Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.016%

Price spread now: Gate against Variational Omni+0.030%7-day average +0.006% · you sell dearer than you buy

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

Long on Variational Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$4 on $10k

Price spread, last 7 days−0.010%−$1 · spread now +0.030%, 7d avg +0.006%

Together, before fees−0.045%+ Points / potential airdropVariational Omni: Active · farm board−$5 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: Gate is 0.024% dearer against Variational Omni than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,690.1	0.0100	pay 0.0100% / 8h	4h 56m	$156.8M	$560.5M	—
Short	Gate BTC_USDT	85,715.8	0.0100	get 0.0100% / 8h	4h 56m	$5.55B	$10.53B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.030%Rate

Funding earned: $0
Price spread: +0.030% → +0.006%: $2.37
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$12.63
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Gate: live order book, 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 Variational Omni RFQ quote, 3 min ago	0.50 bp	doesn't fit	1.4 bp −$14	3.2 bp −$316	doesn't fit
Sell Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.4 bp −$844	10.4 bp −$5,189

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
Bluefin BTC-PERP	−0.5928%	1h	85,745.9	+0.065%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,660	−0.035%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,692	+0.002%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,712.5	+0.026%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,652.5	−0.044%	$417.5M	$665.7M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,669.9	−0.024%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,677.1	−0.015%	$920.3M	$750.2M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,717.3	+0.032%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,673.5	−0.019%	$516.3M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,685.4	−0.005%	$6.8M	$97.9M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0031%	1h	85,698.4	+0.010%	$22.6M	$218.7M	50x	as long as short
BingX BTC-USDC	+0.0058%	8h	85,694.8	+0.005%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0073%	8h	85,671.2	−0.022%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0076%	1h	85,709.4	+0.022%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,707.6	+0.020%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,688.4	−0.002%	$9.35B	$23.97B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,663.6	−0.031%	$5.05B	$5.57B	500x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,700	+0.012%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0095%	8h	85,704.5	+0.017%	$2.27B	$938.3M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,707.8	+0.021%	$174.4M	$999.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,713.1	+0.027%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,714	+0.028%	$8.4M	$52.4M	100x	as long as short
Phemex BTCUSDT	+0.0097%	8h	85,712.8	+0.026%	$150.7M	$482.6M	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,744.8	+0.064%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,672	−0.021%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,778	+0.103%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,720.8	+0.036%	$40.1M	$576.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,689.5	−0.001%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,686.2	−0.005%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,666	−0.028%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,715.8	+0.030%	$5.55B	$10.53B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,700.2	+0.012%	$36.0M	$175.4M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,690.1	long leg	$156.8M	$560.5M	—
edgeX BTCUSDC	+0.0100%	4h	85,674.4	−0.018%	$279.8M	$920.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,676.7	−0.016%	$215.2M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,701.5	+0.013%	$140.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,676	−0.016%	$30.3M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,744.8	+0.064%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,712	+0.026%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,705.9	+0.018%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,696.4	+0.007%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,700.7	+0.012%	$30.0M	$51.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,698.1	+0.009%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.056%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,647.7	−0.049%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,690.8	+0.001%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,750	+0.070%	$118.4M	$5.14B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,626	−0.075%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,726.4	+0.042%	$189.2M	$952.1M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0177% / S −0.0152%	1h	85,715.4	+0.030%	$13.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,703.2	+0.015%	$703K	$7.8M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,731.2	+0.048%	$8.4M	$42.4M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0198%	1h	85,752.7	+0.073%	$892.0M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0204%	1h	85,716.1	+0.030%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,726	+0.042%	$10.6M	$759.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,723.8	+0.039%	$494K	$19.0M	6.7x	as long as short