Funding arb · Price arb /

CASHCAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.4900%/8h= −536.5% APRpaid last 24h −1.383%

Price spread now: Variational Omni against Injective−1.010%61s7-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 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 −$147 a day on $10k at the current rate, and Variational Omni is 1.010% cheaper against Injective than usual: you would sell low and buy high (−$101 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 61 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 CASHCAT/USDC PERP	0.1685	0.5000	pay 0.0625% / 1h	36m 09s	$8K	$18K	5.5x
Short	Variational Omni CASHCAT	0.1668	0.0100	get 0.0050% / 4h	36m 09s	$1.1M	$1.8M	—

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

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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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −1.010%Rate

Funding earned: −$1,029
Price spread: −1.010% → 0.000%: −$101.04
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: −$1,130.06
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	9.00 bp	doesn't fit	116.9 bp −$1,169	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.

CASHCAT on 22 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
Lighter CASHCAT	+0.0096%	1h	0.1650	−2.107%	$1.1M	$1.8M	3x	as long as short
Lighter RH CASHCAT	+0.0096%	1h	0.1651	−2.042%	$353K	$958K	3x	as long as short
Hyperliquid CASHCAT	+0.0100%	1h	0.1653	−1.929%	$45.4M	$20.5M	3x	as long as short
Bybit CASHCATUSDT	+0.0100%	4h	0.1652	−1.970%	$12.3M	$19.2M	10x	as long as short
Arcus CASHCAT-USD	+0.0100%	1h	0.1657	−1.663%	$118K	$296K	5x	as long as short
Gate CASHCAT_USDT	+0.0100%	4h	0.1650	−2.083%	$1.5M	$2.0M	20x	as long as short
MEXC CASHCAT_USDT	+0.0100%	4h	0.1651	−2.006%	$8.3M	$528K	20x	as long as short
KuCoin CASHCATUSDTM	+0.0100%	4h	0.1649	−2.142%	$576K	$2.4M	10x	as long as short
Variational Omni CASHCATshort	+0.0100%	4h	0.1668	−1.010%	$1.1M	$1.8M	—
ApeX Omni CASHCATUSDT	+0.0100%	1h	0.1664	−1.258%	$75K	$60K	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX CASHCAT-USDT	+0.0100%	1h	0.1653	−1.895%	—	$2.4M	10x	as long as short
HTX CASHCAT-USDT	+0.0100%	1h	0.1656	−1.727%	$22K	$278K	10x	as long as short
SoDEX CASHCAT-USD	+0.0113%	1h	0.1652	−1.964%	$496	$1K	3x	as long as short
edgeX CASHCATUSDC	+0.0158%	4h	0.1664	−1.228%	$50K	$168K	5x	as long as short
Extended CASHCAT-USD	+0.0480%	1h	0.1653	−1.901%	$207K	$854K	5x	as long as short
Polymarket Perps CASHCAT-USD	+0.0726%	1h	0.1651	−2.030%	$64K	$1.3M	3x	as long as short
BingX CASHCAT-USDT	+0.0762%	4h	0.1652	−1.958%	—	$1.1M	—	as long as short
OKX CASHCAT-USDT-SWAP	+0.0770%	4h	0.1649	−2.136%	$1.4M	$12.5M	20x	as long as short
BloFin CASHCAT-USDT	+0.1043%	4h	0.1656	−1.721%	$52K	$565K	20x	as long as short
Aster CASHCATUSDT	+0.1163%	1h	0.1657	−1.645%	$553K	$1.1M	10x	as long as short
Nado CASHCAT-PERP	+0.1457%	1h	0.1649	−2.145%	$244K	$216K	5x	as long as short
Injective CASHCAT/USDC PERPlong	+0.5000%	1h	0.1685	long leg	$8K	$18K	5.5x