Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.009%

Price spread now: Variational Omni against Derive−0.343%7-day average −0.057% · you buy dearer than you sell

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

Long on Derive Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.046%−$5 on $10k

Price spread, last 3 days (all we have)+0.331%+$33 · spread now −0.343%, 7d avg −0.057%

Together, before fees+0.285%+ Points / potential airdropVariational Omni: Active · farm board+$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.286% cheaper against Derive than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,783.4	0.0100	pay 0.0013% / 1h	41m 44s	$42.8M	$29.4M	15x
Short	Variational Omni ETH	2,773.8	0.0100	get 0.0100% / 8h	1h 41m	$135.8M	$327.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Derive. 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 DerivebpFee Variational OmnibpOrdersPrice spread, now −0.343%Rate

Funding earned: $0
Price spread: −0.343% → −0.057%: −$28.56
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$34.56
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	0.50 bp	doesn't fit	1.0 bp −$10	4.9 bp −$490	doesn't fit

Derive: 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	2,780.5	−0.102%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.4	−0.106%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.1	−0.189%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	−0.275%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,781.1	−0.081%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0030%	1h	2,775.9	−0.267%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,782.1	−0.046%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	−0.329%	$885K	$3.7M	25x	as long as short
Phemex ETHUSDT	+0.0005%	8h	2,781	−0.085%	$270.5M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.7	−0.059%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,782.2	−0.042%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,782.1	−0.046%	$1.71B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,781.6	−0.065%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,781.8	−0.055%	$257.1M	$989.5M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,780.6	−0.100%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0039%	1h	2,780.1	−0.119%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,782.8	−0.020%	$1.62B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,778.6	−0.172%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,781.8	−0.058%	$6.46B	$17.11B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,781.5	−0.067%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0079%	8h	2,782.2	−0.044%	$3.30B	$9.57B	200x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,781	−0.086%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,782.4	−0.036%	$115.3M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,783.3	−0.003%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,781.5	−0.067%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,782	−0.048%	$2.53B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,781	−0.084%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,780.6	−0.099%	$482K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,784.7	+0.049%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,780.9	−0.089%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.3	−0.146%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782.2	−0.041%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.459%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,781.3	−0.074%	$426.9M	$737.5M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.8	−0.056%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,773.8	−0.343%	$135.8M	$327.0M	—
edgeX ETHUSDC	+0.0100%	4h	2,775.5	−0.281%	$179.9M	$780.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	−0.246%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	−0.245%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	−0.257%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,780.4	−0.107%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	−0.063%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781.5	−0.067%	$21K	$24K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,783.4	long leg	$42.8M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,780.3	−0.109%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,781	−0.085%	$55.4M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.7	−0.096%	$31.4M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	−0.161%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.5	−0.033%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,781	−0.085%	$8.6M	$673.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,782.5	−0.031%	$258.4M	$221.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,783.6	+0.010%	$32.7M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.2	−0.044%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,778	−0.194%	$285.6M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,780.6	−0.100%	$7.4M	$1.1M	25x	as long as short