Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.029%

Price spread now: Perpl against Variational Omni+0.268%7-day average +0.014% · you sell dearer than you buy

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

Long on Variational Omni Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days−0.251%−$25 · spread now +0.268%, 7d avg +0.014%

Together, before fees−0.258%+ Points / potential airdropVariational Omni: Active · Perpl: Active · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.254% dearer against Variational Omni than usual: you sell high and buy low (spread +0.268% now, against its 7-day average of +0.014%): +$25 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 37 hours. At the pace of the last 3 days (−0.007% in total) that is about 4 months.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.007% in total (about -0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,773.8	0.0100	pay 0.0100% / 8h	1h 41m	$135.8M	$327.0M	—
Short	Perpl ETH	2,781.3	−0.0447	pay 0.0040% / 43m	11m 27s	$289K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.268%Rate

Funding earned: −$114.77
Price spread: +0.268% → +0.014%: $25.4
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$103.17
Costs to cover: 0.138%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Perpl: 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, 3 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.8 bp −$184	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 ETHshort	−0.0447%	43m	2,781.3	+0.268%	$289K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,781.1	+0.263%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,782	+0.295%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	+0.068%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,781.2	+0.266%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,777.2	+0.120%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,782.1	+0.298%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	+0.014%	$885K	$3.7M	25x	as long as short
Phemex ETHUSDT	+0.0005%	8h	2,781	+0.259%	$270.5M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,780.3	+0.233%	$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	+0.0015%	8h	2,779.8	+0.214%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,779.2	+0.194%	$1.71B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,780.4	+0.239%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,780.1	+0.225%	$257.0M	$989.8M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,780	+0.222%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0044%	1h	2,780.1	+0.227%	$14.3M	$117.7M	50x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,780.1	+0.227%	$1.62B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,775.3	+0.054%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,780.1	+0.228%	$6.46B	$17.10B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,780	+0.222%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,780	+0.224%	$3.30B	$9.57B	200x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,781	+0.257%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,782.4	+0.308%	$115.3M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,783.3	+0.341%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,782.3	+0.304%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,779.2	+0.193%	$2.52B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,782.9	+0.329%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,781.5	+0.277%	$483K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,782.8	+0.324%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,782.2	+0.302%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,781	+0.259%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783.4	+0.345%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.270%	$166.9M	$248.1M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,780.1	+0.228%	$427.0M	$737.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.8	+0.288%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,773.8	long leg	$135.8M	$327.0M	—
edgeX ETHUSDC	+0.0100%	4h	2,776.9	+0.110%	$180.0M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.098%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	+0.099%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.3	+0.234%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,781	+0.260%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	+0.280%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780	+0.224%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.4	+0.344%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.3	+0.235%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,781	+0.259%	$55.4M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,781.5	+0.278%	$31.6M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	+0.182%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.5	+0.311%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,781	+0.259%	$8.6M	$673.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,782.5	+0.313%	$258.4M	$221.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,781.5	+0.277%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.2	+0.300%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,778	+0.149%	$285.6M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,779.8	+0.216%	$7.4M	$1.1M	25x	as long as short