Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0089%/8hpaid last 24h −0.021%

Price spread now: Injective against Variational Omni+0.131%7-day average +0.032% · you sell dearer than you buy

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 3 days (all we have)−0.091%−$9 on $10k

Price spread, last 3 days (all we have)−0.090%−$9 · spread now +0.131%, 7d avg +0.032%

Together, before fees−0.181%+ Points / potential airdropVariational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.099% dearer against Variational Omni than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.032%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	86,459	0.0089	pay 0.0089% / 8h	4h 06m	$163.4M	$537.2M	—
Short	Injective BTC/USDC PERP	86,572	0.0000	get 0.0000% / 1h	6m 44s	$327K	$27.0M	52x

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

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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 +0.131%Rate

Funding earned: −$18.72
Price spread: +0.131% → +0.032%: $9.9
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: −$8.83
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Injective: live order book, 2 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 Variational Omni RFQ quote, 2 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.3 bp −$128	doesn't fit
Sell Injective live order book, 2 min ago	4.39 bp	5.4 bp −$5	29.4 bp −$294	740.1 bp −$74.0K	doesn't fit

BTC on 56 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
Perpl BTC	−0.0223%	43m	86,518	+0.068%	$406K	$25.8M	6.7x	as long as short
Phoenix BTC	−0.0132%	1h	86,513	+0.062%	$2.1M	$11.1M	40x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	+0.052%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,482	+0.027%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,533.5	+0.086%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,539	+0.093%	$184.7M	$860.0M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,517.2	+0.067%	$302K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	+0.067%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,478	+0.022%	$823.2M	$665.9M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,543	+0.097%	$8.8M	$694.0M	6.4x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPshort	0.0000%	1h	86,572	+0.131%	$327K	$27.0M	52x
Reya BTCRUSDPERP	+0.0003%	1h	86,521.1	+0.072%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,541.8	+0.096%	$37.1M	—	200x	as long as short
BingX BTC-USDT	+0.0006%	8h	86,457.4	−0.002%	—	$1.46B	—	as long as short
Bitget BTCUSDT	+0.0008%	8h	86,462.5	+0.004%	$2.97B	$4.90B	150x	as long as short
SoDEX BTC-USD	+0.0010%	1h	86,493	+0.039%	$61.1M	$311.5M	40x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,484.4	+0.029%	$506.4M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,496.6	+0.043%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,509.6	+0.059%	$153.6M	$444.1M	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,444.4	−0.017%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,453.5	−0.006%	$9.53B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,445	−0.016%	$2.63B	$12.16B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,506.4	+0.055%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	+0.023%	$140.5M	$320.6M	100x	as long as short
Bluefin BTC-PERP	+0.0062%	1h	86,533.3	+0.086%	$141K	$505K	40x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	+0.009%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,502.7	+0.051%	$2.30B	$896.1M	200x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,449.9	−0.011%	$5.98B	$10.20B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,447.4	−0.013%	$5.29B	$9.20B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,491	+0.037%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0089%	8h	86,522.4	+0.073%	$2.3M	$7.7M	100x	as long as short
Variational Omni BTClong	+0.0089%	8h	86,459	long leg	$163.4M	$537.2M	—
Lighter BTC	+0.0096%	1h	86,466.8	+0.009%	$172.9M	$980.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,476.4	+0.020%	$24.2M	$146.9M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,551.3	+0.107%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	+0.015%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,484.5	+0.029%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,498	+0.045%	$212K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,482.5	+0.027%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.1	+0.021%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,503	+0.051%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.4	+0.069%	$6.9M	$92.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,507.3	+0.056%	$37.4M	$140.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	+0.016%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	+0.054%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,581.8	+0.142%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,526	+0.077%	$10.9M	$13.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,519.5	+0.070%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,507.7	+0.056%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	+0.025%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,438	−0.024%	$47.9M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,519.5	+0.070%	—	$87.2M	500x	as long as short
Hyperliquid BTC	+0.0152%	1h	86,572	+0.131%	$3.99B	$4.75B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,556.4	+0.113%	$131.6M	$5.90B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0203%	1h	86,539.1	+0.093%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0212%	1h	86,569.8	+0.128%	$932.5M	$1.22B	50x	as long as short