Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0530%/8h= +58.0% APRpaid last 24h +0.684%

Price spread now: Variational Omni against Injective−0.217%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

Funding pays, the price is against you. Variational Omni is 0.217% cheaper against Injective than usual: you would sell low and buy high (spread −0.217% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 33 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IO/USDC PERP	0.1518	−0.0430	get 0.0054% / 1h	36m 50s	$2K	$201	5.5x
Short	Variational Omni IO	0.1515	0.0100	get 0.0050% / 4h	1h 36m	$33K	$13K	—

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 −0.217%Rate

Funding earned: $111.22
Price spread: −0.217% → 0.000%: −$21.71
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: $89.49
Costs to cover: 0.000%
Break-even: 1.4 days

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
Injective IO/USDC PERPlong	−0.0430%	1h	0.1518	long leg	$2K	$201	5.5x
Hyperliquid IO	+0.0100%	1h	0.1517	−0.059%	$1.0M	$378K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1516	−0.156%	$23K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1517	−0.066%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1514	−0.257%	$1.1M	$912K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1515	−0.217%	$233K	$560K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1515	−0.198%	$1.2M	$225K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1514	−0.264%	$355K	$659K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1516	−0.132%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1515	−0.198%	—	$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 IOshort	+0.0100%	4h	0.1515	−0.217%	$33K	$13K	—
Extended IO-USD	+0.0104%	1h	0.1517	−0.094%	$1K	$132K	5x	as long as short
BloFin IO-USDT	+0.0142%	4h	0.1516	−0.132%	$193K	$40K	50x	as long as short
Kraken Futures PF_IOUSD	+2.3442%	1h	0.1515	−0.191%	$39K	$18K	10x	as long as short