Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.047%

Price spread now: Variational Omni against Injective−9.098%46s7-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 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 −$5 a day on $10k at the current rate, and Variational Omni is 9.098% cheaper against Injective than usual: you would sell low and buy high (−$910 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	Injective WTI/USDC PERP	100.99	0.0172	pay 0.0022% / 1h	36m 29s	$19K	$18K	30x
Short	Variational Omni CL	91.804	0	get 0.0000% / 4h	1h 36m	$13.4M	$14.0M	—

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 −9.098%Rate

Funding earned: −$36.14
Price spread: −9.098% → 0.000%: −$909.82
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: −$945.98
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 3 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, 3 min ago	2.28 bp	doesn't fit	2.5 bp −$25	7.7 bp −$768	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.

CL on 36 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 WTIOIL_USDC-PERPETUAL	−0.0403%	1h	91.870	−9.033%	$95K	$260K	15x	as long as short
Lighter WTI	−0.0328%	1h	91.828	−9.075%	$11.0M	$11.2M	20x	as long as short
Nado WTI-PERP	−0.0205%	1h	91.927	−8.977%	$920K	$758K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0197%	1h	91.840	−9.063%	$3.5M	$6.4M	20x	as long as short
Aftermath Perps WTIUSD	−0.0197%	1h	91.855	−9.048%	$2K	$30K	5x	as long as short
tradeXYZ xyz:CL	−0.0176%	1h	91.881	−9.022%	$184.9M	$283.8M	20x	as long as short
Bullet WTIOIL-USD	−0.0157%	1h	91.850	−9.053%	$19K	$240K	10x	as long as short
ApeX Omni CLUSDT	−0.0114%	1h	91.910	−8.994%	$55K	$266K	50x	as long as short
Paradex CL-USD-PERP	−0.0096%	8h	91.837	−9.066%	$15K	$367	5x	as long as short
Extended WTI-USD	−0.0056%	1h	91.920	−8.984%	$2.0M	$29.1M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster CLUSD1	−0.0037%	4h	91.860	−9.043%	$23.9M	$78.5M	20x	as long as short
Polymarket Perps WTIOIL-USD	−0.0028%	1h	91.852	−9.051%	$1.6M	$1.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0028%	4h	91.822	−9.081%	$58K	$726K	25x	as long as short
dYdX WTI-USD	0.0000%	1h	91.863	−9.040%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.846	−9.057%	$245.1M	$1.12B	100x	as long as short
Bybit CLUSDT	0.0000%	8h	91.872	−9.031%	$25.3M	$97.5M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.860	−9.043%	$43.1M	$114.3M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.840	−9.063%	$2.4M	$2.5M	10x	as long as short
Gate CL_USDT	0.0000%	8h	91.790	−9.113%	$21.2M	$59.0M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.855	−9.048%	$42.1M	$58.5M	100x	as long as short
Variational Omni CLshort	0.0000%	4h	91.804	−9.098%	$13.4M	$14.0M	—
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.447	−9.452%	$4K	—	10x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.930	−8.974%	$33K	$99K	20x	as long as short
StandX CL-USD	+0.0025%	1h	91.830	−9.073%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	91.960	−8.944%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.855	−9.048%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0072%	4h	91.863	−9.040%	$528K	$341K	30x	as long as short
Pacifica CL	+0.0100%	1h	91.863	−9.040%	$330K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.884	−9.019%	$7.3M	$2.1M	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.826	−9.076%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0112%	1h	91.720	−9.182%	$384K	$1.2M	15x	as long as short
Injective WTI/USDC PERPlong	+0.0172%	1h	100.99	long leg	$19K	$18K	30x
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.845	−9.058%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.850	−9.053%	$4.0M	$1.5M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0451%	1h	91.855	−9.048%	$256K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	91.966	−8.938%	$3.2M	$2.8M	20x	as long as short