Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0258%/8h= −28.3% APRpaid last 24h −0.190%

Price spread now: Injective against Variational Omni+0.135%7-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 0.135% dearer against Variational Omni than usual: you sell high and buy low (spread +0.135% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RENDER	1.8545	−0.0181	get 0.0091% / 4h	2h 54m	$223K	$255K	—
Short	Injective RENDER/USDC PERP	1.8570	−0.0440	pay 0.0055% / 1h	54m 41s	$6K	$92K	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 +0.135%Rate

Funding earned: −$54.2
Price spread: +0.135% → 0.000%: $13.53
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: −$40.69
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 34 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, 34 min ago	5.45 bp	doesn't fit	40.8 bp −$408	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.

RENDER on 22 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 RENDER/USDC PERPshort	−0.0440%	1h	1.8570	+0.135%	$6K	$92K	12x
Variational Omni RENDERlong	−0.0181%	4h	1.8545	long leg	$223K	$255K	—
Bybit RENDERUSDT	−0.0104%	4h	1.8504	−0.221%	$12.1M	$14.6M	50x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8550	+0.027%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8645	+0.540%	$11K	$33K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8637	+0.495%	$271K	$189K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8558	+0.073%	$12.3M	$49.2M	75x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8530	−0.080%	$3.2M	$8.8M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8507	−0.204%	$541K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8540	−0.026%	$12.3M	$10.1M	200x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin RENDERUSDTM	+0.0100%	4h	1.8570	+0.135%	$5.1M	$13.0M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8497	−0.258%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8510	−0.188%	—	$4.4M	—	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8610	+0.351%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8543	−0.008%	$31K	$178K	10x	as long as short
ApeX Omni RENDERUSDT	+0.0175%	1h	1.8562	+0.092%	$44K	$259K	50x	as long as short
Phoenix RENDER	+0.0220%	1h	1.8573	+0.151%	$40K	$336K	5x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0340% / S −0.0785%	1h	1.8637	+0.495%	$14K	—	100x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8590	+0.243%	$600K	$1.4M	90x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0520%	1h	1.8570	+0.135%	$153K	$68K	50x	as long as short
Kraken Futures PF_RENDERUSD	+0.0745%	1h	1.8665	+0.650%	$487K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.1067%	1h	1.8665	+0.648%	$4.3M	$4.3M	5x	as long as short