Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.015%

Price spread now: Deribit against Variational Omni+0.131%59s7-day average +0.024% · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.131%, 7d avg +0.024%

Together, before fees−0.122%+ Points / potential airdropVariational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.107% dearer against Variational Omni than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.024%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.6 days. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	13.146	0.0100	pay 0.0100% / 8h	7h 46m	$3.4M	$1.6M	—
Short	Deribit LINK_USDC-PERPETUAL	13.164	0	get 0.0000% / 1h	46m 25s	$761K	$181K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$21
Price spread: +0.131% → +0.024%: $10.73
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$17.27
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Deribit: live order book, 27 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 Variational Omni RFQ quote, 3 min ago	3.12 bp	doesn't fit	10.9 bp −$109	doesn't fit	doesn't fit
Sell Deribit live order book, 27 min ago	1.91 bp	10.4 bp −$10	18.1 bp −$181	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	13.144	−0.016%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.158	+0.084%	$467K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.164	+0.131%	$761K	$181K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.146	−0.007%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.678%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.154	+0.056%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.145	−0.011%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.152	+0.043%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.150	+0.024%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.143	−0.023%	$403K	$312K	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	13.158	+0.086%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.156	+0.070%	$276K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.144	−0.019%	$122.0M	$306.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.144	−0.019%	$84.7M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.144	−0.019%	$27.8M	$85.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.166	+0.149%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.148	+0.012%	$130.2M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.140	−0.049%	$36.4M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.150	+0.027%	$22.8M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.145	−0.011%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.142	−0.034%	—	$21.3M	—	as long as short
Variational Omni LINKlong	+0.0100%	8h	13.146	long leg	$3.4M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	13.152	+0.042%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.150	+0.024%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.161	+0.111%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.149	+0.019%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.143	−0.026%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.168	+0.166%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.158	+0.088%	$5K	$29K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.139	−0.054%	$646K	$874K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.147	+0.003%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.146	−0.006%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.165	+0.141%	$1.0M	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0193%	1h	13.178	+0.240%	$365K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.162	+0.118%	$5.2M	$16.7M	75x	as long as short
dYdX LINK-USD	+0.0249%	1h	13.155	+0.064%	$348K	$48K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.164	+0.132%	$6.9M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.140	−0.048%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0476%	8h	13.175	+0.217%	$20.4M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0494%	1h	13.166	+0.149%	$80.1M	$24.8M	10x	as long as short