Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.020%

Price spread now: GMX against Variational Omni+0.082%50s7-day average +0.053% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.082%, 7d avg +0.053%

Together, before fees+0.014%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and GMX is 0.029% dearer against Variational Omni than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.053%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

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 03m	$153.4M	$564.2M	—
Short	GMX BTC/USD [WBTC.b-USDC]	85,514.4	L +0.0176% / S −0.0151%	get 0.0019% / 1h	3m 39s	$13.3M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.082%Rate

Funding earned: $10.7
Price spread: +0.082% → +0.053%: $2.87
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $1.57
Costs to cover: 0.120%
Break-even: 6.0 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; GMX: no order-book sample. 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, 1 min ago	0.51 bp	doesn't fit	0.5 bp −$5	2.5 bp −$251	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Phoenix BTC	−0.0179%	1h	85,531	+0.101%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,533	+0.103%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,557.9	+0.133%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,511.1	+0.078%	$920.0M	$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
dYdX BTC-USD	+0.0011%	1h	85,564.7	+0.141%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,540.3	+0.112%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,541	+0.113%	$515.6M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,546.4	+0.119%	$4.2M	$98.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0021%	1h	85,551.8	+0.125%	$207K	$739K	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,542.5	+0.115%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,516.3	+0.084%	$148.4M	$489.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,547.6	+0.121%	$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
Deribit BTC-PERPETUAL	+0.0088%	1h	85,557.6	+0.132%	$887.7M	$1.59B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,560.3	+0.135%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,550.3	+0.124%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,555	+0.129%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,498.6	+0.063%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,516	+0.084%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,615.5	+0.200%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,619	+0.204%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,576.4	+0.154%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,556.3	+0.131%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,554.8	+0.129%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,565.1	+0.141%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	+0.067%	$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	85,553.5	+0.127%	$5.52B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,553.3	+0.127%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,496.6	+0.061%	$35.1M	$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	85,454.2	+0.011%	$279.2M	$922.3M	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	85,480.6	+0.042%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,484.2	+0.046%	$30.2M	$208.8M	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	85,506	+0.072%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,496.7	+0.061%	$30.0M	$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	85,518	+0.086%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,510.3	+0.077%	$2.26B	$942.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,530.5	+0.100%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,488.9	+0.052%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,561.9	+0.137%	$117.6M	$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	85,545.8	+0.118%	$187.5M	$953.7M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0176% / S −0.0151%	1h	85,514.4	+0.082%	$13.3M	—	200x
RISEx BTC/USDC	+0.0194%	1h	85,576.8	+0.155%	$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	+0.0219%	8h	85,515	+0.082%	$10.3M	$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