 0.0004% / 1h	43m 36s	$46	$88K	5.5x
Short	Variational Omni VIRTUAL	0.7151	−0.0122	pay 0.0061% / 4h	43m 36s	$536K	$908K	—

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 +0.479%Rate

Funding earned: −$32.71
Price spread: +0.479% → 0.000%: $47.92
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: $15.19
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 60 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, 60 min ago	4.20 bp	doesn't fit	22.4 bp −$224	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.

VIRTUAL on 33 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
Kraken Futures PF_VIRTUALUSD	−0.0336%	1h	0.7162	+0.636%	$521K	$744K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7157	+0.566%	$24	—	10x	as long as short
Variational Omni VIRTUALshort	−0.0122%	4h	0.7151	+0.479%	$536K	$908K	—
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7156	+0.548%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7161	+0.615%	$11K	$36K	5x	as long as short
Bybit VIRTUALUSDT	−0.0042%	4h	0.7156	+0.548%	$16.3M	$18.8M	50x	as long as short
Lighter VIRTUAL	−0.0024%	1h	0.7155	+0.538%	$323K	$403K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7160	+0.606%	$14K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0029%	1h	0.7162	+0.632%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERPlong	+0.0033%	1h	0.7117	long leg	$46	$88K	5.5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7160	+0.604%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7161	+0.618%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7158	+0.582%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7159	+0.592%	$16.1M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7156	+0.548%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7155	+0.534%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7156	+0.548%	$15.7M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7155	+0.534%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7159	+0.590%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7156	+0.548%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7159	+0.590%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7159	+0.583%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7155	+0.531%	$638K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7152	+0.492%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	+0.569%	$48K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7163	+0.646%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	+0.569%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7158	+0.570%	$54K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7159	+0.592%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0306%	1h	0.7163	+0.639%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7161	+0.616%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7154	+0.520%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7170	+0.745%	$200K	$100K	50x	as long as short