Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h −0.003%

Price spread now: Variational Omni against dYdX−0.171%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.171% cheaper against dYdX than usual: you would sell low and buy high (spread −0.171% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 15 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX OP-USD	0.1261	0	get 0.0000% / 1h	54m 14s	$39K	$519	10x
Short	Variational Omni OP	0.1259	0.0039	get 0.0039% / 8h	1h 54m	$231K	$46K	—

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 −0.171%Rate

Funding earned: $8.16
Price spread: −0.171% → 0.000%: −$17.1
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$18.95
Costs to cover: 0.100%
Break-even: 23.3 days

Slippage unknown: dYdX: no order-book sample; Variational Omni: RFQ quote, 30 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 no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 30 min ago	7.90 bp	doesn't fit	39.5 bp −$395	doesn't fit	doesn't fit

dYdX: 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.

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	−0.1710%	1h	0.1254	−0.571%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	−0.129%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1243	−1.443%	$21K	$64K	50x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1261	long leg	$39K	$519	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	−0.095%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.033%	—	—	150x	as long as short
Variational Omni OPshort	+0.0039%	8h	0.1259	−0.171%	$231K	$46K	—
Orderly PERP_OP_USDC	+0.0045%	8h	0.1260	−0.095%	$6K	$49K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1259	−0.167%	$5.9M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1261	−0.024%	$275K	$904K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	+0.048%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1260	−0.093%	$211K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	−0.096%	$20.5M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1259	−0.174%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1261	−0.032%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1260	−0.095%	$20.0M	$7.0M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−0.095%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1261	−0.016%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1260	−0.087%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−0.048%	$125K	$191K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	−0.355%	$11K	$377K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1259	−0.174%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1258	−0.254%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	−0.111%	$174	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	−0.016%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.139%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.062%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	−0.016%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0228%	1h	0.1261	−0.005%	$782K	$734K	20x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1260	−0.117%	$700	—	20x	as long as short