Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0373%/8h= −40.8% APRpaid last 24h −0.044%

Price spread now: Variational Omni against Deribit−0.086%7-day average −0.062% · 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)−0.208%−$21 on $10k

Price spread, last 3 days (all we have)+0.260%+$26 · spread now −0.086%, 7d avg −0.062%

Together, before fees+0.051%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Variational Omni is 0.024% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.062%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NEAR_USDC-PERPETUAL	4.2786	0.0405	pay 0.0051% / 1h	1m 37s	$1.9M	$2.8M	25x
Short	Variational Omni NEAR	4.2749	0.0032	get 0.0032% / 8h	1m 37s	$7.8M	$18.5M	—

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 −0.086%Rate

Funding earned: −$78.33
Price spread: −0.086% → −0.062%: −$2.41
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: −$87.73
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Variational Omni: RFQ quote, 3 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 live order book, 2 min ago	3.15 bp	6.9 bp −$7	14.4 bp −$144	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.88 bp	doesn't fit	11.1 bp −$111	36.7 bp −$3,672	doesn't fit

NEAR on 45 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
Reya NEARRUSDPERP	−0.0171%	1h	4.2659	−0.296%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2786	0.000%	$2.2M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2701	−0.199%	$111K	$62K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2746	−0.093%	$391K	$18.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2744	−0.097%	$203K	—	150x	as long as short
Variational Omni NEARshort	+0.0032%	8h	4.2749	−0.086%	$7.8M	$18.5M	—
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.216%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0037%	8h	4.2670	−0.271%	$217.1M	$421.8M	75x	as long as short
01 Exchange NEARUSD	+0.0064%	1h	4.2726	−0.140%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2690	−0.224%	$110K	$496K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.2754	−0.075%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2694	−0.214%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2723	−0.148%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2711	−0.176%	$400K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2691	−0.222%	$253.0M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2670	−0.271%	$60.6M	$285.5M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2700	−0.201%	$196K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2757	−0.067%	$244K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2686	−0.234%	$30.8M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2700	−0.201%	$79.0M	$142.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2710	−0.178%	$55.7M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2679	−0.250%	$70.8M	$126.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2680	−0.248%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2741	−0.105%	$244K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2826	+0.093%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2820	+0.079%	$179K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2692	−0.220%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2800	+0.033%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2745	−0.096%	$4K	$54K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2750	−0.084%	$3.8M	$8.5M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2667	−0.279%	$3.8M	$16.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2741	−0.105%	$202K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2769	−0.041%	$7.6M	$37.4M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2780	−0.014%	$13.0M	$29.3M	75x	as long as short
Lighter RH NEAR	+0.0336%	1h	4.2761	−0.058%	$1.6M	$7.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0316%	1h	4.2751	−0.082%	$275K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2715	−0.166%	$418K	$1.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0405%	1h	4.2786	long leg	$1.9M	$2.8M	25x
Backpack NEAR_USDC_PERP	+0.0449%	1h	4.2774	−0.028%	$1.4M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2887	+0.236%	$1.8M	$2.7M	10x	as long as short
Hyperliquid NEAR	+0.0583%	1h	4.2729	−0.133%	$364.0M	$301.3M	10x	as long as short
Nado NEAR-PERP	+0.0655%	1h	4.2690	−0.224%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0739%	8h	4.2820	+0.079%	$457K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1189%	1h	4.2798	+0.028%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1784%	1h	4.2830	+0.102%	$16.9M	$24.7M	15x	as long as short