Funding arb · Price arb /

JPM

RWAall JPM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Injective against Variational Omni−0.978%7-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 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 against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 0.978% cheaper against Variational Omni than usual: you would sell low and buy high (−$98 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni JPM	351.93	0	get 0.0000% / 8h	3h 55m	$119K	$7K	—
Short	Injective JPM/USDC PERP	348.49	−0.0220	pay 0.0028% / 1h	55m 13s	$7K	$45K	12x

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

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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −0.978%Rate

Funding earned: −$46.2
Price spread: −0.978% → 0.000%: −$97.84
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: −$144.06
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 64 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, 64 min ago	2.93 bp	doesn't fit	95.9 bp −$959	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.

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
edgeX JPMUSDC	−0.0752%	4h	351.97	+0.011%	$36K	$171K	10x	as long as short
Injective JPM/USDC PERPshort	−0.0220%	1h	348.49	−0.978%	$7K	$45K	12x
BloFin JPM-USDT	−0.0005%	8h	352.09	+0.044%	$90K	$27K	20x	as long as short
Aster JPMUSDT	0.0000%	8h	352.07	+0.038%	$3K	$437	20x	as long as short
Binance JPMUSDT	0.0000%	8h	352.01	+0.023%	$929K	$486K	20x	as long as short
Bybit JPMUSDT	0.0000%	8h	352.33	+0.113%	$154K	$1.1M	25x	as long as short
Gate JPM_USDT	0.0000%	8h	352.04	+0.030%	$731K	$225K	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	352.17	+0.067%	$205K	$11K	20x	as long as short
Variational Omni JPMlong	0.0000%	8h	351.93	long leg	$119K	$7K	—
GRVT JPM_USDT_Perp	0.0000%	8h	352.06	+0.037%	$5K	$82K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX JPM-USDT	0.0000%	8h	351.95	+0.005%	$1K	$857K	10x	as long as short
HTX JPM-USDT	0.0000%	8h	351.74	−0.055%	$7K	$38K	20x	as long as short
QFEX JPM-USD	0.0000%	1h	351.95	+0.005%	$1.1M	$2.7M	10x	as long as short
KuCoin JPMUSDTM	+0.0100%	8h	351.91	−0.007%	$155K	$886K	20x	as long as short