Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0102%/8h= −11.1% APRpaid last 24h +0.001%

Price spread now: RISEx against Variational Omni+0.048%7-day average +0.003% · you sell dearer than you buy

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

Long on Variational Omni Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.027%+$3 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.048%, 7d avg +0.003%

Together, before fees+0.009%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. RISEx is 0.045% dearer against Variational Omni than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of +0.003%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,769.8	0.0091	pay 0.0091% / 8h	2h 48m	$141.1M	$319.9M	—
Short	RISEx ETH/USDC	2,771.1	−0.0011	pay 0.0001% / 1h	48m 11s	$5.8M	$11.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$21.38
Price spread: +0.048% → +0.003%: $4.45
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$22.93
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; RISEx: live order book, 1 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, 1 min ago	0.52 bp	doesn't fit	1.0 bp −$10	3.1 bp −$309	doesn't fit
Sell RISEx live order book, 1 min ago	0.02 bp	3.1 bp −$3	3.9 bp −$39	doesn't fit	doesn't fit

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	2,771.5	+0.060%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.020%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	+0.031%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	+0.006%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.4	+0.057%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.248%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDCshort	−0.0011%	1h	2,771.1	+0.048%	$5.8M	$11.9M	25x
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.097%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	+0.100%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,771.4	+0.056%	$266.6M	$65.8M	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	2,771.4	+0.056%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.3	+0.091%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0038%	1h	2,773.3	+0.127%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.7	−0.006%	$5.0M	$636K	20x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.5	+0.060%	$255.9M	$997.1M	200x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,771.7	+0.066%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.7	+0.066%	$6.44B	$17.22B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,771.5	+0.060%	$3.29B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.7	+0.066%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,771.4	+0.057%	$187K	$1.8M	20x	as long as short
SoDEX ETH-USD	+0.0086%	1h	2,771.6	+0.064%	$55.2M	$228.6M	40x	as long as short
Variational Omni ETHlong	+0.0091%	8h	2,769.8	long leg	$141.1M	$319.9M	—
Lighter ETH	+0.0096%	1h	2,772.2	+0.085%	$115.2M	$508.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.6	+0.135%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.6	+0.102%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.2	+0.087%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.7	+0.068%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.7	+0.067%	$16.1M	$115.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.2	+0.158%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.093%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.5	+0.059%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.4	+0.057%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.4	+0.127%	$2.8M	$17.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.036%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.6	+0.064%	$426.3M	$745.1M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,771.5	+0.061%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	+0.041%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.112%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.9	+0.004%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.5	−0.012%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772	+0.080%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	+0.114%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	+0.093%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.155%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.1	+0.011%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.6	+0.027%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	+0.054%	$31.4M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.5	+0.132%	$60.1M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.2	+0.086%	$8.6M	$670.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.8	+0.178%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,769.8	0.000%	$286.5M	$196.4M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0186%	1h	2,773.7	+0.140%	$259.0M	$223.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,770.7	+0.030%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.2	+0.122%	$88.5M	$330.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0384%	1h	2,770.9	+0.039%	$273K	$1.5M	20x	as long as short