Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1746%/8h= −191.2% APRpaid last 24h −0.101%

Price spread now: Injective against Variational Omni+0.277%46s7-day average — · 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)—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

The price spread pays, funding is against you. Injective is 0.277% dearer against Variational Omni than usual: you sell high and buy low (spread +0.277% now, against zero (this spread has no 7-day history yet)): +$28 on $10k if it goes back. Holding the pair costs −$52 a day in funding at the current rate, which eats that in about 13 hours. The two prices were read 46 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 OP	0.1262	0.0037	pay 0.0037% / 8h	1h 30m	$234K	$48K	—
Short	Injective OP/USDC PERP	0.1265	−0.1710	pay 0.0214% / 1h	30m 36s	$35K	$58K	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

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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 +0.277%Rate

Funding earned: −$366.69
Price spread: +0.277% → 0.000%: $27.71
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: −$339.01
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 53 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, 53 min ago	7.90 bp	doesn't fit	39.5 bp −$395	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.

OP on 30 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 OP/USDC PERPshort	−0.1710%	1h	0.1265	+0.277%	$35K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1270	+0.707%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1253	−0.674%	$21K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1270	+0.685%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1270	+0.673%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1271	+0.753%	—	—	150x	as long as short
Variational Omni OPlong	+0.0037%	8h	0.1262	long leg	$234K	$48K	—
Orderly PERP_OP_USDC	+0.0056%	8h	0.1269	+0.594%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1270	+0.705%	$276K	$905K	15x	as long as short
OKX OP-USDT-SWAP	+0.0098%	8h	0.1270	+0.642%	$5.9M	$30.0M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1271	+0.729%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1270	+0.698%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1270	+0.642%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1269	+0.578%	$18.6M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	+0.650%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1270	+0.650%	$20.0M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1270	+0.673%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1270	+0.673%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1270	+0.673%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1269	+0.586%	$125K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1266	+0.362%	$11K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1265	+0.254%	$316K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	+0.356%	$45K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1269	+0.586%	$183	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1271	+0.784%	$176K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1269	+0.620%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1270	+0.648%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1268	+0.555%	$996K	$284K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0227%	1h	0.1270	+0.654%	$793K	$740K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1269	+0.630%	$706	—	20x	as long as short