Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.044%

Price spread now: Jupiter Perps against Variational Omni+0.061%7-day average +0.024% · you sell dearer than you buy

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

Long on Variational Omni Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.147%−$15 on $10k

Price spread, last 3 days (all we have)−0.035%−$4 · spread now +0.061%, 7d avg +0.024%

Together, before fees−0.183%+ Points / potential airdropVariational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Jupiter Perps is 0.038% dearer against Variational Omni than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of +0.024%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	86,271.9	0.0100	pay 0.0100% / 8h	7h 19m	$157.9M	$558.2M	—
Short	Jupiter Perps WBTC-PERP	86,324.9	L +0.0104% / S +0.0048%	pay 0.0006% / 1h	19m 21s	—	$98.4M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$31.08
Price spread: +0.061% → +0.024%: $3.75
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$39.33
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Jupiter Perps: 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, 5 min ago	0.56 bp	doesn't fit	2.5 bp −$25	4.7 bp −$466	doesn't fit
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: 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
Bluefin BTC-PERP	−0.0139%	1h	86,337.5	+0.076%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,359	+0.101%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,268	−0.005%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,263.8	−0.009%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,264.1	−0.009%	$480K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,277.5	+0.006%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.100%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,292.5	+0.024%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,251.6	−0.024%	$500.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,269.6	−0.003%	$830.8M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,268	−0.005%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,253.4	−0.021%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,265.6	−0.007%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,269	−0.003%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,310.7	+0.045%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0081%	1h	86,305	+0.038%	$60.4M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,271.1	−0.001%	$5.13B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,258.5	−0.016%	$9.40B	$24.27B	150x	as long as short
Gate BTC_USDT	+0.0092%	8h	86,267	−0.006%	$5.77B	$10.57B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,247.2	−0.029%	$170.3M	$988.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,254.6	−0.020%	$23.7M	$151.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,260	−0.014%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,226	−0.053%	$197K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,263.7	−0.010%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,260.1	−0.014%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,336.7	+0.075%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,274.9	+0.003%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,267.7	−0.005%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,222.1	−0.058%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,240	−0.037%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,277.4	+0.006%	$7.2M	$94.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,289.7	+0.021%	$37.4M	$159.0M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	86,271.9	long leg	$157.9M	$558.2M	—
edgeX BTCUSDC	+0.0100%	4h	86,274.4	+0.003%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.006%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.013%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,268.7	−0.004%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,309.7	+0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,271	−0.001%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,268.7	−0.004%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.9	−0.070%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,332	+0.070%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,295.9	+0.028%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,275.9	+0.005%	$2.29B	$958.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,312.1	+0.047%	$155.1M	$473.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.161%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,228.3	−0.051%	$46.0M	$222.1M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0048%	1h	86,324.9	+0.061%	—	$98.4M	500x
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,341.1	+0.080%	$132.5M	$5.34B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,333.3	+0.071%	$192.4M	$944.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	86,350.1	+0.091%	$902.2M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,323	+0.059%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,364.3	+0.107%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,280.1	+0.009%	$415.0M	$641.3M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,311	+0.045%	$10.6M	$765.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0221%	1h	86,310.7	+0.045%	$14.5M	—	200x	as long as short