Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter RH+0.058%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 Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days−0.062%−$6 · spread now +0.058%, 7d avg −0.018%

Together, before fees−0.064%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$6 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 0.077% dearer against Lighter RH than usual: you sell high and buy low, +$8 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	Lighter RH BTC	85,534.4	0.0096	pay 0.0012% / 1h	48m 22s	$23.8M	$148.2M	50x
Short	Variational Omni BTC	85,584.4	0.0100	get 0.0100% / 8h	4h 48m	$156.6M	$560.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter RH. 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 Lighter RHbpFee Variational OmnibpOrdersPrice spread, now +0.058%Rate

Funding earned: $0.84
Price spread: +0.058% → −0.018%: $7.65
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $8.49
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: 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 Lighter RH live order book, 6 min ago	0.76 bp	1.2 bp −$1	1.5 bp −$15	3.8 bp −$384	26.3 bp −$13.2K
Sell Variational Omni RFQ quote, 1 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.9 bp −$188	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
Bluefin BTC-PERP	−0.1202%	1h	85,559.5	+0.029%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,568	+0.039%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,576	+0.049%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,531.7	−0.003%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,528.7	−0.007%	$417.9M	$665.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0003%	8h	85,530.5	−0.005%	$918.4M	$749.4M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,559.9	+0.030%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,536.9	+0.003%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,525	−0.011%	$515.5M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,531.1	−0.004%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0056%	1h	85,533.9	−0.001%	$22.5M	$218.7M	50x	as long as short
BingX BTC-USDT	+0.0058%	8h	85,528.5	−0.007%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,513	−0.025%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0077%	1h	85,521.4	−0.015%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,519.5	−0.017%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,529	−0.006%	$5.04B	$5.58B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,525.4	−0.011%	$9.33B	$23.97B	150x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,514	−0.024%	$59.9M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,524	−0.012%	$173.7M	$1.00B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,534.4	long leg	$23.8M	$148.2M	50x
Popdex BTCUSDT	+0.0096%	1h	85,546	+0.014%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,571.6	+0.043%	$3.9M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,524	−0.012%	$232K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,615	+0.094%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,553.7	+0.023%	$40.1M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,528.2	−0.007%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,520.2	−0.017%	$2.57B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,529	−0.006%	$3.9M	$17.9M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.190%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,532.9	−0.002%	$5.53B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,514.5	−0.023%	$35.8M	$175.9M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,584.4	+0.058%	$156.6M	$560.5M	—
edgeX BTCUSDC	+0.0100%	4h	85,637.5	+0.121%	$279.7M	$917.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,650.2	+0.135%	$214.9M	$165.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,590.3	+0.065%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,595.3	+0.071%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,591.3	+0.067%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,525	−0.011%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,529	−0.006%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,513.6	−0.024%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,517.8	−0.019%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,514.1	−0.024%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,514.1	−0.024%	$2.26B	$939.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,514.9	−0.023%	$151.0M	$482.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,496.2	−0.045%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,530.8	−0.004%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,547.9	+0.016%	$117.5M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,497	−0.044%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,539.4	+0.006%	$188.4M	$952.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0173%	1h	85,564.9	+0.036%	$893.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,535.8	+0.002%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,584	+0.058%	$694K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,574.5	+0.047%	$8.4M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,630.6	+0.112%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,555	+0.024%	$10.5M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,542.5	+0.009%	$494K	$18.9M	6.7x	as long as short