Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h −0.035%

Price spread now: Injective against Variational Omni+0.022%7-day average +0.067% · 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)−0.055%−$6 on $10k

Price spread, last 4 days (all we have)−0.264%−$26 · spread now +0.022%, 7d avg +0.067%

Together, before fees−0.319%+ Points / potential airdropVariational Omni: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 0.045% cheaper against Variational Omni than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.067%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.055% in total (about -5.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,734.9	0.0100	pay 0.0100% / 8h	4h 48m	$133.1M	$324.8M	—
Short	Injective ETH/USDC PERP	2,735.5	−0.0141	pay 0.0018% / 1h	48m 39s	$117K	$22.5M	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

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 +0.022%Rate

Funding earned: −$50.71
Price spread: +0.022% → +0.067%: −$4.52
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: −$55.25
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Injective: live order book, 1 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, 1 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.4 bp −$145	doesn't fit
Sell Injective live order book, 1 min ago	13.90 bp	46.0 bp −$46	48.1 bp −$481	48.3 bp −$4,827	doesn't fit

ETH on 55 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 ETH	−0.0447%	43m	2,731.5	−0.123%	$299K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERPshort	−0.0141%	1h	2,735.5	+0.022%	$117K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	−0.102%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.3	−0.204%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.6	−0.266%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,727.9	−0.256%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.230%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.2	−0.209%	$25.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,729	−0.216%	$54.4M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,729.2	−0.207%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0056%	8h	2,727.8	−0.260%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,727.1	−0.287%	$379.5M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.4	−0.239%	$1.67B	$10.64B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,730.5	−0.160%	$260.0M	$196.2M	50x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,729.2	−0.209%	$252.3M	$842.1M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.5	−0.198%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,727.1	−0.287%	$6.33B	$15.78B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,728.5	−0.235%	$1.53B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,727.5	−0.269%	$112.1M	$434.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.7	−0.227%	$23.9M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.5	−0.013%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,729.8	−0.187%	$5.6M	$11.5M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,731.9	−0.109%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.3	−0.241%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	−0.152%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729	−0.216%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.4	−0.238%	$31.6M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,727.5	−0.270%	$2.40B	$4.29B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.4	−0.238%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	−0.182%	$2.8M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.214%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.6	−0.193%	$3.35B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.7	−0.226%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	−0.264%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,734.9	long leg	$133.1M	$324.8M	—
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.113%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.149%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	+0.015%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	+0.040%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	−0.073%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	−0.077%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	−0.166%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.7	−0.226%	$957K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,728.9	−0.220%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.4	−0.201%	$265.2M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.7	−0.263%	$30.4M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.7	−0.155%	$51.6M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,737.7	+0.102%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,732	−0.106%	$7.3M	$674.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,731	−0.143%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	−0.252%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,730	−0.180%	$85.1M	$311.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,729.7	−0.191%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,736	+0.040%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1037%	1h	2,729.3	−0.204%	$21K	$20K	25x	as long as short