Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0716%/8h= −78.4% APRpaid last 24h −0.343%

Price spread now: Variational Omni against Injective−2.516%76s7-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

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Variational Omni is 2.516% cheaper against Injective than usual: you would sell low and buy high (−$252 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 76 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	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	9m 55s	$2K	$37K	12x
Short	Variational Omni S	0.03997	−0.0682	pay 0.0341% / 4h	3h 09m	$621K	$31K	—

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 −2.516%Rate

Funding earned: −$150.31
Price spread: −2.516% → 0.000%: −$251.61
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: −$401.94
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 64 min ago. 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 RFQ quote, 64 min ago	5.10 bp	doesn't fit	66.3 bp −$663	doesn't fit	doesn't fit

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.

S on 25 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
Kraken Futures PF_SUSD	−0.2019%	1h	0.04001	−2.413%	$34K	$23K	10x	as long as short
01 Exchange SUSD	−0.1800%	1h	0.04010	−2.195%	$25K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03959	−3.439%	$49K	$5K	25x	as long as short
Variational Omni Sshort	−0.0682%	4h	0.03997	−2.516%	$621K	$31K	—
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04007	−2.256%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04006	−2.295%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04007	−2.272%	$618	—	150x	as long as short
Orderly PERP_S_USDC	+0.0026%	4h	0.04006	−2.293%	$102K	$331K	10x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Lighter S	+0.0096%	1h	0.04008	−2.244%	$164K	$192K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04004	−2.329%	$1.0M	$623K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04006	−2.293%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04004	−2.341%	$5.5M	$15.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04000	−2.439%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04002	−2.390%	$983K	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04002	−2.390%	$327K	$218K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04004	−2.341%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04006	−2.293%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04007	−2.268%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04002	−2.390%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04000	−2.439%	$26K	$445K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04002	−2.387%	$224K	$1.1M	10x	as long as short
Backpack S_USDC_PERP	+0.0259%	1h	0.04010	−2.195%	$117K	$325K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04004	−2.341%	$270K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0748%	1h	0.04012	−2.146%	$67K	$10K	10x	as long as short