Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0275%/8h= −30.1% APRpaid last 24h −0.083%

Price spread now: Variational Omni against GMX+0.390%7-day average +0.017% · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.215%−$22 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now +0.390%, 7d avg +0.017%

Together, before fees−0.376%+ Points / potential airdropVariational Omni: Active · farm board−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.373% dearer against GMX than usual: you sell high and buy low (spread +0.390% now, against its 7-day average of +0.017%): +$37 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NEAR/USD [ETH-USDC]	4.2852	L +0.0375% / S −0.0314%	pay 0.0047% / 1h	48m 04s	$275K	—	100x
Short	Variational Omni NEAR	4.3020	0.0100	get 0.0100% / 8h	48m 04s	$8.0M	$17.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now +0.390%Rate

Funding earned: −$57.79
Price spread: +0.390% → +0.017%: $37.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$32.45
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 1 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	3.87 bp	doesn't fit	8.9 bp −$89	20.1 bp −$2,012	doesn't fit

GMX: 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.

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	4.2817	−0.082%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2964	+0.260%	$2.2M	$13.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2801	−0.120%	$111K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2877	+0.057%	$392K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2852	−0.001%	$204K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.366%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2810	−0.099%	$109K	$496K	50x	as long as short
Bybit NEARUSDT	+0.0099%	8h	4.2720	−0.309%	$219.6M	$421.6M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2816	−0.086%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2847	−0.013%	$3.0M	$5.6M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NEAR	+0.0100%	1h	4.2839	−0.031%	$403K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2771	−0.190%	$253.3M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2740	−0.262%	$61.0M	$285.3M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2810	−0.099%	$197K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3000	+0.344%	$245K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2816	−0.085%	$30.2M	$58.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2820	−0.076%	$79.2M	$140.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2850	−0.006%	$56.2M	$43.6M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2734	−0.276%	$71.0M	$126.2M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2840	−0.029%	—	$138.3M	—	as long as short
Variational Omni NEARshort	+0.0100%	8h	4.3020	+0.390%	$8.0M	$17.9M	—
edgeX NEARUSDC	+0.0100%	4h	4.3021	+0.394%	$269K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2980	+0.298%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2990	+0.321%	$180K	$788K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2862	+0.022%	$219K	$3.3M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2866	+0.032%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2940	+0.204%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2875	+0.053%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2830	−0.052%	$3.9M	$8.2M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2732	−0.281%	$4.0M	$15.9M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2861	+0.021%	$206K	$62K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0118%	1h	4.2909	+0.131%	$7.5M	$36.9M	50x	as long as short
01 Exchange NEARUSD	+0.0216%	1h	4.2829	−0.055%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2970	+0.274%	$13.0M	$30.8M	75x	as long as short
Lighter RH NEAR	+0.0328%	1h	4.2899	+0.109%	$1.5M	$7.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]long	L +0.0375% / S −0.0314%	1h	4.2852	long leg	$275K	—	100x
Deribit NEAR_USDC-PERPETUAL	+0.0403%	1h	4.2888	+0.083%	$1.9M	$2.3M	25x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2832	−0.048%	$413K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0452%	1h	4.2863	+0.025%	$1.3M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0463%	1h	4.3418	+1.320%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0852%	1h	4.2800	−0.122%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0884%	8h	4.2920	+0.158%	$458K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1214%	1h	4.3048	+0.457%	$5K	$11K	10x	as long as short
Hyperliquid NEAR	+0.1223%	1h	4.2897	+0.104%	$369.7M	$297.9M	10x	as long as short
Lighter NEAR	+0.1952%	1h	4.2973	+0.281%	$16.5M	$23.7M	15x	as long as short