Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.036%

Price spread now: Variational Omni against Injective−3.605%7-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

Funding pays, the price is against you. Variational Omni is 3.605% cheaper against Injective than usual: you would sell low and buy high (spread −3.605% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$360 on $10k: about 6 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective W/USDC PERP	0.01209	0.0033	pay 0.0004% / 1h	40m 46s	$1K	$1K	12x
Short	Variational Omni W	0.01165	0.0100	get 0.0050% / 4h	2h 40m	$71K	$40K	—

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 −3.605%Rate

Funding earned: $14
Price spread: −3.605% → 0.000%: −$360.47
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: −$346.49
Costs to cover: 0.000%
Break-even: 180.2 days

Slippage unknown: Injective: no order-book sample; Variational Omni: 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Injective and Variational Omni: 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.

W on 17 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
Deribit W_USDC-PERPETUAL	0.0000%	1h	0.01168	−3.424%	$14K	$3K	10x	as long as short
Injective W/USDC PERPlong	+0.0033%	1h	0.01209	long leg	$1K	$1K	12x
Gate W_USDT	+0.0092%	4h	0.01166	−3.590%	$426K	$238K	75x	as long as short
Hyperliquid W	+0.0100%	1h	0.01166	−3.557%	$2.0M	$290K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01165	−3.654%	$2.9M	$5.3M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01163	−3.805%	$4.1M	$1.6M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01164	−3.714%	$1.3M	$1.6M	20x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01166	−3.590%	$12.3M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01167	−3.474%	$387K	$196K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01167	−3.474%	$1.3M	$539K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01165	−3.664%	—	$6.7M	—	as long as short
Backpack W_USDC_PERP	+0.0100%	1h	0.01168	−3.391%	$43K	$42K	15x	as long as short
Variational Omni Wshort	+0.0100%	4h	0.01165	−3.605%	$71K	$40K	—
GRVT W_USDT_Perp	+0.0100%	4h	0.01172	−3.066%	$124K	$375K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01166	−3.552%	$60K	$147K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0400%	1h	0.01178	−2.605%	$14K	$13K	50x	as long as short
Kraken Futures PF_WUSD	+0.1747%	1h	0.01170	−3.237%	$145K	$185K	20x	as long as short