Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.037%

Price spread now: Variational Omni against 01 Exchange−0.166%7-day average −0.005% · you buy dearer than you sell

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

Long on 01 Exchange Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.095%+$10 on $10k

Price spread, last 7 days+0.142%+$14 · spread now −0.166%, 7d avg −0.005%

Together, before fees+0.237%+ Points / potential airdropVariational Omni: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.162% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.166% now, against its 7-day average of −0.005%). If the spread goes back, that is −$16 on $10k: about 5.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange BTCUSD	85,349.4	0	get 0.0000% / 1h	43m 16s	$354K	$2.4M	50x
Short	Variational Omni BTC	85,207.4	0.0100	get 0.0100% / 8h	1h 43m	$154.6M	$558.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against 01 Exchange. 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 01 ExchangebpFee Variational OmnibpOrdersPrice spread, now −0.166%Rate

Funding earned: $21
Price spread: −0.166% → −0.005%: −$16.17
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$2.17
Costs to cover: 0.070%
Break-even: 7.7 days

Slippage unknown: 01 Exchange: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 01 Exchange live order book, 1 min ago	0.01 bp	5.3 bp −$5	9.3 bp −$93	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.53 bp	doesn't fit	0.5 bp −$5	2.1 bp −$207	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	85,262	−0.102%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,332	−0.020%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,321.4	−0.033%	$928.7M	$773.6M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,312.1	−0.044%	$421.5M	$684.3M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,300	−0.058%	$512.6M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,322.4	−0.032%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSDlong	0.0000%	1h	85,349.4	long leg	$354K	$2.4M	50x
Perpl BTC	0.0000%	43m	85,305.1	−0.052%	$534K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,351	+0.002%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,315	−0.040%	$24.4M	$222.7M	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	+0.0042%	1h	85,293.8	−0.065%	$139.5M	$314.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0043%	1h	85,356	+0.008%	$867.8M	$1.64B	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,334	−0.018%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,338.6	−0.013%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,322.9	−0.031%	$2.96B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,327.6	−0.026%	$186.6M	$956.2M	100x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,329	−0.024%	$5.01B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,317.4	−0.037%	$9.43B	$24.99B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,314	−0.041%	$59.7M	$336.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,332.7	−0.020%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,321.7	−0.032%	$23.6M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,338	−0.013%	$8.4M	$56.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,324	−0.030%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,305	−0.052%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,363.8	+0.017%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,411.4	+0.073%	$3.74B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,340.5	−0.010%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,305.8	−0.051%	$5.14B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,312.2	−0.044%	$2.59B	$12.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,329	−0.024%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,340.3	−0.011%	$4.6M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,341	−0.010%	$5.50B	$10.98B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,304.5	−0.053%	$36.7M	$178.4M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,207.4	−0.166%	$154.6M	$558.5M	—
edgeX BTCUSDC	+0.0100%	4h	85,231.5	−0.138%	$279.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,259.3	−0.106%	$214.0M	$167.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,323	−0.031%	$30.1M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,386.6	+0.044%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,329	−0.024%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,343.9	−0.006%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,333.3	−0.019%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,373.9	+0.029%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,314.6	−0.041%	$29.9M	$47.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,307.9	−0.049%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,324.1	−0.030%	$2.26B	$970.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,326.7	−0.027%	$150.6M	$508.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.064%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,306.8	−0.050%	$44.7M	$240.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,321.2	−0.033%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,356.9	+0.009%	$117.2M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0125%	1h	85,321.6	−0.033%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,347.2	−0.003%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,342	−0.009%	$11.8M	$743.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,363.5	+0.016%	$8.7M	$43.1M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	−0.026%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0256%	1h	85,348.8	−0.001%	$79K	$229K	20x	as long as short