Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Variational Omni−0.002%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,776.8	0.0096	pay 0.0096% / 8h	2h 18m	$141.1M	$320.7M	—
Short	Hotstuff ETH-PERP	2,776.7	−0.0080	pay 0.0010% / 1h	18m 28s	$5K	$2K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Variational 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 Variational OmnibpFee HotstuffbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$36.92
Price spread: −0.002% → 0.000%: −$0.22
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$42.14
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Hotstuff: no order-book sample. 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, 1 min ago	0.47 bp	doesn't fit	0.5 bp −$5	0.9 bp −$90	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	−0.0112%	43m	2,775.9	−0.030%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	−0.006%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,776.7	−0.002%	$5K	$2K	50x
01 Exchange ETHUSD	−0.0048%	1h	2,776.1	−0.024%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,778.2	+0.052%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.1	−0.024%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.5	−0.011%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.6	−0.041%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776	−0.029%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0012%	8h	2,776.1	−0.025%	$267.3M	$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	2,775.6	−0.042%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776	−0.028%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,775.8	−0.033%	$256.7M	$995.3M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,777.7	+0.033%	$8.8M	$32.6M	100x	as long as short
MEXC ETH_USDT	+0.0048%	8h	2,775.7	−0.037%	$1.59B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.3	−0.053%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0049%	8h	2,775.8	−0.033%	$6.44B	$17.22B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,775.6	−0.044%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,775.9	−0.030%	$2.10B	$3.13B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0081%	1h	2,777.7	+0.034%	$258.5M	$225.0M	50x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,776	−0.027%	$184K	$1.8M	20x	as long as short
Variational Omni ETHlong	+0.0096%	8h	2,776.8	long leg	$141.1M	$320.7M	—
Lighter ETH	+0.0096%	1h	2,776.1	−0.023%	$115.2M	$514.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.4	+0.024%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.1	−0.025%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.4	−0.047%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.4	−0.013%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.9	−0.030%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.4	+0.059%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.2	−0.020%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,775.7	−0.037%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.3	−0.053%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.7	+0.035%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.048%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,775.8	−0.034%	$422.8M	$742.0M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,775.4	−0.050%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.5	−0.011%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.5	+0.027%	$178.5M	$793.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.010%	$161.6M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.8	+0.001%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.6	−0.004%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.4	+0.023%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.8	+0.001%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.4	+0.059%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.2	−0.056%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.1	−0.024%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,775.7	−0.038%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.1	−0.059%	$31.4M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.9	+0.042%	$60.1M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,777.2	+0.016%	$8.5M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,778.8	+0.074%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0169%	8h	2,776.1	−0.025%	$284.2M	$195.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,775.8	−0.035%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.2	+0.017%	$86.6M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,778.5	+0.064%	$283K	$1.5M	20x	as long as short