Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.4240%/8h= +464.3% APRpaid last 24h +0.337%

Price spread now: GMX against Variational Omni−10.422%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 GMX

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

Funding pays, the price is against you. GMX is 10.422% cheaper against Variational Omni than usual: you would sell low and buy high (spread −10.422% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,042 on $10k: about 8.2 days of funding at the current rate (+$127 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003349	0.0100	pay 0.0050% / 4h	3m 10s	$301K	$119K	—
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0196% / S −0.4340%	get 0.0542% / 1h	3m 10s	$563	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −10.422%Rate

Funding earned: $890.37
Price spread: −10.422% → 0.000%: −$1,042.23
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$163.86
Costs to cover: 0.120%
Break-even: 8.3 days

Slippage unknown: Variational Omni: RFQ quote, 11 min ago; GMX: 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, 11 min ago	5.98 bp	doesn't fit	56.8 bp −$568	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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.

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0456%	1h	0.000003370	+0.626%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003365	+0.476%	$1.0M	$13.9M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0062%	4h	0.000003365	+0.476%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003367	+0.548%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003367	+0.551%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.241%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0047%	1h	0.000003367	+0.536%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003368	+0.552%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003369	+0.596%	$221K	$332K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003368	+0.581%	$19K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003365	+0.476%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003367	+0.536%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003367	+0.536%	$15.3M	$52.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003364	+0.446%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003367	+0.536%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003365	+0.476%	$717K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003367	+0.536%	$9.8M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003365	+0.482%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003364	+0.446%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003364	+0.446%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003369	+0.596%	$30K	$7K	10x	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003349	long leg	$301K	$119K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003353	+0.118%	$56K	$702K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003372	+0.685%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003366	+0.506%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003374	+0.745%	$92K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003367	+0.532%	$22K	$3K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003363	+0.417%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0196% / S −0.4340%	1h	0.000003000	−10.422%	$563	—	100x
Hyperliquid kBONK	+0.1156%	1h	0.000003372	+0.685%	$10.0M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1453%	1h	0.000003372	+0.693%	$206K	$153K	50x	as long as short