Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Orderly against Variational Omni+0.078%48s7-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 Orderly

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: Orderly is 0.078% dearer against Variational Omni than usual: you sell high and buy low, +$8 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 48 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 ADA	0.2467	0.0100	pay 0.0100% / 8h	2h 43m	$4.3M	$1.1M	—
Short	Orderly PERP_ADA_USDC	0.2469	0.0100	get 0.0100% / 8h	2h 43m	$6K	$6K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.078%Rate

Funding earned: $0
Price spread: +0.078% → 0.000%: $7.83
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.83
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Orderly: 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, 1 min ago	8.11 bp	doesn't fit	12.2 bp −$122	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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.

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
dYdX ADA-USD	0.0000%	1h	0.2465	−0.086%	$203K	$2K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2468	+0.038%	$152K	$7.0M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2462	−0.185%	$84K	—	150x	as long as short
Kraken Futures PF_ADAUSD	+0.0019%	1h	0.2468	+0.027%	$6.3M	$13.3M	50x	as long as short
Phoenix ADA	+0.0032%	1h	0.2470	+0.115%	$4K	$105K	10x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.159%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2468	+0.042%	$2.4M	$987K	10x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2465	−0.084%	$43.8M	$16.3M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2463	−0.154%	$1.2M	$1.1M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2466	−0.029%	$158K	$170K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2462	−0.185%	$103.9M	$393.3M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2462	−0.205%	$73.1M	$117.4M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2463	−0.165%	$33.0M	$112.3M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2463	−0.165%	$99.6M	$62.6M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2462	−0.205%	$59.3M	$62.9M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2464	−0.145%	$29.6M	$15.4M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2463	−0.165%	$67.0M	$51.8M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2462	−0.205%	—	$6.5M	—	as long as short
Variational Omni ADAlong	+0.0100%	8h	0.2467	long leg	$4.3M	$1.1M	—
edgeX ADAUSDC	+0.0100%	4h	0.2470	+0.117%	$66K	$286K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2471	+0.160%	$289K	$4.0M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2470	+0.119%	$229K	$760K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2463	−0.157%	$94K	$635K	10x	as long as short
Orderly PERP_ADA_USDCshort	+0.0100%	8h	0.2469	+0.078%	$6K	$6K	20x
Derive ADA-PERP	+0.0100%	1h	0.2469	+0.083%	$40K	$2K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2470	+0.120%	$8K	$747K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2468	+0.034%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2469	+0.063%	$1.3M	$6.7M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2467	−0.003%	$48.1M	$7.0M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2467	−0.021%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2465	−0.090%	$537K	$1.8M	50x	as long as short
Coinbase International ADA-PERP-INTX	+0.0104%	1h	0.2467	−0.003%	$395K	$8.3M	50x	as long as short
Backpack ADA_USDC_PERP	+0.0140%	1h	0.2468	+0.034%	$124K	$457K	15x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2468	+0.038%	$4.5M	$5.8M	75x	as long as short
Reya ADARUSDPERP	+0.0276%	1h	0.2463	−0.164%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0317%	1h	0.2469	+0.095%	$607K	$542K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0585%	1h	0.2461	−0.238%	$140K	—	100x	as long as short