Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0519%/8h= +56.9% APRpaid last 24h −0.539%

Price spread now: Injective against Variational Omni−0.183%91s7-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

Funding pays, the price is against you. Injective is 0.183% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.183% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 28 hours of funding at the current rate (+$16 a day). The two prices were read 91 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	Variational Omni IO	0.1497	0.0100	pay 0.0050% / 4h	2h 53m	$30K	$16K	—
Short	Injective IO/USDC PERP	0.1494	0.0619	get 0.0077% / 1h	53m 40s	$2K	$198	5.5x

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 −0.183%Rate

Funding earned: $109.08
Price spread: −0.183% → 0.000%: −$18.29
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: $90.76
Costs to cover: 0.000%
Break-even: 1.2 days

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

Variational Omni and 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.

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
BloFin IO-USDT	+0.0077%	4h	0.1496	−0.049%	$194K	$39K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1496	−0.029%	$999K	$360K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1496	−0.049%	$23K	$47K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1496	−0.049%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1494	−0.183%	$1.1M	$900K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1495	−0.083%	$228K	$439K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1494	−0.183%	$1.2M	$228K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1496	−0.049%	$351K	$623K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1498	+0.084%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1495	−0.116%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IOlong	+0.0100%	4h	0.1497	long leg	$30K	$16K	—
Extended IO-USD	+0.0104%	1h	0.1496	−0.076%	$3K	$219K	5x	as long as short
Injective IO/USDC PERPshort	+0.0619%	1h	0.1494	−0.183%	$2K	$198	5.5x
Kraken Futures PF_IOUSD	+2.7444%	1h	0.1491	−0.385%	$38K	$10K	10x	as long as short