Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Aftermath Perps−0.080%7-day average — · you buy dearer than you sell

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

Long on Aftermath Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Variational Omni is 0.080% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps ETHUSD	2,737.6	0.0111	pay 0.0014% / 1h	34m 11s	$30K	$20K	20x
Short	Variational Omni ETH	2,735.4	0.0100	get 0.0100% / 8h	3h 34m	$133.6M	$322.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aftermath Perps. 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 Aftermath PerpsbpFee Variational OmnibpOrdersPrice spread, now −0.080%Rate

Funding earned: −$2.24
Price spread: −0.080% → 0.000%: −$8
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.24
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: no order-book sample; Variational Omni: RFQ quote, 5 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	0.51 bp	doesn't fit	2.3 bp −$23	6.0 bp −$596	doesn't fit

Aftermath 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.

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	2,736.7	−0.032%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,737.7	+0.005%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.7	−0.033%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,738.9	+0.049%	$823K	$2.9M	25x	as long as short
HTX ETH-USDT	+0.0002%	8h	2,735.2	−0.088%	$1.06B	$1.20B	200x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,737.1	−0.017%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.7	−0.032%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0027%	1h	2,736.2	−0.050%	$180K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,735.7	−0.068%	—	$18.5M	—	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,737.1	−0.017%	$259.5M	$200.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,735.8	−0.066%	$2.37B	$4.37B	150x	as long as short
ApeX Omni ETHUSDT	+0.0044%	1h	2,737.4	−0.006%	$8.7M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,737.1	−0.017%	$187K	$817K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,736	−0.056%	$381.6M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,735.9	−0.060%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0079%	8h	2,735.9	−0.059%	$265.3M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,736.4	−0.044%	$251.3M	$842.3M	200x	as long as short
SunX ETH-USDT	+0.0086%	8h	2,736.1	−0.054%	$960K	$11.2M	100x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,735.9	−0.060%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,735.9	−0.061%	$6.36B	$15.89B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.3	−0.045%	$112.9M	$432.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.5	−0.002%	$23.4M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.2	−0.012%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.7	−0.032%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,737.8	+0.009%	$117K	$22.5M	52x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,735.8	−0.064%	$54.5M	$187.7M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.4	+0.103%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.3	−0.046%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.1	−0.017%	$13.8M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.4	+0.030%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.8	+0.009%	$32.1M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.2	−0.050%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.3	−0.009%	$1.5M	$15.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736	−0.056%	$3.34B	$8.88B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736	−0.059%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.5	−0.074%	$15.2M	$40.6M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,735.4	−0.080%	$133.6M	$322.1M	—
edgeX ETHUSDC	+0.0100%	4h	2,737.2	−0.014%	$184.1M	$670.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.9	−0.060%	$159.2M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	+0.016%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.3	−0.009%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.6	+0.001%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.2	−0.013%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738	+0.014%	$41.3M	$29.9M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.4	+0.066%	$170.6M	$337.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.3	−0.084%	$30.6M	$73.0M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,737.3	−0.011%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSDlong	+0.0111%	1h	2,737.6	long leg	$30K	$20K	20x
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,736.6	−0.035%	$51.0M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,737.4	−0.006%	$6.5M	$682.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,736.3	−0.045%	$83.4M	$315.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,738.5	+0.035%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,735.1	−0.090%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,737.3	−0.011%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0375%	8h	2,736.7	−0.033%	$283.5M	$175.3M	150x	as long as short