Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Extended−0.225%7-day average +0.050% · you buy dearer than you sell

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 3 days (all we have)+0.517%+$52 · spread now −0.225%, 7d avg +0.050%

Together, before fees+0.505%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$51 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 0.275% cheaper against Extended than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended FET-USD	0.2043	0.0104	pay 0.0013% / 1h	59m 24s	$34K	$190K	10x
Short	Variational Omni FET	0.2038	0.0100	get 0.0100% / 8h	59m 24s	$288K	$327K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now −0.225%Rate

Funding earned: −$0.84
Price spread: −0.225% → +0.050%: −$27.5
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.34
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 17 min ago; Variational Omni: RFQ quote, 20 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 Extended live order book, 17 min ago	7.66 bp	15.5 bp −$16	122.0 bp −$1,220	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 20 min ago	7.45 bp	doesn't fit	32.3 bp −$323	doesn't fit	doesn't fit

FET on 20 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 FET_USDC-PERPETUAL	−0.2674%	1h	0.2046	+0.156%	$28K	$200K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0744%	1h	0.2046	+0.156%	$153K	$205K	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2046	+0.138%	$32K	—	150x	as long as short
Gate FET_USDT	+0.0073%	8h	0.2044	+0.058%	$2.8M	$12.0M	50x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2043	+0.009%	$341K	$540K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2045	+0.120%	$32.0M	$107.9M	75x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2043	+0.009%	$35.2M	$24.6M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2044	+0.058%	$10.7M	$19.1M	50x	as long as short
Variational Omni FETshort	+0.0100%	8h	0.2038	−0.225%	$288K	$327K	—
Orderly PERP_FET_USDC	+0.0100%	8h	0.2044	+0.058%	$38K	$5K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FET-USDlong	+0.0104%	1h	0.2043	long leg	$34K	$190K	10x
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2045	+0.091%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2040	−0.138%	$1.7M	$2.7M	100x	as long as short
OKX FET-USDT-SWAP	+0.0267%	4h	0.2050	+0.351%	$992K	$7.8M	20x	as long as short
BingX FET-USDT	+0.0317%	8h	0.2046	+0.156%	—	$5.6M	—	as long as short
Bitget FETUSDT	+0.0335%	8h	0.2046	+0.156%	$16.5M	$11.5M	75x	as long as short
Kraken Futures PF_FETUSD	+0.0354%	1h	0.2048	+0.242%	$1.0M	$2.2M	50x	as long as short
Injective FET/USDC PERP	+0.0553%	1h	0.2010	−1.607%	$3K	$166K	12x	as long as short
Phoenix FET	+0.0599%	1h	0.2042	−0.035%	$36K	$36K	5x	as long as short
Hyperliquid FET	+0.0798%	1h	0.2047	+0.229%	$9.0M	$7.9M	5x	as long as short