Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0441%/8h= −48.3% APRpaid last 24h −0.041%

Price spread now: Variational Omni against dYdX−0.156%7-day average −0.007% · you buy dearer than you sell

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

Long on dYdX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.201%−$20 on $10k

Price spread, last 4 days (all we have)+0.424%+$42 · spread now −0.156%, 7d avg −0.007%

Together, before fees+0.223%+ Points / potential airdropVariational Omni: Active · farm board+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Variational Omni is 0.149% cheaper against dYdX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	13.103	0.0541	pay 0.0068% / 1h	9m 52s	$347K	$48K	10x
Short	Variational Omni LINK	13.083	0.0100	get 0.0100% / 8h	9m 52s	$3.3M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now −0.156%Rate

Funding earned: −$92.63
Price spread: −0.156% → −0.007%: −$14.88
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$117.52
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 4 min ago; 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 dYdX live order book, 4 min ago	44.42 bp	49.4 bp −$49	55.2 bp −$552	101.1 bp −$10.1K	139.2 bp −$69.6K
Sell Variational Omni RFQ quote, 4 min ago	3.13 bp	doesn't fit	9.9 bp −$99	doesn't fit	doesn't fit

LINK on 40 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
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	13.110	+0.050%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.114	+0.086%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.115	+0.089%	$726K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.111	+0.059%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.108	+0.042%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.365%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.107	+0.030%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.110	+0.055%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.110	+0.054%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.113	+0.080%	$400K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.109	+0.048%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.109	+0.049%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.108	+0.040%	$121.8M	$305.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.105	+0.015%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.108	+0.038%	$27.6M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.123	+0.153%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.108	+0.038%	$130.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.106	+0.023%	$36.1M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.111	+0.061%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.106	+0.023%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.107	+0.030%	—	$21.3M	—	as long as short
Variational Omni LINKshort	+0.0100%	8h	13.083	−0.156%	$3.3M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	13.101	−0.018%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.100	−0.024%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.106	+0.023%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.119	+0.122%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.108	+0.039%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.124	+0.159%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.111	+0.061%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.100	−0.021%	$645K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.103	−0.001%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.114	+0.083%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.116	+0.099%	$994K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0212%	1h	13.119	+0.122%	$362K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.088	−0.115%	$5.2M	$16.8M	75x	as long as short
Hyperliquid LINK	+0.0295%	1h	13.123	+0.153%	$77.8M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.105	+0.013%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.119	+0.119%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0484%	8h	13.125	+0.168%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USDlong	+0.0541%	1h	13.103	long leg	$347K	$48K	10x