Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.001%

Price spread now: Deribit against Variational Omni+0.157%7-day average +0.044% · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.166%−$17 · spread now +0.157%, 7d avg +0.044%

Together, before fees−0.169%+ Points / potential airdropVariational Omni: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.113% dearer against Variational Omni than usual: you sell high and buy low (spread +0.157% now, against its 7-day average of +0.044%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.7 days. At the pace of the last 3 days (−0.002% in total) that is about 6 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,773.7	0.0100	pay 0.0100% / 8h	1h 01m	$147.3M	$337.0M	—
Short	Deribit ETH-PERPETUAL	2,778.1	0.0034	get 0.0004% / 1h	1m 03s	$258.7M	$222.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.157%Rate

Funding earned: −$13.86
Price spread: +0.157% → +0.044%: $11.31
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$9.55
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Deribit: live order book, 3 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 Variational Omni RFQ quote, 3 min ago	0.61 bp	doesn't fit	0.7 bp −$7	1.7 bp −$173	doesn't fit
Sell Deribit live order book, 3 min ago	0.09 bp	3.6 bp −$4	6.1 bp −$61	11.3 bp −$1,130	22.2 bp −$11.1K

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	2,776.6	+0.104%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.7	+0.071%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.6	+0.104%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.072%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.7	+0.108%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	+0.121%	$12.7M	$45.8M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	+0.068%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	0.0000%	1h	2,775.9	+0.079%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.5	+0.136%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,778.4	+0.169%	$1.70B	$11.88B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0022%	1h	2,776.2	+0.090%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.9	+0.114%	$270.5M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.2	+0.127%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,778.5	+0.173%	$254.9M	$995.5M	200x	as long as short
Deribit ETH-PERPETUALshort	+0.0034%	1h	2,778.1	+0.157%	$258.7M	$222.7M	50x
Nado ETH-PERP	+0.0056%	1h	2,776.1	+0.086%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,774.2	+0.017%	$5.0M	$636K	20x	as long as short
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	+0.138%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,778.6	+0.175%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,778.6	+0.177%	$6.44B	$17.24B	150x	as long as short
SoDEX ETH-USD	+0.0061%	1h	2,776.5	+0.101%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,778	+0.153%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,778.6	+0.174%	$3.31B	$9.69B	200x	as long as short
BingX ETH-USDC	+0.0076%	8h	2,778.1	+0.158%	—	$17.4M	—	as long as short
HTX ETH-USDT	+0.0088%	8h	2,776.4	+0.096%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,778.5	+0.174%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0093%	8h	2,776.5	+0.101%	$422.4M	$739.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,776.9	+0.115%	$115.2M	$503.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.5	+0.173%	$25.5M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,776.7	+0.109%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.1	+0.087%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.5	+0.101%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.2	+0.270%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.8	+0.110%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.6	+0.068%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.1	+0.123%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.104%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.6	+0.178%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,773.7	long leg	$147.3M	$337.0M	—
edgeX ETHUSDC	+0.0100%	4h	2,777	+0.120%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	+0.072%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.3	+0.093%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.4	+0.133%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.3	+0.130%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.9	+0.188%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.5	+0.063%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.5	+0.136%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,777	+0.117%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.7	+0.142%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,776.8	+0.111%	$8.4M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.4	+0.205%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.6	+0.141%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,776.5	+0.099%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,776	+0.081%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,777.7	+0.144%	$270K	$1.5M	20x	as long as short