Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.010%

Price spread now: SoDEX against Variational Omni+0.145%7-day average −0.010% · you sell dearer than you buy

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

Long on Variational Omni Short on SoDEX

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 3 days (all we have)−0.160%−$16 · spread now +0.145%, 7d avg −0.010%

Together, before fees−0.187%+ Points / potential airdropVariational Omni: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.155% dearer against Variational Omni than usual: you sell high and buy low (spread +0.145% now, against its 7-day average of −0.010%): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,770.3	0.0100	pay 0.0100% / 8h	7h 41m	$151.3M	$342.8M	—
Short	SoDEX ETH-USD	2,774.3	0.0044	get 0.0006% / 1h	41m 54s	$55.3M	$208.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.145%Rate

Funding earned: −$11.72
Price spread: +0.145% → −0.010%: $15.5
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$4.22
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; SoDEX: live order book, 2 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, 2 min ago	0.49 bp	doesn't fit	0.5 bp −$5	2.6 bp −$258	doesn't fit
Sell SoDEX live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.9 bp −$586	30.9 bp −$15.4K

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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	+0.004%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,774.1	+0.139%	$5.7M	$11.4M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,773.8	+0.125%	$301K	$6.5M	8.3x	as long as short
Phemex ETHUSDT	−0.0098%	8h	2,774.1	+0.138%	$270.1M	$67.6M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.5	+0.152%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,774.5	+0.152%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.8	+0.055%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.4	+0.149%	$12.2M	$46.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775	+0.171%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0020%	1h	2,774.1	+0.138%	$183K	$1.7M	20x	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	2,772.3	+0.073%	$1.71B	$11.39B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,774.7	+0.160%	$12.7M	—	200x	as long as short
Gate ETH_USDT	+0.0033%	8h	2,774.7	+0.159%	$3.36B	$8.95B	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,774.2	+0.142%	$257.0M	$900.7M	200x	as long as short
SoDEX ETH-USDshort	+0.0044%	1h	2,774.3	+0.145%	$55.3M	$208.4M	40x
Aftermath Perps ETHUSD	+0.0048%	1h	2,772.9	+0.094%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.8	+0.055%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,772.1	+0.067%	$1.63B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,773.3	+0.111%	$6.48B	$16.59B	150x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,772.5	+0.079%	$2.10B	$2.92B	150x	as long as short
HTX ETH-USDT	+0.0074%	8h	2,773.9	+0.129%	$1.08B	$1.27B	200x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	+0.085%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.5	+0.189%	$60.4M	$4.50B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,772.4	+0.078%	$420.6M	$643.6M	100x	as long as short
Vest ETH-PERP	+0.0086%	1h	2,774.2	+0.141%	—	$881K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,774.9	+0.167%	$115.4M	$456.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.2	+0.215%	$25.3M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.5	+0.117%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.2	+0.142%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,774.2	+0.143%	$14.9M	$116.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.2	+0.250%	$3.18B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.3	+0.145%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773	+0.099%	$2.51B	$4.44B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.6	+0.120%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775	+0.171%	$2.8M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.012%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,774	+0.133%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.1	+0.139%	$15.2M	$42.2M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,770.3	long leg	$151.3M	$342.8M	—
edgeX ETHUSDC	+0.0100%	4h	2,771.4	+0.039%	$181.9M	$787.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.4	+0.078%	$161.2M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	+0.084%	$21.4M	$59.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.4	+0.149%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.5	+0.154%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.3	+0.217%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.8	+0.128%	$972K	$13.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.6	+0.048%	$32.5M	$73.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,775	+0.169%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,774.7	+0.160%	$8.1M	$686.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0128%	1h	2,775.7	+0.196%	$259.1M	$210.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,775.7	+0.197%	$93.4M	$323.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,777.2	+0.251%	$32.7M	$11.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,775.3	+0.182%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,774.3	+0.146%	$287.9M	$188.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,774.1	+0.137%	$7.4M	$1.2M	25x	as long as short