Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.185%

Price spread now: Bluefin against Variational Omni+0.249%7-day average −0.010% · you sell dearer than you buy

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

Long on Variational Omni Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.416%−$42 on $10k

Price spread, last 3 days (all we have)−0.256%−$26 · spread now +0.249%, 7d avg −0.010%

Together, before fees−0.672%+ Points / potential airdropVariational Omni: Active · farm board−$67 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: Bluefin is 0.259% dearer against Variational Omni than usual: you sell high and buy low, +$26 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	Variational Omni BTC	86,337.9	0.0100	pay 0.0100% / 8h	56m 18s	$155.6M	$568.2M	—
Short	Bluefin BTC-PERP	86,553	0.0100	get 0.0013% / 1h	56m 18s	$140K	$663K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Variational Omni. 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 Variational OmnibpFee BluefinbpOrdersPrice spread, now +0.249%Rate

Funding earned: $0
Price spread: +0.249% → −0.010%: $25.94
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $18.94
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bluefin: live order book, 23 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 Variational Omni RFQ quote, 3 min ago	0.50 bp	doesn't fit	0.5 bp −$5	2.4 bp −$236	doesn't fit
Sell Bluefin live order book, 23 min ago	1.10 bp	6.4 bp −$6	11.4 bp −$114	doesn't fit	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	+0.016%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,460	+0.141%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	+0.100%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,502.7	+0.191%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,508.9	+0.198%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,523.2	+0.215%	$503.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,527.1	+0.219%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,525.6	+0.217%	$850.3M	$713.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,489.3	+0.175%	$6.7M	$145.2M	40x	as long as short
BingX BTC-USDC	+0.0040%	8h	86,516.1	+0.206%	—	$15.4M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0042%	8h	86,522.6	+0.214%	$149.9M	$478.0M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0043%	1h	86,570.3	+0.269%	$917.4M	$1.49B	50x	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,531.1	+0.224%	$2.96B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0058%	1h	86,452.4	+0.133%	$17.0M	$21.1M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,523.2	+0.215%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,531.1	+0.224%	$5.12B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,533	+0.226%	$9.43B	$24.52B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,508.7	+0.198%	$5.85B	$10.69B	200x	as long as short
Aftermath Perps BTCUSD	+0.0084%	1h	86,439.6	+0.118%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,541.1	+0.235%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,553.2	+0.249%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,502	+0.190%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,528.3	+0.221%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,480	+0.165%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,514.1	+0.204%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,465	+0.147%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,572	+0.271%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,503.7	+0.192%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,534.4	+0.228%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,490	+0.176%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,535.6	+0.229%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	+0.052%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,529.5	+0.222%	$37.9M	$154.6M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	86,337.9	long leg	$155.6M	$568.2M	—
edgeX BTCUSDC	+0.0100%	4h	86,393.2	+0.064%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	+0.012%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	+0.068%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,425.5	+0.101%	$30.7M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,535.4	+0.229%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,502	+0.190%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,513.3	+0.203%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,533.2	+0.226%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	86,553	+0.249%	$140K	$663K	40x
Derive BTC-PERP	+0.0100%	1h	86,565.9	+0.264%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,459.3	+0.141%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,531	+0.224%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,514	+0.204%	$2.30B	$969.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,515.2	+0.205%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,515.4	+0.206%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,563.1	+0.261%	$192.3M	$947.8M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,483.7	+0.169%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,579.7	+0.280%	$132.4M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,481.4	+0.166%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,471.5	+0.155%	$414.6M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,518.8	+0.210%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0202%	8h	86,527	+0.219%	$9.8M	$738.3M	6.4x	as long as short