Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0005%/8h= +0.5% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Vest−0.056%7-day average −0.028% · you buy dearer than you sell

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

Long on Vest Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now −0.056%, 7d avg −0.028%

Together, before fees−0.038%+ Points / potential airdropVest: Active · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.028% cheaper against Vest than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,777.5	0.0095	pay 0.0012% / 1h	59m 16s	—	$1.1M	50x
Short	Variational Omni ETH	2,775.9	0.0100	get 0.0100% / 8h	59m 16s	$147.5M	$336.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Vest. 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 VestbpFee Variational OmnibpOrdersPrice spread, now −0.056%Rate

Funding earned: $0.96
Price spread: −0.056% → −0.028%: −$2.82
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.86
Costs to cover: 0.020%
Break-even: 35.2 days

Slippage unknown: Vest: no order-book sample; Variational Omni: RFQ quote, 5 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 Vest no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	0.61 bp	doesn't fit	0.7 bp −$7	2.3 bp −$227	doesn't fit

Vest: 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	−0.0447%	43m	2,777.1	−0.014%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,776.3	−0.042%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,777.3	−0.006%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.4	−0.003%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,777.2	−0.010%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0004%	1h	2,776.8	−0.025%	$29K	$22K	20x	as long as short
Bullet ETH-USD	−0.0001%	1h	2,776.8	−0.024%	$181K	$1.7M	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.9	+0.015%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,777.6	+0.004%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.7	+0.009%	$22.4M	—	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-USDC	+0.0014%	8h	2,776.7	−0.030%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,776.9	−0.020%	$1.70B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,777.1	−0.014%	$270.5M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.7	+0.007%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,777.1	−0.015%	$254.7M	$995.7M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0034%	1h	2,778.5	+0.037%	$258.7M	$222.8M	50x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,776.9	−0.021%	$55.3M	$229.0M	40x	as long as short
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	+0.003%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,776.9	−0.021%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,776.8	−0.026%	$6.44B	$17.24B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.5	−0.108%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,776.8	−0.026%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,777	−0.018%	$3.30B	$9.55B	200x	as long as short
HTX ETH-USDT	+0.0087%	8h	2,776.6	−0.031%	$1.08B	$1.32B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,778.1	+0.023%	$60.1M	$4.61B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,777	−0.017%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0092%	8h	2,776.8	−0.024%	$423.3M	$739.5M	100x	as long as short
Vest ETH-PERPlong	+0.0095%	1h	2,777.5	long leg	—	$1.1M	50x
Lighter ETH	+0.0096%	1h	2,777.3	−0.005%	$115.3M	$491.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.8	+0.049%	$25.4M	$120.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.8	−0.026%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.1	−0.014%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.5	−0.037%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.3	+0.066%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.7	+0.008%	$31.2M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.7	−0.028%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778	+0.018%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.017%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778	+0.017%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,775.9	−0.056%	$147.5M	$336.8M	—
edgeX ETHUSDC	+0.0100%	4h	2,777	−0.016%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.9	−0.021%	$161.5M	$90.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,778.5	+0.037%	$21.5M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.8	+0.012%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,778.1	+0.022%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.2	+0.063%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.9	−0.022%	$974K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.3	−0.041%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,777.4	−0.002%	—	$41.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,778.2	+0.025%	$86.5M	$332.6M	100x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,777.8	+0.012%	$8.3M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.7	+0.081%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,776.8	−0.025%	$285.0M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,776.4	−0.039%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,777.5	+0.001%	$270K	$1.5M	20x	as long as short