Funding arb · Price arb /

BTC

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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 +0.001%

Price spread now: Variational Omni against Backpack+0.042%7-day average −0.018% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.075%+$8 on $10k

Price spread, last 7 days+0.443%+$44 · spread now +0.042%, 7d avg −0.018%

Together, before fees+0.519%+ Points / potential airdropVariational Omni: Active · farm board+$52 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: Variational Omni is 0.060% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,390.7	0.0100	pay 0.0013% / 1h	43m 23s	$37.3M	$185.0M	75x
Short	Variational Omni BTC	85,426.4	0.0100	get 0.0100% / 8h	43m 23s	$156.0M	$554.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now +0.042%Rate

Funding earned: $0
Price spread: +0.042% → −0.018%: $6.03
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.97
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$604	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.2 bp −$120	doesn't fit

BTC on 56 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
Hotstuff BTC-PERP	−0.0080%	1h	85,414	+0.027%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.095%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0026%	8h	85,402.4	+0.014%	$931.1M	$775.2M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,423.5	+0.038%	$420.9M	$682.7M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,397.8	+0.008%	$512.2M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,410	+0.023%	$347K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,394	+0.004%	$483K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,437.2	+0.054%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	85,390.6	0.000%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,427.2	+0.043%	$185.6M	$952.3M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.036%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.028%	$338K	$24.6M	52x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,376.3	−0.017%	—	$17.3M	—	as long as short
Nado BTC-PERP	+0.0079%	1h	85,387.5	−0.004%	$24.1M	$220.0M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0083%	1h	85,456.5	+0.077%	$841.6M	$1.65B	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,392.4	+0.002%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,405	+0.017%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,401.8	+0.013%	$169.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,396.5	+0.007%	$23.6M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,409	+0.021%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,422.3	+0.037%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,408.7	+0.021%	$5.05B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,404.3	+0.016%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,376	−0.017%	$271K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,435.7	+0.053%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,489	+0.115%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,419.7	+0.034%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,393.6	+0.003%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,388	−0.003%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,409.9	+0.022%	$4.7M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.049%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,408.5	+0.021%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,390.7	long leg	$37.3M	$185.0M	75x
Variational Omni BTCshort	+0.0100%	8h	85,426.4	+0.042%	$156.0M	$554.8M	—
edgeX BTCUSDC	+0.0100%	4h	85,436.8	+0.054%	$283.3M	$959.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.042%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,414.3	+0.028%	$30.1M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.4	+0.090%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,405	+0.017%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,409.4	+0.022%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,398.8	+0.009%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,427.2	+0.043%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,379.9	−0.013%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,406.9	+0.019%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,419	+0.033%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,414.7	+0.028%	$2.26B	$966.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.1	+0.046%	$158.6M	$513.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,371.5	−0.022%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,407.4	+0.020%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,445.3	+0.064%	$112.1M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,395.8	+0.006%	$6.6M	$146.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,452	+0.072%	$12.2M	$736.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,425.2	+0.040%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,411.7	+0.025%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,453.6	+0.074%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,453.3	+0.073%	$79K	$252K	20x	as long as short