Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Variational Omni against Bulk−0.091%7-day average −0.010% · you buy dearer than you sell

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

Long on Bulk Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.091%, 7d avg −0.010%

Together, before fees+0.070%+ Points / potential airdropVariational Omni: Active · farm board+$7 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 0.081% cheaper against Bulk than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,562.7	0.0100	pay 0.0013% / 1h	44m 39s	$616.1M	$358.9M	40x
Short	Variational Omni BTC	85,485	0.0100	get 0.0100% / 8h	5h 44m	$154.0M	$550.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bulk. 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 BulkbpFee Variational OmnibpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → −0.010%: −$8.09
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.09
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 5 min ago; Variational Omni: RFQ quote, 5 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 Bulk live order book, 5 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.1 bp −$2,048
Sell Variational Omni RFQ quote, 5 min ago	0.50 bp	doesn't fit	0.5 bp −$5	3.5 bp −$347	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
Phoenix BTC	−0.0160%	1h	85,485	−0.091%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,585	+0.026%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,562.4	0.000%	$367K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	+0.019%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	+0.040%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,570.3	+0.009%	$22.6M	$221.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,575.4	+0.015%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,560.9	−0.002%	$906.7M	$748.8M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,579.4	+0.020%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,575.6	+0.015%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,563	0.000%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,562.3	0.000%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,575	+0.014%	$2.27B	$931.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.063%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,582	+0.023%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,581.7	+0.022%	$148.3M	$478.3M	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,579.3	+0.019%	$5.04B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,570.7	+0.009%	$9.33B	$23.88B	150x	as long as short
SunX BTC-USDT	+0.0088%	8h	85,537.4	−0.030%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,585.7	+0.027%	$169.5M	$986.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,591.7	+0.034%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,558	−0.005%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,617.8	+0.064%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.030%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,645	+0.096%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,613.6	+0.060%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,580.4	+0.021%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,575.3	+0.015%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,570	+0.009%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,531.4	−0.037%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,562.7	long leg	$616.1M	$358.9M	40x
Gate BTC_USDT	+0.0100%	8h	85,574.6	+0.014%	$5.55B	$10.44B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,605	+0.049%	$35.0M	$171.6M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,485	−0.091%	$154.0M	$550.0M	—
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.144%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.152%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	−0.058%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.108%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,597.6	+0.041%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,560	−0.003%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,570	+0.009%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,582	+0.023%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,624.3	+0.072%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,581	+0.021%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,586	+0.027%	$59.9M	$336.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,547.7	−0.017%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,505	−0.067%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,623.1	+0.071%	$130.9M	$5.07B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,594.7	+0.037%	$8.3M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0133%	1h	85,625.1	+0.073%	$894.3M	$1.52B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,615.9	+0.062%	$187.4M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,546.7	−0.019%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,464.2	−0.115%	$698K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,575	+0.014%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,567	+0.005%	$10.6M	$760.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,582	+0.023%	$528K	$19.6M	6.7x	as long as short