Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.143%

Price spread now: Backpack against Variational Omni−0.247%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 Backpack

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.247% cheaper against Variational Omni than usual: you would sell low and buy high, −$25 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 2Z	0.05255	0.0100	pay 0.0050% / 4h	43m 37s	$33K	$23K	—
Short	Backpack 2Z_USDC_PERP	0.05242	0.0100	get 0.0013% / 1h	43m 37s	$46K	$20K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.247%Rate

Funding earned: $0
Price spread: −0.247% → 0.000%: −$24.69
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$34.69
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: no order-book sample; Backpack: 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 Backpack no order-book sample	—	—	—	—	—

Variational Omni and Backpack: 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.

2Z on 17 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_2ZUSD	−0.3865%	1h	0.05230	−0.471%	$5K	$3K	10x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−5.233%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05251	−0.076%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05242	−0.256%	$660K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05251	−0.077%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05242	−0.253%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05244	−0.209%	$2.1M	$2.1M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05246	−0.171%	$710K	$963K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05243	−0.228%	$440K	$731K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05241	−0.266%	$93K	$70K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05247	−0.152%	$346K	$134K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05245	−0.186%	$180K	$53K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05250	−0.095%	$174K	$675K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05244	−0.209%	—	$6.5M	—	as long as short
Backpack 2Z_USDC_PERPshort	+0.0100%	1h	0.05242	−0.247%	$46K	$20K	5x
Variational Omni 2Zlong	+0.0100%	4h	0.05255	long leg	$33K	$23K	—
SunX 2Z-USDT	+0.0100%	4h	0.05251	−0.076%	$2K	$1.1M	20x	as long as short