Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Deribit−0.146%7-day average −0.044% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.236%+$24 · spread now −0.146%, 7d avg −0.044%

Together, before fees+0.240%+ Points / potential airdropVariational Omni: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Variational Omni is 0.102% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,780.8	0.0106	pay 0.0013% / 1h	17m 01s	$258.5M	$225.1M	50x
Short	Variational Omni ETH	2,776.8	0.0096	get 0.0096% / 8h	2h 17m	$141.1M	$320.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.146%Rate

Funding earned: −$2.14
Price spread: −0.146% → −0.044%: −$10.17
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.31
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Variational Omni: RFQ quote, 2 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 Deribit live order book, 2 min ago	0.09 bp	5.3 bp −$5	6.3 bp −$63	11.4 bp −$1,135	30.4 bp −$15.2K
Sell Variational Omni RFQ quote, 2 min ago	0.47 bp	doesn't fit	0.5 bp −$5	0.8 bp −$76	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	−0.0112%	43m	2,777.7	−0.111%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	−0.152%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.7	−0.076%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,778.3	−0.091%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,778.2	−0.094%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,778.3	−0.092%	$5.8M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,776.1	−0.170%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.9	−0.105%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,779.7	−0.040%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,779.2	−0.058%	$267.6M	$66.0M	150x	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	+0.0022%	8h	2,778.1	−0.098%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,779.6	−0.042%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,779	−0.065%	$257.0M	$995.4M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,777.7	−0.113%	$8.8M	$32.6M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,777.7	−0.111%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0049%	8h	2,779.1	−0.060%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0050%	8h	2,779.4	−0.050%	$6.45B	$17.22B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,778.9	−0.070%	$3.29B	$9.68B	200x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,779	−0.067%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,779	−0.065%	$184K	$1.8M	20x	as long as short
Variational Omni ETHshort	+0.0096%	8h	2,776.8	−0.146%	$141.1M	$320.7M	—
Lighter ETH	+0.0096%	1h	2,779.5	−0.047%	$115.3M	$514.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781.1	+0.010%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.7	−0.040%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,778.1	−0.096%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.1	−0.098%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.8	−0.146%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.8	+0.035%	$3.21B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.5	−0.083%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,778.4	−0.087%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777	−0.137%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,780.1	−0.027%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	−0.098%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,779.1	−0.061%	$423.3M	$741.7M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,778.7	−0.076%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,779.6	−0.042%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.9	−0.175%	$179.9M	$794.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.186%	$161.4M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.8	−0.145%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.5	−0.084%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.6	−0.044%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,779.5	−0.049%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,781.4	+0.022%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,778.3	−0.089%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,779.1	−0.062%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,778.6	−0.078%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778.7	−0.077%	$31.4M	$75.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,780.6	−0.007%	$60.1M	$4.64B	50x	as long as short
Deribit ETH-PERPETUALlong	+0.0106%	1h	2,780.8	long leg	$258.5M	$225.1M	50x
Kalshi KXETHPERP	+0.0121%	8h	2,778.6	−0.080%	$8.6M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0134%	8h	2,782	+0.043%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0170%	8h	2,778.9	−0.069%	$284.7M	$196.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,778.1	−0.098%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,780.5	−0.012%	$86.9M	$330.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0448%	1h	2,778.4	−0.088%	$283K	$1.5M	20x	as long as short