Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.035%

Price spread now: Variational Omni against Perpl−0.098%7-day average −0.025% · you buy dearer than you sell

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

Long on Perpl Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.064%−$6 on $10k

Price spread, last 7 days−0.005%−$1 · spread now −0.098%, 7d avg −0.025%

Together, before fees−0.069%+ Points / potential airdropPerpl: Active · Variational Omni: Active · farm board−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.073% cheaper against Perpl than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of −0.025%). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.064%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,667.5	0	get 0.0000% / 43m	24m 54s	$422K	$24.4M	6.7x
Short	Variational Omni BTC	86,582.6	0.0100	get 0.0100% / 8h	1h 54m	$156.4M	$568.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Perpl. 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 PerplbpFee Variational OmnibpOrdersPrice spread, now −0.098%Rate

Funding earned: $21
Price spread: −0.098% → −0.025%: −$7.26
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.06
Costs to cover: 0.138%
Break-even: 7.0 days

Slippage unknown: Perpl: no order-book sample; Variational Omni: RFQ quote, 4 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 Perpl no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	0.66 bp	doesn't fit	0.7 bp −$7	3.0 bp −$305	doesn't fit

Perpl: 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
Aftermath Perps BTCUSD	−0.0223%	1h	86,631	−0.042%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,639	−0.033%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,617	−0.058%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0041%	1h	86,634.7	−0.038%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,653.7	−0.016%	$505.9M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,674.1	+0.008%	$359K	$2.4M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,667.5	long leg	$422K	$24.4M	6.7x
Deribit BTC-PERPETUAL	0.0000%	1h	86,668.5	+0.001%	$926.2M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,638	−0.034%	$851.9M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,669.5	+0.002%	$36.9M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,640.9	−0.031%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,625.8	−0.048%	$726K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,661.6	−0.007%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	−0.093%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,642.6	−0.029%	$149.8M	$473.0M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,650.3	−0.020%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,646.6	−0.024%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,646.5	−0.024%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,652.7	−0.017%	$5.19B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,653.3	−0.016%	$9.43B	$24.39B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,647.6	−0.023%	$5.86B	$10.61B	200x	as long as short
Nado BTC-PERP	+0.0085%	1h	86,609.6	−0.067%	$21.6M	$234.6M	50x	as long as short
Bybit BTCUSDT	+0.0087%	8h	86,665.9	−0.002%	$5.28B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0088%	1h	86,640	−0.032%	$60.5M	$336.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,654.3	−0.015%	$172.2M	$996.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,664.5	−0.003%	$24.1M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,650	−0.020%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,628	−0.046%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,663.9	−0.004%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,719	+0.059%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,656.7	−0.012%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,653.8	−0.016%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,615	−0.061%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,695.8	+0.033%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.089%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,646.8	−0.024%	$38.3M	$152.9M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	86,582.6	−0.098%	$156.4M	$568.8M	—
edgeX BTCUSDC	+0.0100%	4h	86,554.6	−0.130%	$279.5M	$940.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,561	−0.123%	$217.2M	$183.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,556.4	−0.128%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.129%	$30.7M	$203.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,694.7	+0.031%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,667	−0.001%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,655	−0.014%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,651.1	−0.019%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,665.4	−0.002%	$141K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,638.5	−0.033%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,624.2	−0.050%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,645.2	−0.026%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,629.7	−0.044%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,639.5	−0.032%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,677.8	+0.012%	$131.8M	$5.81B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,676.4	+0.010%	$191.5M	$937.5M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,642.7	−0.029%	$417.2M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,667.5	0.000%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	86,663	−0.005%	$9.7M	$726.6M	6.4x	as long as short