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: Extended against Variational Omni+0.027%7-day average −0.029% · you sell dearer than you buy

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

Long on Variational Omni Short on Extended

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−0.029%−$3 · spread now +0.027%, 7d avg −0.029%

Together, before fees−0.027%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board−$3 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: Extended is 0.056% dearer against Variational Omni than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,444.6	0.0100	pay 0.0100% / 8h	4h 04m	$153.4M	$564.2M	—
Short	Extended BTC-USD	85,468.1	0.0104	get 0.0013% / 1h	4m 30s	$44.6M	$230.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Variational Omni. 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 Variational OmnibpFee ExtendedbpOrdersPrice spread, now +0.027%Rate

Funding earned: $0.84
Price spread: +0.027% → −0.029%: $5.6
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $1.44
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Extended: live order book, 5 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, 5 min ago	0.50 bp	doesn't fit	1.1 bp −$11	2.9 bp −$288	doesn't fit
Sell Extended live order book, 5 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.6 bp −$257	8.0 bp −$4,014

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	−0.0179%	1h	85,531	+0.101%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,493	+0.057%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,499.5	+0.064%	$365K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,468.1	+0.028%	$919.7M	$751.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,474.9	+0.035%	$417.1M	$668.9M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,515.8	+0.083%	$36.5M	—	200x	as long as short
Bluefin BTC-PERP	+0.0005%	1h	85,520.3	+0.089%	$207K	$739K	40x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,472.1	+0.032%	$16.7M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,483.4	+0.045%	$515.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0012%	1h	85,479.7	+0.041%	$25.0M	$222.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus BTC-USD	+0.0021%	1h	85,487.8	+0.051%	$4.2M	$98.3M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,479.7	+0.041%	—	$17.1M	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,511.9	+0.079%	$888.1M	$1.58B	50x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,475.8	+0.037%	$148.3M	$489.3M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,504.1	+0.070%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,500.9	+0.066%	$6.6M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,492	+0.055%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,493.6	+0.057%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,500	+0.065%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,473.2	+0.033%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,465	+0.024%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,541.1	+0.113%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,581	+0.160%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,511	+0.078%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,499.5	+0.064%	$9.36B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,492.5	+0.056%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500	+0.065%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,484	+0.046%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	+0.050%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,498	+0.062%	$5.53B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,510	+0.077%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,462.4	+0.021%	$35.0M	$177.1M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,444.6	long leg	$153.4M	$564.2M	—
edgeX BTCUSDC	+0.0100%	4h	85,474.1	+0.034%	$279.2M	$922.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	+0.050%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,488.3	+0.051%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,473	+0.033%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,549.3	+0.123%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,496	+0.060%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.5	+0.071%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,481.2	+0.043%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,466.5	+0.026%	$29.9M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,460.6	+0.019%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,475	+0.036%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,477.7	+0.039%	$2.26B	$942.7M	200x	as long as short
Extended BTC-USDshort	+0.0104%	1h	85,468.1	+0.027%	$44.6M	$230.9M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,477.4	+0.038%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,507	+0.073%	$117.5M	$5.19B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,556	+0.130%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,490.9	+0.054%	$187.3M	$954.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,489.1	+0.052%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,517.5	+0.085%	$8.4M	$42.7M	25x	as long as short
Aftermath Perps BTCUSD	+0.0216%	1h	85,500.8	+0.066%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,494	+0.058%	$10.4M	$755.2M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,503.6	+0.069%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,493.6	+0.057%	$496K	$18.7M	6.7x	as long as short