Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.007%

Price spread now: Injective against Variational Omni−0.940%46s7-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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.940% cheaper against Variational Omni than usual: you would sell low and buy high (−$94 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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 VIRTUAL	0.7185	0.0100	pay 0.0050% / 4h	1h 02m	$525K	$878K	—
Short	Injective VIRTUAL/USDC PERP	0.7117	0.0033	get 0.0004% / 1h	2m 39s	$46	$88K	5.5x

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 −0.940%Rate

Funding earned: −$14
Price spread: −0.940% → 0.000%: −$93.99
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: −$108.01
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 16 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, 16 min ago	5.55 bp	doesn't fit	20.8 bp −$208	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.

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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7213	+0.393%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7220	+0.488%	$328K	$414K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7222	+0.522%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7221	+0.505%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7216	+0.438%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7217	+0.448%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERPshort	+0.0033%	1h	0.7117	−0.940%	$46	$88K	5.5x
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7214	+0.410%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7230	+0.637%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7220	+0.491%	$190K	$91K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7223	+0.534%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7224	+0.550%	$16.4M	$37.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7221	+0.508%	$15.7M	$16.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7220	+0.494%	$2.8M	$9.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7221	+0.508%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7219	+0.480%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7221	+0.508%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7227	+0.591%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7222	+0.522%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7221	+0.508%	$240K	$159K	10x	as long as short
Variational Omni VIRTUALlong	+0.0100%	4h	0.7185	long leg	$525K	$878K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7201	+0.229%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7210	+0.355%	$638K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7182	−0.035%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7218	+0.473%	$34K	$896K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7214	+0.410%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7214	+0.416%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7220	+0.498%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7213	+0.391%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7216	+0.436%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7209	+0.341%	$806K	$811K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7229	+0.619%	$196K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0508%	1h	0.7224	+0.556%	$588K	$596K	50x	as long as short