Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0314%/8h= +34.4% APRpaid last 24h −0.874%

Price spread now: Injective against Variational Omni−0.315%7-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 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. Injective is 0.315% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.315% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$31 on $10k: about 3.3 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IO	0.1524	0.0100	pay 0.0050% / 4h	3h 59m	$33K	$8K	—
Short	Injective IO/USDC PERP	0.1519	0.0414	get 0.0052% / 1h	59m 12s	$2K	$101	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 −0.315%Rate

Funding earned: $65.93
Price spread: −0.315% → 0.000%: −$31.46
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: $34.45
Costs to cover: 0.000%
Break-even: 3.3 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
Hyperliquid IO	+0.0100%	1h	0.1523	−0.052%	$1.0M	$391K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1524	+0.032%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1524	+0.029%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1522	−0.118%	$1.1M	$896K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1523	−0.052%	$243K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1522	−0.118%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1523	−0.052%	$376K	$671K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1524	+0.013%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1523	−0.052%	—	$1.3M	—	as long as short
Variational Omni IOlong	+0.0100%	4h	0.1524	long leg	$33K	$8K	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1524	+0.022%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0131%	4h	0.1522	−0.118%	$192K	$32K	50x	as long as short
Injective IO/USDC PERPshort	+0.0414%	1h	0.1519	−0.315%	$2K	$101	5.5x
Kraken Futures PF_IOUSD	+0.0616%	1h	0.1532	+0.510%	$40K	$19K	10x	as long as short