Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.012%

Price spread now: Variational Omni against ApeX Omni+0.021%88s7-day average −0.001% · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.106%+$11 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.021%, 7d avg −0.001%

Together, before fees+0.071%+ Points / potential airdropVariational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 0.022% dearer against ApeX Omni than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.001%. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ETHUSDT	2,731.9	0.0025	pay 0.0003% / 1h	4m 07s	$8.6M	$31.5M	100x
Short	Variational Omni ETH	2,732.5	0.0100	get 0.0100% / 8h	1h 04m	$134.3M	$320.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now +0.021%Rate

Funding earned: $15.78
Price spread: +0.021% → −0.001%: $2.22
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $7.99
Costs to cover: 0.100%
Break-even: 3.5 days

Slippage unknown: ApeX Omni: live order book, 5 min ago; 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 ApeX Omni live order book, 5 min ago	0.07 bp	5.3 bp −$5	7.1 bp −$71	25.7 bp −$2,568	49.0 bp −$24.5K
Sell Variational Omni RFQ quote, 5 min ago	0.48 bp	doesn't fit	0.5 bp −$5	3.2 bp −$322	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
Hotstuff ETH-PERP	−0.0080%	1h	2,734.8	+0.105%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,734.2	+0.083%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.2	−0.029%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,734.4	+0.090%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.6	+0.025%	$10.5M	$42.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.8	−0.005%	$6.6M	$682.3M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,731.6	−0.012%	$288K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,731.7	−0.007%	$262.5M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.2	−0.029%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,731.6	−0.012%	$191K	$890K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0022%	8h	2,730.3	−0.059%	—	$18.6M	—	as long as short
ApeX Omni ETHUSDTlong	+0.0025%	1h	2,731.9	long leg	$8.6M	$31.5M	100x
Bybit ETHUSDT	+0.0027%	8h	2,730.8	−0.042%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0029%	8h	2,731	−0.033%	$1.05B	$1.22B	200x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,731.1	−0.030%	$385.9M	$576.7M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,730.6	−0.049%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,730.8	−0.041%	$1.65B	$10.86B	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,731.1	−0.030%	$253.0M	$846.9M	200x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,730.8	−0.041%	$262.9M	$64.5M	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,730.7	−0.045%	$188K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,731	−0.034%	$1.54B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,730.9	−0.038%	$6.33B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.7	−0.009%	$112.7M	$439.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.6	+0.025%	$23.5M	$103.5M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,728.5	−0.126%	$4.9M	$171K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.8	−0.042%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.3	+0.160%	$15.4M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.3	−0.024%	$14.2M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.4	+0.053%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.6	+0.026%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.3	−0.023%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.8	−0.004%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	−0.005%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.1	−0.030%	$3.31B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.1	−0.030%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.1	−0.031%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,732.5	+0.021%	$134.3M	$320.4M	—
edgeX ETHUSDC	+0.0100%	4h	2,731.3	−0.023%	$185.7M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.6	+0.025%	$158.8M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.5	+0.057%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.8	+0.033%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732	+0.002%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.9	−0.002%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	+0.025%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,730.5	−0.052%	$957K	$10.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,733.1	+0.041%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.8	−0.077%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,731.9	0.000%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.8	−0.004%	$46.5M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,731.7	−0.009%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0128%	1h	2,734.7	+0.099%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.9	+0.037%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,729.9	−0.073%	$7.3M	$975K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,731.1	−0.031%	$82.1M	$309.7M	100x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,731.7	−0.010%	$281.4M	$176.1M	150x	as long as short