Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.005%

Price spread now: Injective against Variational Omni−4.576%91s7-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 4 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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.576% cheaper against Variational Omni than usual: you would sell low and buy high (−$458 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	12.995	0.0100	pay 0.0100% / 8h	7h 15m	$3.4M	$1.8M	—
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	15m 51s	$4K	$48K	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 −4.576%Rate

Funding earned: −$14
Price spread: −4.576% → 0.000%: −$457.59
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: −$471.61
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 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, 3 min ago	3.12 bp	doesn't fit	9.5 bp −$95	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.

LINK on 40 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
Orderly PERP_LINK_USDC	−0.0125%	8h	12.996	+0.011%	$91K	$926K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.985	−0.078%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.014	+0.145%	$498K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.984	−0.082%	$106K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.576%	$4K	$48K	12x
Kraken Futures PF_LINKUSD	+0.0049%	1h	13.007	+0.096%	$6.5M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.970	−0.186%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.001	+0.050%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.984	−0.085%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	+0.022%	$350K	$322K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	13.003	+0.065%	$81.2M	$27.7M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.003	+0.061%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.988	−0.047%	$276K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.994	−0.004%	$120.0M	$291.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.992	−0.020%	$84.1M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.994	−0.005%	$27.3M	$78.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.005	+0.080%	$182K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.992	−0.020%	$134.7M	$17.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.992	−0.020%	$35.4M	$59.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.998	+0.026%	$23.1M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.994	−0.005%	$54.4M	$29.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.994	−0.005%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.007	+0.095%	$337K	$378K	15x	as long as short
Variational Omni LINKlong	+0.0100%	8h	12.995	long leg	$3.4M	$1.8M	—
edgeX LINKUSDC	+0.0100%	4h	12.959	−0.272%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.959	−0.276%	$582K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.964	−0.236%	$133K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.996	+0.011%	$83K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.822	−1.326%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.005	+0.083%	$34K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.002	+0.057%	$11K	$57K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.980	−0.114%	$634K	$676K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.988	−0.049%	$621K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.002	+0.054%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.995	+0.003%	$934K	$3.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.979	−0.120%	$5.3M	$16.0M	75x	as long as short
Phemex LINKUSDT	+0.0340%	8h	13.011	+0.126%	$20.1M	$11.4M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0350%	1h	13.009	+0.111%	$830K	$289K	50x	as long as short
Reya LINKRUSDPERP	+0.0404%	1h	12.973	−0.165%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.1080%	1h	12.994	−0.001%	$349K	$49K	10x	as long as short