Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.021%

Price spread now: Variational Omni against GRVT−0.037%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 GRVT Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.021%+$2 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.037%, 7d avg −0.010%

Together, before fees+0.037%+ Points / potential airdropGRVT: Active · Variational Omni: Active · farm board+$4 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 0.027% cheaper against GRVT than usual: you would sell low and buy high, −$3 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	GRVT BTC_USDT_Perp	86,546.5	0.0100	pay 0.0100% / 8h	33m 09s	$217.3M	$171.6M	50x
Short	Variational Omni BTC	86,514.5	0.0100	get 0.0100% / 8h	33m 09s	$157.4M	$567.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GRVT. 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 GRVTbpFee Variational OmnibpOrdersPrice spread, now −0.037%Rate

Funding earned: $0
Price spread: −0.037% → −0.010%: −$2.66
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$11.66
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 6 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 GRVT live order book, 6 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$470	8.2 bp −$4,094
Sell Variational Omni RFQ quote, 1 min ago	0.50 bp	doesn't fit	0.6 bp −$6	3.2 bp −$319	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	−0.0118%	1h	86,543	−0.004%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,481	−0.076%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.025%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,504.5	−0.048%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,506.4	−0.046%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,486.3	−0.070%	$501.6M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,511.9	−0.040%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0016%	8h	86,492	−0.063%	$850.6M	$715.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0029%	1h	86,492.2	−0.063%	$6.7M	$145.4M	40x	as long as short
dYdX BTC-USD	+0.0037%	1h	86,539	−0.009%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,472.4	−0.086%	—	$15.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0045%	1h	86,532.8	−0.016%	$915.2M	$1.48B	50x	as long as short
Phemex BTCUSDT	+0.0049%	8h	86,493.6	−0.061%	$150.7M	$478.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,482.6	−0.074%	$2.96B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,490.5	−0.065%	$5.16B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,488.3	−0.067%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,481.3	−0.075%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,487.2	−0.068%	$5.87B	$10.76B	200x	as long as short
SoDEX BTC-USD	+0.0093%	1h	86,491	−0.064%	$60.5M	$337.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,497.5	−0.057%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,510.1	−0.042%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,490	−0.065%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,485	−0.071%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,470	−0.088%	$198K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,515.5	−0.036%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,484	−0.072%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,563	+0.019%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,521.9	−0.028%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,497	−0.057%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,498	−0.056%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,530.6	−0.018%	$7.6M	$95.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,484.2	−0.072%	$38.3M	$155.1M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	86,514.5	−0.037%	$157.4M	$567.9M	—
edgeX BTCUSDC	+0.0100%	4h	86,535.4	−0.013%	$279.5M	$947.1M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	86,546.5	long leg	$217.3M	$171.6M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	86,514.6	−0.037%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,500.3	−0.053%	$30.7M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,536.1	−0.012%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,488	−0.068%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,490.9	−0.064%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,493.4	−0.061%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,523	−0.027%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,526.6	−0.023%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,504.4	−0.049%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,470.9	−0.087%	$2.30B	$969.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.019%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,475.3	−0.082%	$45.5M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,518.9	−0.032%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,523.8	−0.026%	$194.1M	$952.2M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,503.5	−0.050%	$416K	$23.1M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,536	−0.012%	$132.4M	$5.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0135%	1h	86,553.3	+0.008%	$79K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,490.5	−0.065%	$415.4M	$658.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,544	−0.003%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0194% / S −0.0216%	1h	86,506.4	−0.046%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,522	−0.028%	$9.7M	$745.4M	6.4x	as long as short