Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1065%/8h= +116.6% APRpaid last 24h +0.310%

Price spread now: Variational Omni against GMX−0.111%50s7-day average — · you buy dearer than you sell

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)—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 0.111% cheaper against GMX than usual: you would sell low and buy high (spread −0.111% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 8 hours of funding at the current rate (+$32 a day). The two prices were read 50 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	GMX OP/USD [OP-USDC]	0.1249	L −0.1066% / S +0.0229%	get 0.0133% / 1h	52m 35s	$13K	—	100x
Short	Variational Omni OP	0.1247	−0.0002	pay 0.0002% / 8h	2h 52m	$227K	$44K	—

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

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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.111%Rate

Funding earned: $223.59
Price spread: −0.111% → 0.000%: −$11.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $200.49
Costs to cover: 0.120%
Break-even: 0.7 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 36 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, 36 min ago	3.98 bp	doesn't fit	27.9 bp −$279	doesn't fit	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.

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	−0.1658%	1h	0.1240	−0.683%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1066% / S +0.0229%	1h	0.1249	long leg	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.443%	$21K	$64K	50x	as long as short
Variational Omni OPshort	−0.0002%	8h	0.1247	−0.111%	$227K	$44K	—
dYdX OP-USD	0.0000%	1h	0.1247	−0.117%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1248	−0.042%	$41K	$164K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1249	+0.022%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0026%	8h	0.1247	−0.123%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1245	−0.251%	$5.7M	$29.3M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1247	−0.115%	$267K	$899K	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	0.1249	−0.002%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1247	−0.125%	$210K	$243K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1246	−0.222%	$20.1M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1245	−0.299%	$18.3M	$25.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1246	−0.179%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1247	−0.155%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1247	−0.123%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1247	−0.123%	$5.9M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1247	−0.155%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.082%	$127K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1249	+0.010%	$9K	$379K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	+0.132%	$304K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.363%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1248	−0.066%	$157	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1248	−0.042%	$173K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1246	−0.219%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1248	−0.036%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0138%	1h	0.1248	−0.004%	$771K	$742K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1246	−0.163%	$992K	$294K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1248	−0.019%	$694	—	20x	as long as short