Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Pacifica−0.062%7-day average −0.031% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.062%, 7d avg −0.031%

Together, before fees+0.023%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board+$2 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 0.031% cheaper against Pacifica than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica BTC	86,439.6	0.0100	pay 0.0013% / 1h	46m 24s	$40.8M	$546.1M	50x
Short	Variational Omni BTC	86,385.8	0.0100	get 0.0100% / 8h	7h 46m	$158.2M	$567.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now −0.062%Rate

Funding earned: $0
Price spread: −0.062% → −0.031%: −$3.13
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$11.13
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 3 min ago; Variational Omni: RFQ quote, 3 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 Pacifica live order book, 3 min ago	0.06 bp	4.1 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.50 bp	doesn't fit	0.5 bp −$5	5.0 bp −$497	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	−0.0129%	1h	86,332	−0.124%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,394	−0.053%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,413.4	−0.030%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,412.1	−0.032%	$479K	$22.0M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,382	−0.067%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	86,389.5	−0.058%	$16.9M	$20.6M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	86,404.1	−0.041%	$501.1M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.204%	$333K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0027%	1h	86,411.6	−0.032%	$902.5M	$1.51B	50x	as long as short
KuCoin XBTUSDTM	+0.0032%	8h	86,385.1	−0.063%	$830.1M	$723.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0042%	1h	86,372.1	−0.078%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0048%	8h	86,372.6	−0.077%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,408	−0.037%	$8.3M	$42.7M	25x	as long as short
Bitget BTCUSDT	+0.0061%	8h	86,367.5	−0.083%	$2.97B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,370.2	−0.080%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,366.2	−0.085%	$9.40B	$24.48B	150x	as long as short
Phemex BTCUSDT	+0.0079%	8h	86,404.1	−0.041%	$153.7M	$478.5M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,389.1	−0.058%	$2.5M	$1.6M	20x	as long as short
GRVT BTC_USDT_Perp	+0.0083%	8h	86,328.3	−0.129%	$216.6M	$167.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,407.7	−0.037%	$170.2M	$982.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,411.9	−0.032%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,397	−0.049%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,372	−0.078%	$204K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,465.2	+0.030%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,400	−0.046%	$22.0M	$231.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,457	+0.020%	$3.79B	$5.04B	40x	as long as short
Pacifica BTClong	+0.0100%	1h	86,439.6	long leg	$40.8M	$546.1M	50x
Bybit BTCUSDT	+0.0100%	8h	86,372.6	−0.078%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,383.7	−0.065%	$2.56B	$12.60B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,415	−0.028%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,429.5	−0.012%	$7.3M	$95.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,374.9	−0.075%	$5.82B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,398.3	−0.048%	$37.3M	$155.7M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	86,385.8	−0.062%	$158.2M	$567.4M	—
edgeX BTCUSDC	+0.0100%	4h	86,296.2	−0.166%	$278.7M	$950.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,336.2	−0.120%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332	−0.124%	$30.6M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,426	−0.016%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,377	−0.072%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,361.4	−0.090%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,374.3	−0.076%	$2.5M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,402.1	−0.043%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.7	−0.048%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,318.4	−0.140%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,382	−0.067%	$60.5M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,383.5	−0.065%	$2.29B	$967.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.120%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,381.3	−0.067%	$45.9M	$223.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,420.5	−0.022%	—	$99.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,437.6	−0.002%	$132.5M	$5.55B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,423.5	−0.019%	$192.1M	$951.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,408.4	−0.036%	$711K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,396.9	−0.049%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,386.5	−0.061%	$415.1M	$652.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0216%	1h	86,377.7	−0.072%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,396	−0.050%	$9.8M	$761.2M	6.4x	as long as short