Funding arb · Price arb /

JPM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Variational Omni against Injective+1.405%7-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

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Variational Omni is 1.405% dearer against Injective than usual: you sell high and buy low: +$140 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective JPM/USDC PERP	347.62	−0.0220	get 0.0028% / 1h	34m 45s	$7K	$45K	12x
Short	Variational Omni JPM	352.50	0	get 0.0000% / 8h	1h 34m	$120K	$7K	—

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 +1.405%Rate

Funding earned: $46.2
Price spread: +1.405% → 0.000%: $140.48
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: $186.66
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 9 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, 9 min ago	3.22 bp	doesn't fit	96.4 bp −$964	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.

JPM on 14 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
Injective JPM/USDC PERPlong	−0.0220%	1h	347.62	long leg	$7K	$45K	12x
BloFin JPM-USDT	−0.0024%	8h	352.41	+1.378%	$90K	$27K	20x	as long as short
Aster JPMUSDT	0.0000%	8h	352.50	+1.403%	$3K	$437	20x	as long as short
Binance JPMUSDT	0.0000%	8h	352.54	+1.416%	$941K	$489K	20x	as long as short
Bybit JPMUSDT	0.0000%	8h	352.52	+1.410%	$154K	$1.1M	25x	as long as short
Gate JPM_USDT	0.0000%	8h	352.53	+1.412%	$727K	$203K	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	352.40	+1.375%	$205K	$11K	20x	as long as short
Variational Omni JPMshort	0.0000%	8h	352.50	+1.405%	$120K	$7K	—
GRVT JPM_USDT_Perp	0.0000%	8h	352.55	+1.417%	$5K	$82K	10x	as long as short
SunX JPM-USDT	0.0000%	8h	352.55	+1.418%	$1K	$808K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX JPM-USDT	0.0000%	8h	352.31	+1.349%	$7K	$39K	20x	as long as short
QFEX JPM-USD	+0.0005%	1h	352.45	+1.389%	$1.1M	$2.5M	10x	as long as short
edgeX JPMUSDC	+0.0024%	4h	352.50	+1.403%	$36K	$172K	10x	as long as short
KuCoin JPMUSDTM	+0.0100%	8h	352.14	+1.300%	$156K	$955K	20x	as long as short