Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.020%

Price spread now: Variational Omni against GMX+0.036%7-day average −0.053% · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now +0.036%, 7d avg −0.053%

Together, before fees−0.136%+ Points / potential airdropVariational Omni: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.090% dearer against GMX than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of −0.053%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,588	L +0.0178% / S −0.0185%	pay 0.0022% / 1h	38m 04s	$14.9M	—	200x
Short	Variational Omni BTC	86,619.6	0.0091	get 0.0091% / 8h	2h 38m	$160.0M	$567.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee Variational OmnibpOrdersPrice spread, now +0.036%Rate

Funding earned: −$18.41
Price spread: +0.036% → −0.053%: $8.95
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$21.46
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	0.52 bp	doesn't fit	0.5 bp −$5	3.2 bp −$315	doesn't fit

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.

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
Perpl BTC	−0.0223%	43m	86,539.8	−0.056%	$428K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0221%	1h	86,594.9	+0.008%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	+0.022%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0100%	1h	86,558	−0.035%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.085%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,564.2	−0.027%	$844.7M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,578.8	−0.011%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,609.6	+0.025%	$936.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,592.2	+0.005%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,595.8	+0.009%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,559.1	−0.033%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,587.2	−0.001%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0028%	8h	86,625.4	+0.043%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,570.1	−0.021%	$149.6M	$470.7M	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,576	−0.014%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.166%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,582	−0.007%	$5.19B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,617.8	+0.034%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,554.3	−0.039%	$9.3M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0068%	8h	86,607.6	+0.023%	$5.84B	$10.61B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0068%	8h	86,634.3	+0.053%	$2.57B	$12.69B	100x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,619.8	+0.037%	$5.28B	$9.66B	150x	as long as short
Variational Omni BTCshort	+0.0091%	8h	86,619.6	+0.036%	$160.0M	$567.4M	—
Lighter BTC	+0.0096%	1h	86,587.8	0.000%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,587.7	0.000%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,554	−0.039%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,566.6	−0.025%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,541	−0.054%	$196K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,520	−0.079%	$21.7M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,652	+0.074%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,564.3	−0.027%	$41.2M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,540	−0.055%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,608	+0.023%	$7.4M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.022%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,586.3	−0.002%	$38.1M	$148.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,603.7	+0.018%	$279.8M	$949.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.037%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.050%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,602	+0.016%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,613.3	+0.029%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,552	−0.042%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,567.6	−0.024%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,586.6	−0.002%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,597.5	+0.011%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,578.2	−0.011%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,573.5	−0.017%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,574	−0.016%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,564.2	−0.027%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,615.1	+0.031%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,561	−0.031%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,612.5	+0.028%	$189.4M	$930.4M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,571	−0.020%	$8.9M	$723.2M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,622.9	+0.040%	$131.9M	$5.86B	50x	as long as short
BloFin BTC-USDT	+0.0171%	8h	86,555	−0.038%	$416.9M	$646.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0178% / S −0.0185%	1h	86,588	long leg	$14.9M	—	200x
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.2	+0.070%	$602K	$7.2M	30x	as long as short