Funding arb · Price arb /

INJ

all INJ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.005%

Price spread now: Variational Omni against Deribit−0.354%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit 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

Funding pays, the price is against you. Variational Omni is 0.354% cheaper against Deribit than usual: you would sell low and buy high (spread −0.354% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 30 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit INJ_USDC-PERPETUAL	7.7879	0.0033	pay 0.0004% / 1h	8m 12s	$7K	$23K	25x
Short	Variational Omni INJ	7.7603	0.0073	get 0.0073% / 8h	2h 08m	$272K	$157K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.354%Rate

Funding earned: $8.35
Price spread: −0.354% → 0.000%: −$35.43
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$34.09
Costs to cover: 0.070%
Break-even: 35.6 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 16 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 16 min ago	3.35 bp	doesn't fit	47.2 bp −$472	doesn't fit	doesn't fit

Deribit: 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.

INJ on 24 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
Reya INJRUSDPERP	−0.0200%	1h	7.7787	−0.118%	—	—	20x	as long as short
dYdX INJ-USD	0.0000%	1h	7.7753	−0.161%	$90K	$10K	5x	as long as short
gTrade (Gains Network) INJ/USD	L +0.0006% / S −0.0002%	1h	7.7811	−0.087%	$3K	—	150x	as long as short
Deribit INJ_USDC-PERPETUALlong	+0.0033%	1h	7.7879	long leg	$7K	$23K	25x
Variational Omni INJshort	+0.0073%	8h	7.7603	−0.354%	$272K	$157K	—
Kraken Futures PF_INJUSD	+0.0078%	1h	7.7846	−0.042%	$886K	$3.2M	50x	as long as short
Aevo INJ-PERP	+0.0096%	1h	7.7818	−0.078%	$70K	$13K	3x	as long as short
Orderly PERP_INJ_USDC	+0.0097%	8h	7.7850	−0.037%	$38K	$65K	10x	as long as short
Aster INJUSDT	+0.0100%	8h	7.7802	−0.099%	$156K	$443K	20x	as long as short
Binance INJUSDT	+0.0100%	8h	7.7820	−0.076%	$35.6M	$94.8M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit INJUSDT	+0.0100%	8h	7.7770	−0.140%	$21.6M	$32.0M	50x	as long as short
OKX INJ-USDT-SWAP	+0.0100%	8h	7.7780	−0.127%	$6.4M	$20.3M	50x	as long as short
Gate INJ_USDT	+0.0100%	8h	7.7790	−0.114%	$2.8M	$5.1M	50x	as long as short
KuCoin INJUSDTM	+0.0100%	8h	7.7810	−0.089%	$9.5M	$16.2M	50x	as long as short
Bitget INJUSDT	+0.0100%	8h	7.7810	−0.089%	$14.3M	$10.9M	75x	as long as short
ApeX Omni INJUSDT	+0.0100%	1h	7.7720	−0.204%	$47K	$347K	50x	as long as short
Extended INJ-USD	+0.0104%	1h	7.7841	−0.049%	$118K	$460K	10x	as long as short
BloFin INJ-USDT	+0.0220%	8h	7.7770	−0.140%	$1.8M	$7.6M	75x	as long as short
BingX INJ-USDT	+0.0271%	8h	7.7760	−0.153%	—	$21.3M	—	as long as short
MEXC INJ_USDT	+0.0285%	8h	7.7820	−0.076%	$31.8M	$23.8M	300x	as long as short
GMX INJ/USD [WBTC.b-USDC]	L +0.0354% / S −0.0391%	1h	7.7823	−0.072%	$47K	—	100x	as long as short
Coinbase International INJ-PERP-INTX	+0.0688%	1h	7.7950	+0.091%	$389K	$699K	50x	as long as short
Hyperliquid INJ	+0.0944%	1h	7.7975	+0.123%	$26.5M	$9.2M	5x	as long as short
Injective INJ/USDC PERP	+0.1499%	1h	7.8040	+0.207%	$319K	$12.1M	30x	as long as short