Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.019%

Price spread now: Variational Omni against Phoenix−0.069%7-day average −0.088% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days−0.034%−$3 · spread now −0.069%, 7d avg −0.088%

Together, before fees−0.020%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.088%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,733.1	−0.0006	get 0.0001% / 1h	8m 59s	$813K	$3.0M	25x
Short	Variational Omni ETH	2,731.2	0.0100	get 0.0100% / 8h	1h 08m	$134.1M	$321.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −0.069%Rate

Funding earned: $22.23
Price spread: −0.069% → −0.088%: $1.92
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $17.15
Costs to cover: 0.070%
Break-even: 1.6 days

Slippage unknown: Phoenix: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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 Phoenix live order book, 5 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	21.3 bp −$2,126	doesn't fit
Sell Variational Omni RFQ quote, just now	0.48 bp	doesn't fit	0.5 bp −$5	3.2 bp −$322	doesn't fit

ETH on 54 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	2,732.1	−0.037%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,733.1	0.000%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.5	−0.022%	$11.9M	—	200x	as long as short
Phoenix ETHlong	−0.0006%	1h	2,733.1	long leg	$813K	$3.0M	25x
dYdX ETH-USD	0.0000%	1h	2,732.4	−0.027%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,732.4	−0.026%	$6.6M	$683.3M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,732.2	−0.033%	$288K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,733.5	+0.015%	$262.6M	$213.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732.5	−0.022%	$33.0M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0012%	1h	2,731.7	−0.052%	$8.6M	$31.5M	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,733.2	+0.004%	$191K	$889K	50x	as long as short
BingX ETH-USDT	+0.0024%	8h	2,732.3	−0.030%	—	$1.10B	—	as long as short
HTX ETH-USDT	+0.0027%	8h	2,732.7	−0.014%	$1.05B	$1.22B	200x	as long as short
Bybit ETHUSDT	+0.0028%	8h	2,731.7	−0.052%	$2.34B	$4.38B	150x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,732.3	−0.031%	$379.6M	$576.7M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,732.5	−0.022%	$54.4M	$187.1M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0081%	8h	2,731.7	−0.050%	$1.65B	$10.87B	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,731.6	−0.053%	$253.0M	$846.9M	200x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,732.6	−0.018%	$263.1M	$64.5M	150x	as long as short
Bullet ETH-USD	+0.0088%	1h	2,732.7	−0.013%	$189K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,732.4	−0.026%	$1.54B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,731.9	−0.044%	$6.33B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.2	+0.004%	$112.8M	$438.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.2	+0.040%	$23.5M	$103.4M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730	−0.112%	$4.9M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0099%	1h	2,733.4	+0.011%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732	−0.040%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.2	+0.114%	$15.4M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.4	−0.063%	$14.1M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.8	+0.062%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.4	−0.027%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.2	−0.070%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732	−0.042%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	−0.047%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.4	−0.025%	$3.31B	$9.04B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.9	−0.045%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.4	−0.027%	$15.1M	$41.8M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,731.2	−0.069%	$134.1M	$321.9M	—
edgeX ETHUSDC	+0.0100%	4h	2,732.2	−0.034%	$185.8M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732	−0.039%	$158.8M	$85.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733	−0.004%	$21.0M	$70.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.9	+0.028%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.6	+0.018%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.3	+0.008%	$22K	$21K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,732.1	−0.035%	$958K	$10.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.7	−0.050%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,732.4	−0.025%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.6	+0.020%	$46.5M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,731.9	−0.042%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0144%	1h	2,733	−0.004%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,734.8	+0.062%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0188%	1h	2,731.7	−0.052%	$7.3M	$975K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,733.1	−0.001%	$82.2M	$309.8M	100x	as long as short
BloFin ETH-USDT	+0.0381%	8h	2,732.4	−0.024%	$281.0M	$175.4M	150x	as long as short