Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0286%/8h= +31.4% APRpaid last 24h +0.343%

Price spread now: Injective against Variational Omni+0.032%7-day average — · 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)—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 +$9 a day on $10k at the current rate, and Injective is 0.032% dearer against Variational Omni than usual: you sell high and buy low: +$3 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	Variational Omni S	0.04099	−0.0253	get 0.0126% / 4h	1h 31m	$637K	$30K	—
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	31m 10s	$2K	$37K	12x

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 +0.032%Rate

Funding earned: $60.12
Price spread: +0.032% → 0.000%: $3.17
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: $63.27
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 33 min ago; 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 RFQ quote, 33 min ago	9.85 bp	doesn't fit	120.7 bp −$1,207	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

S on 25 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
01 Exchange SUSD	−1.1432%	1h	0.03950	−3.628%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1666%	1h	0.04123	+0.590%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−1.871%	$48K	$16K	25x	as long as short
Variational Omni Slong	−0.0253%	4h	0.04099	long leg	$637K	$30K	—
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04130	+0.756%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04128	+0.715%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04129	+0.747%	$2K	—	150x	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+0.032%	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0067%	4h	0.04129	+0.739%	$103K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04132	+0.812%	$172K	$156K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04129	+0.749%	$1.0M	$554K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04129	+0.740%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04130	+0.758%	$5.7M	$13.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04125	+0.642%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04126	+0.666%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04123	+0.593%	$339K	$200K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04129	+0.739%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04125	+0.642%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04130	+0.764%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04126	+0.666%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04110	+0.276%	$25K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04127	+0.680%	$234K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04123	+0.593%	$283K	$106K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0719%	1h	0.04132	+0.812%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1623%	1h	0.04130	+0.764%	$122K	$365K	5x	as long as short