Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.031%

Price spread now: Hibachi against Variational Omni+0.020%7-day average +0.046% · you sell dearer than you buy

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

Long on Variational Omni Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.128%+$13 on $10k

Price spread, last 7 days+0.044%+$4 · spread now +0.020%, 7d avg +0.046%

Together, before fees+0.172%+ Points / potential airdropVariational Omni: Active · Hibachi: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.026% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.046%). If the spread goes back, that is −$3 on $10k: about 14 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,253.8	0.0100	pay 0.0100% / 8h	1h 36m	$154.6M	$558.4M	—
Short	Hibachi BTC/USDT-P	85,271.1	0.0248	get 0.0031% / 1h	36m 44s	$684K	$7.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.020%Rate

Funding earned: $31.08
Price spread: +0.020% → +0.046%: −$2.62
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $19.46
Costs to cover: 0.090%
Break-even: 2.6 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hibachi: live order book, 2 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, 2 min ago	0.50 bp	doesn't fit	0.5 bp −$5	0.5 bp −$50	doesn't fit
Sell Hibachi live order book, 2 min ago	0.01 bp	4.5 bp −$5	5.0 bp −$50	42.5 bp −$4,252	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	−0.0082%	1h	85,242	−0.014%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,268	+0.017%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0047%	8h	85,222.5	−0.037%	$927.0M	$773.8M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,236.1	−0.021%	$421.0M	$682.0M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,225	−0.034%	$512.1M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,277	+0.027%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,280.2	+0.031%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,256.6	+0.003%	$495K	$18.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,255.4	+0.002%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,249.9	−0.005%	$24.4M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0049%	1h	85,297.3	+0.051%	$139.5M	$314.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.008%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,235.5	−0.022%	—	$1.55B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,233.6	−0.024%	$2.96B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,262.9	+0.011%	$186.1M	$957.4M	100x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,228.7	−0.030%	$9.42B	$24.97B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,232.8	−0.025%	$5.00B	$5.75B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,241.7	−0.014%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,242.9	−0.013%	$23.5M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,261	+0.008%	$8.4M	$56.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,249.7	−0.005%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,250	−0.004%	$59.7M	$336.9M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,227.5	−0.031%	$5.13B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,241	−0.015%	$237K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,316.7	+0.074%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,311.6	+0.068%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,285.2	+0.037%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,230.6	−0.027%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,259	+0.006%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,268.9	+0.018%	$5.2M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	+0.029%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,235	−0.022%	$5.49B	$10.99B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,229.1	−0.029%	$37.0M	$178.7M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,253.8	long leg	$154.6M	$558.4M	—
edgeX BTCUSDC	+0.0100%	4h	85,212.7	−0.048%	$279.2M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,291	+0.044%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,220.6	−0.039%	$30.0M	$204.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,320.1	+0.078%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	+0.017%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,266.7	+0.015%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,256.9	+0.004%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,295.3	+0.049%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,216.4	−0.044%	$29.9M	$47.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,252.5	−0.002%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,248.9	−0.006%	$2.25B	$970.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,262.4	+0.010%	$150.8M	$509.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,212.7	−0.048%	$44.8M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,263.1	+0.011%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,291.6	+0.044%	$117.1M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0105%	1h	85,294.6	+0.048%	$862.3M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0127%	1h	85,256.2	+0.003%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,270.3	+0.019%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	85,280	+0.031%	$11.7M	$742.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,288.5	+0.041%	$8.7M	$43.0M	25x	as long as short
Hibachi BTC/USDT-Pshort	+0.0248%	1h	85,271.1	+0.020%	$684K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0265%	1h	85,286.4	+0.038%	$79K	$229K	20x	as long as short