Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0970%/8h= +106.2% APRpaid last 24h +0.136%

Price spread now: Variational Omni against Deribit−0.170%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

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 · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.170% cheaper against Deribit than usual: you would sell low and buy high (spread −0.170% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 14 hours of funding at the current rate (+$29 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.7136	−0.0870	get 0.0109% / 1h	54m 57s	$42K	$18K	10x
Short	Variational Omni ETHFI	0.7124	0.0100	get 0.0050% / 4h	1h 54m	$1.0M	$746K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.170%Rate

Funding earned: $203.65
Price spread: −0.170% → 0.000%: −$16.96
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $179.68
Costs to cover: 0.070%
Break-even: 0.8 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 4 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.24 bp	doesn't fit	39.5 bp −$395	doesn't fit	doesn't fit

Deribit: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUALlong	−0.0870%	1h	0.7136	long leg	$42K	$18K	10x
Kraken Futures PF_ETHFIUSD	−0.0253%	1h	0.7151	+0.211%	$281K	$145K	20x	as long as short
HTX ETHFI-USDT	−0.0194%	4h	0.7127	−0.126%	$83K	$165K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0173%	4h	0.7138	+0.028%	$16K	$1K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.457%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0040%	8h	0.7137	+0.010%	$6K	—	5x	as long as short
Bitget ETHFIUSDT	+0.0056%	4h	0.7138	+0.028%	$6.1M	$5.7M	75x	as long as short
Binance ETHFIUSDT	+0.0078%	4h	0.7132	−0.051%	$24.8M	$37.1M	75x	as long as short
MEXC ETHFI_USDT	+0.0078%	4h	0.7133	−0.042%	$15.2M	$3.8M	125x	as long as short
Extended ETHFI-USD	+0.0080%	1h	0.7131	−0.068%	$92K	$495K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7141	+0.076%	$1.1M	$898K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7143	+0.099%	$18.1M	$9.0M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7142	+0.084%	$182K	$256K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7142	+0.084%	$18.2M	$12.9M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7138	+0.028%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7143	+0.098%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7138	+0.028%	$1.2M	$270K	50x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7140	+0.056%	—	$1.2M	—	as long as short
Variational Omni ETHFIshort	+0.0100%	4h	0.7124	−0.170%	$1.0M	$746K	—
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7141	+0.077%	$60K	$85K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7143	+0.098%	$2K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7131	−0.066%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7147	+0.154%	$31K	$8K	50x	as long as short
BloFin ETHFI-USDT	+0.0312%	4h	0.7135	−0.014%	$1.3M	$292K	75x	as long as short