Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0267%/8h= +29.2% APRpaid last 24h +0.072%

Price spread now: Variational Omni against Injective+1.087%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 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 for this trade now. Funding pays +$8 a day on $10k at the current rate, and Variational Omni is 1.087% dearer against Injective than usual: you sell high and buy low: +$109 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 SMCI/USDC PERP	41.130	−0.0220	get 0.0028% / 1h	13m 02s	$4K	$94	12x
Short	Variational Omni SMCI	41.577	0.0047	get 0.0047% / 8h	5h 13m	$98K	$110K	—

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 +1.087%Rate

Funding earned: $56.09
Price spread: +1.087% → 0.000%: $108.65
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: $164.73
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 26 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, 26 min ago	5.68 bp	doesn't fit	75.5 bp −$755	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.

SMCI 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
Injective SMCI/USDC PERPlong	−0.0220%	1h	41.130	long leg	$4K	$94	12x
Bybit SMCIUSDT	0.0000%	8h	41.510	+0.924%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.570	+1.070%	$689K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.560	+1.045%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.551	+1.024%	$1.3M	$504K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.580	+1.094%	$1.6M	$249K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.535	+0.985%	$32K	$5K	10x	as long as short
Variational Omni SMCIshort	+0.0047%	8h	41.577	+1.087%	$98K	$110K	—
QFEX SMCI-USD	+0.0048%	1h	41.490	+0.875%	$1.1M	$2.0M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.550	+1.021%	$142	$3K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.520	+0.948%	$463K	$481K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.580	+1.094%	$8K	$284K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0103%	8h	41.560	+1.045%	$350	$156K	10x	as long as short
Binance SMCIUSDT	+0.0188%	8h	41.582	+1.099%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0192%	1h	41.572	+1.074%	$580	$10K	10x	as long as short
BloFin SMCI-USDT	+0.0206%	8h	41.600	+1.143%	$33K	$9K	20x	as long as short
Paragon para:SMCI	+0.1285%	1h	41.490	+0.875%	$159K	$265K	10x	as long as short