Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Variational Omni+0.866%7-day average −0.009% · you sell dearer than you buy

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 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−1.069%−$107 · spread now +0.866%, 7d avg −0.009%

Together, before fees−1.070%+ Points / potential airdropVariational Omni: Active · farm board−$107 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.875% dearer against Variational Omni than usual: you sell high and buy low, +$87 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ADA	0.2434	0.0100	pay 0.0100% / 8h	6h 52m	$4.2M	$992K	—
Short	Backpack ADA_USDC_PERP	0.2455	0.0100	get 0.0013% / 1h	52m 00s	$129K	$422K	15x

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

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 BackpackbpOrdersPrice spread, now +0.866%Rate

Funding earned: $0
Price spread: +0.866% → −0.009%: $87.46
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $77.46
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Backpack: live order book, 17 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 Variational Omni RFQ quote, 2 min ago	8.22 bp	doesn't fit	12.3 bp −$123	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	0.81 bp	6.6 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit

ADA on 37 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
ApeX Omni ADAUSDT	−0.0012%	1h	0.2452	+0.734%	$56K	$587K	50x	as long as short
dYdX ADA-USD	0.0000%	1h	0.2452	+0.718%	$202K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2453	+0.776%	$205K	$6.2M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2452	+0.734%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.515%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0048%	1h	0.2455	+0.858%	$410K	$7.4M	50x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2455	+0.862%	$42.8M	$14.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2454	+0.800%	$1.2M	$968K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2453	+0.765%	$158K	$156K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2454	+0.834%	$102.2M	$374.6M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ADAUSDT	+0.0100%	8h	0.2454	+0.817%	$72.2M	$107.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2454	+0.817%	$32.5M	$108.4M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2453	+0.776%	$98.4M	$58.3M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2452	+0.734%	$50.2M	$50.6M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2454	+0.821%	$30.0M	$18.0M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2453	+0.776%	$65.7M	$46.3M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2455	+0.858%	—	$20.6M	—	as long as short
Backpack ADA_USDC_PERPshort	+0.0100%	1h	0.2455	+0.866%	$129K	$422K	15x
Variational Omni ADAlong	+0.0100%	8h	0.2434	long leg	$4.2M	$992K	—
edgeX ADAUSDC	+0.0100%	4h	0.2450	+0.672%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2436	+0.077%	$285K	$3.7M	10x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2455	+0.854%	$92K	$655K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2452	+0.734%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2453	+0.785%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2454	+0.817%	$9K	$773K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2453	+0.780%	$337	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2456	+0.915%	$1.3M	$5.8M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2454	+0.817%	$47.8M	$6.4M	50x	as long as short
Lighter ADA	+0.0104%	1h	0.2455	+0.841%	$2.4M	$1.0M	10x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2453	+0.770%	$533K	$1.8M	50x	as long as short
Paradex ADA-USD-PERP	+0.0105%	8h	0.2455	+0.878%	$21K	$250	20x	as long as short
Phoenix ADA	+0.0163%	1h	0.2441	+0.283%	$4K	$87K	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2448	+0.570%	$4.5M	$5.6M	75x	as long as short
Reya ADARUSDPERP	+0.0282%	1h	0.2454	+0.818%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSD	+0.0354%	1h	0.2453	+0.763%	$6.2M	$12.0M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0362%	1h	0.2454	+0.796%	$499K	$470K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0622% / S −0.0389%	1h	0.2452	+0.717%	$140K	—	100x	as long as short