Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.020%

Price spread now: Variational Omni against Paradex−0.084%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.084% cheaper against Paradex than usual: you would sell low and buy high (spread −0.084% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 16 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETHFI-USD-PERP	0.7029	−0.0001	get 0.0001% / 8h	3h 31m	$6K	—	5x
Short	Variational Omni ETHFI	0.7023	0.0017	get 0.0009% / 4h	3h 31m	$980K	$703K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Paradex. 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 ParadexbpFee Variational OmnibpOrdersPrice spread, now −0.084%Rate

Funding earned: $3.77
Price spread: −0.084% → 0.000%: −$8.44
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.67
Costs to cover: 0.040%
Break-even: 23.1 days

Slippage unknown: Paradex: no order-book sample; Variational Omni: RFQ quote, 58 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 Paradex no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 58 min ago	4.95 bp	doesn't fit	45.9 bp −$459	doesn't fit	doesn't fit

Paradex: 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
HTX ETHFI-USDT	−0.1118%	4h	0.7020	−0.124%	$85K	$186K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0304%	1h	0.7061	+0.455%	$261K	$212K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0242%	4h	0.7059	+0.431%	$16K	$1K	10x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0175%	1h	0.7063	+0.488%	$40K	$11K	10x	as long as short
Paradex ETHFI-USD-PERPlong	−0.0001%	8h	0.7029	long leg	$6K	—	5x
Variational Omni ETHFIshort	+0.0017%	4h	0.7023	−0.084%	$980K	$703K	—
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.006%	$321	$51K	5.5x	as long as short
Bybit ETHFIUSDT	+0.0047%	4h	0.7061	+0.460%	$17.6M	$12.5M	25x	as long as short
MEXC ETHFI_USDT	+0.0062%	4h	0.7051	+0.317%	$16.0M	$4.1M	125x	as long as short
Binance ETHFIUSDT	+0.0063%	4h	0.7058	+0.417%	$24.5M	$34.9M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended ETHFI-USD	+0.0064%	1h	0.7058	+0.415%	$96K	$374K	10x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7044	+0.219%	$1.1M	$841K	5x	as long as short
Aevo ETHFI-PERP	+0.0096%	1h	0.7061	+0.462%	$8K	—	3x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7058	+0.414%	$17.5M	$7.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7057	+0.396%	$180K	$228K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7068	+0.559%	$5.1M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7061	+0.460%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7048	+0.275%	$1.2M	$227K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7060	+0.445%	$6.1M	$5.2M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7061	+0.460%	—	$8.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7063	+0.485%	$65K	$125K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7061	+0.460%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0250%	4h	0.7016	−0.181%	$1.2M	$242K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0544%	1h	0.7054	+0.360%	$31K	$6K	50x	as long as short