Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.919%

Price spread now: Variational Omni against Injective−0.342%7-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 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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.342% cheaper against Injective than usual: you would sell low and buy high (−$34 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	Injective IO/USDC PERP	0.1518	0.0163	pay 0.0020% / 1h	26m 56s	$2K	$103	5.5x
Short	Variational Omni IO	0.1513	0.0100	get 0.0050% / 4h	1h 26m	$30K	$5K	—

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 −0.342%Rate

Funding earned: −$13.27
Price spread: −0.342% → 0.000%: −$34.18
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: −$47.47
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Injective and Variational Omni: 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.

IO 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
Kraken Futures PF_IOUSD	−0.0638%	1h	0.1518	+0.012%	$39K	$21K	10x	as long as short
BloFin IO-USDT	+0.0052%	4h	0.1516	−0.132%	$194K	$30K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1515	−0.224%	$1.0M	$387K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1515	−0.183%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1515	−0.193%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1512	−0.389%	$1.1M	$878K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1516	−0.158%	$235K	$530K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1513	−0.329%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1516	−0.132%	$401K	$657K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1515	−0.198%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1515	−0.198%	—	$1.3M	—	as long as short
Variational Omni IOshort	+0.0100%	4h	0.1513	−0.342%	$30K	$5K	—
Extended IO-USD	+0.0104%	1h	0.1515	−0.202%	$5K	$171K	5x	as long as short
Injective IO/USDC PERPlong	+0.0163%	1h	0.1518	long leg	$2K	$103	5.5x