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% APRpaid last 24h −0.003%

Price spread now: Variational Omni against Nado−0.095%7-day average −0.013% · you buy dearer than you sell

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.095%, 7d avg −0.013%

Together, before fees+0.068%+ Points / potential airdropNado: Active · Variational 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 0.082% cheaper against Nado than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,420	0.0100	pay 0.0012% / 1h	58m 04s	$21.8M	$234.5M	50x
Short	Variational Omni BTC	86,337.9	0.0100	get 0.0100% / 8h	58m 04s	$155.6M	$568.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now −0.095%Rate

Funding earned: $0
Price spread: −0.095% → −0.013%: −$8.18
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.18
Costs to cover: 0.070%
Break-even: 1559121124730578.0 days

Slippage unknown: Nado: 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 Nado live order book, 1 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.4 bp −$439	10.6 bp −$5,292
Sell Variational Omni RFQ quote, 1 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.2 bp −$123	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	−0.0159%	1h	86,352	−0.079%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,416	−0.005%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	+0.005%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,447.7	+0.032%	$8.4M	$42.8M	25x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,442.4	+0.026%	$503.3M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,461.2	+0.048%	$357K	$2.5M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,444.8	+0.029%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,413.2	−0.008%	$849.3M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0022%	1h	86,450.9	+0.036%	$916.9M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,439.8	+0.023%	$6.7M	$145.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0038%	8h	86,431.1	+0.013%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,423	+0.004%	$149.7M	$477.6M	150x	as long as short
Bitget BTCUSDT	+0.0050%	8h	86,438.5	+0.021%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,409.7	−0.012%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0067%	8h	86,437.7	+0.021%	$5.12B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0068%	8h	86,447.6	+0.032%	$9.42B	$24.51B	150x	as long as short
Aftermath Perps BTCUSD	+0.0079%	1h	86,412.1	−0.009%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,426	+0.007%	$5.84B	$10.68B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,428.6	+0.010%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,438.1	+0.021%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,450	+0.035%	$8.5M	$52.4M	100x	as long as short
dYdX BTC-USD	+0.0098%	1h	86,400.8	−0.022%	$17.0M	$21.1M	50x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,446.2	+0.030%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,425	+0.006%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,483.4	+0.073%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,420	long leg	$21.8M	$234.5M	50x
Hyperliquid BTC	+0.0100%	1h	86,502	+0.095%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,461.9	+0.049%	$41.1M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,447.1	+0.031%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	+0.030%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,476	+0.065%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.043%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,424.2	+0.005%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	86,337.9	−0.095%	$155.6M	$568.2M	—
edgeX BTCUSDC	+0.0100%	4h	86,361.4	−0.068%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.083%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,372.8	−0.055%	$141.2M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,396.8	−0.027%	$30.7M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,484.2	+0.074%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,448	+0.032%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,429	+0.010%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,428.5	+0.010%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,453.1	+0.038%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,454	+0.039%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,419.1	−0.001%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,414	−0.007%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,405.6	−0.017%	$2.29B	$969.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,423.2	+0.004%	$45.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,460.7	+0.047%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,438.8	+0.022%	$192.1M	$947.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,453.9	+0.039%	$418K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,452.9	+0.038%	$132.1M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,437.8	+0.021%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0188%	8h	86,418.8	−0.001%	$414.8M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0189% / S −0.0213%	1h	86,438.9	+0.022%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	86,457	+0.043%	$9.7M	$737.7M	6.4x	as long as short