Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.005%

Price spread now: Variational Omni against Aevo−0.017%7-day average +0.059% · you buy dearer than you sell

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

Long on Aevo Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 3 days (all we have)+0.131%+$13 · spread now −0.017%, 7d avg +0.059%

Together, before fees+0.141%+ Points / potential airdropVariational Omni: Active · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.076% cheaper against Aevo than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.059%). If the spread goes back, that is −$8 on $10k: about 5.8 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.011% in total) that is about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo ETH-PERP	2,774.2	0.0056	pay 0.0007% / 1h	0m 43s	$5.0M	$636K	20x
Short	Variational Omni ETH	2,773.7	0.0100	get 0.0100% / 8h	1h 00m	$147.3M	$337.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aevo. 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 AevobpFee Variational OmnibpOrdersPrice spread, now −0.017%Rate

Funding earned: $9.24
Price spread: −0.017% → +0.059%: −$7.61
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.37
Costs to cover: 0.160%
Break-even: 17.9 days

Slippage unknown: Aevo: live order book, 3 min ago; Variational Omni: RFQ quote, 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 Aevo live order book, 3 min ago	3.33 bp	11.7 bp −$12	32.3 bp −$323	51.2 bp −$5,121	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.61 bp	doesn't fit	0.7 bp −$7	2.3 bp −$227	doesn't fit

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,776.6	+0.087%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,778.3	+0.147%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,779.3	+0.184%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.090%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,778.3	+0.148%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,779.4	+0.188%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	+0.051%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	0.0000%	1h	2,775.9	+0.062%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.5	+0.119%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0014%	8h	2,778.3	+0.150%	—	$1.21B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0018%	8h	2,778.3	+0.147%	$1.70B	$11.88B	100x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,776.2	+0.073%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.9	+0.097%	$270.5M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.2	+0.110%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,778.1	+0.142%	$254.8M	$995.5M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0034%	1h	2,778.1	+0.140%	$258.7M	$222.7M	50x	as long as short
Nado ETH-PERP	+0.0056%	1h	2,776.1	+0.069%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERPlong	+0.0056%	1h	2,774.2	long leg	$5.0M	$636K	20x
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	+0.121%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,778	+0.137%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,777.4	+0.118%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0061%	1h	2,776.5	+0.083%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,778.2	+0.145%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,778.4	+0.151%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,776.4	+0.079%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,778	+0.138%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0093%	8h	2,778.8	+0.166%	$422.7M	$739.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,778.3	+0.147%	$115.3M	$503.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.6	+0.193%	$25.4M	$122.1M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,776.7	+0.092%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,777.5	+0.119%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.4	+0.152%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.5	+0.228%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	+0.141%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.2	+0.109%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.7	+0.198%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.136%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.6	+0.161%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,773.7	−0.017%	$147.3M	$337.0M	—
edgeX ETHUSDC	+0.0100%	4h	2,777	+0.103%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	+0.054%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.3	+0.076%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.4	+0.116%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.3	+0.113%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.9	+0.171%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.5	+0.046%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.7	+0.128%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,777	+0.100%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.7	+0.125%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,776.8	+0.094%	$8.4M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.4	+0.188%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.6	+0.123%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,776.5	+0.082%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,776	+0.064%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,777.7	+0.127%	$270K	$1.5M	20x	as long as short