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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0072%/8h= +7.8% APRpaid last 24h +0.040%

Price spread now: Variational Omni against Deribit−0.289%7-day average −0.054% · 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)+0.094%+$9 on $10k

Price spread, last 3 days (all we have)+0.196%+$20 · spread now −0.289%, 7d avg −0.054%

Together, before fees+0.290%+ Points / potential airdropVariational Omni: Active · farm board+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.234% cheaper against Deribit than usual: you would sell low and buy high (spread −0.289% now, against its 7-day average of −0.054%). If the spread goes back, that is −$23 on $10k: about 11 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OP_USDC-PERPETUAL	0.1280	0	get 0.0000% / 1h	32m 31s	$42K	$171K	25x
Short	Variational Omni OP	0.1276	0.0072	get 0.0072% / 8h	32m 31s	$234K	$54K	—

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

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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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.289%Rate

Funding earned: $15.03
Price spread: −0.289% → −0.054%: −$23.43
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: −$15.41
Costs to cover: 0.070%
Break-even: 14.2 days

Slippage unknown: Deribit: live order book, 46 min ago; Variational Omni: RFQ quote, 46 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, 46 min ago	11.71 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 46 min ago	7.82 bp	doesn't fit	31.3 bp −$313	doesn't fit	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1633%	1h	0.1274	−0.469%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.049%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.313%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1279	−0.067%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALlong	0.0000%	1h	0.1280	long leg	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.016%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1279	−0.078%	$6K	$50K	10x	as long as short
Variational Omni OPshort	+0.0072%	8h	0.1276	−0.289%	$234K	$54K	—
Lighter OP	+0.0096%	1h	0.1280	+0.008%	$290K	$922K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1280	+0.023%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1279	−0.055%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	−0.070%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1278	−0.164%	$18.5M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1279	−0.109%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	−0.039%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1279	−0.109%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	−0.078%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1279	−0.078%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1278	−0.156%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.094%	$124K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.110%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	−0.156%	$319K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1277	−0.234%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1279	−0.102%	$200	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1279	−0.047%	$177K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1278	−0.119%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.077%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1278	−0.125%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1280	+0.004%	$801K	$746K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1279	−0.077%	$711	—	20x	as long as short