Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.033%

Price spread now: ApeX Omni against Variational Omni+0.068%103s7-day average +0.096% · you sell dearer than you buy

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.049%+$5 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now +0.068%, 7d avg +0.096%

Together, before fees+0.067%+ Points / potential airdropVariational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.028% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.068% now, against its 7-day average of +0.096%). If the spread goes back, that is −$3 on $10k: about 40 hours of funding at the current rate (+$2 a day). The two prices were read 103 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	Variational Omni OP	0.1261	0.0045	pay 0.0045% / 8h	7h 17m	$230K	$47K	—
Short	ApeX Omni OPUSDT	0.1262	0.0100	get 0.0013% / 1h	17m 49s	$43K	$725K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now +0.068%Rate

Funding earned: $11.48
Price spread: +0.068% → +0.096%: −$2.75
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$1.28
Costs to cover: 0.100%
Break-even: 7.8 days

Slippage unknown: Variational Omni: RFQ quote, 56 min ago; ApeX Omni: live order book, 56 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 Variational Omni RFQ quote, 56 min ago	7.85 bp	doesn't fit	31.4 bp −$314	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 56 min ago	7.86 bp	16.1 bp −$16	107.9 bp −$1,079	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	−0.1656%	1h	0.1256	−0.408%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	+0.001%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1257	−0.328%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1258	−0.257%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	+0.068%	$42K	$167K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.029%	—	—	150x	as long as short
Variational Omni OPlong	+0.0045%	8h	0.1261	long leg	$230K	$47K	—
Orderly PERP_OP_USDC	+0.0057%	8h	0.1261	−0.011%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1264	+0.258%	$283K	$950K	15x	as long as short
Bybit OPUSDT	+0.0099%	8h	0.1263	+0.171%	$18.3M	$26.0M	75x	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	0.1265	+0.346%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	+0.210%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1264	+0.211%	$20.4M	$61.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1263	+0.171%	$6.1M	$30.0M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1263	+0.155%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1264	+0.227%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1262	+0.068%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1264	+0.227%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1263	+0.147%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	+0.163%	$122K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	+0.032%	$4K	$391K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1261	+0.016%	$305K	$5.0M	10x	as long as short
ApeX Omni OPUSDTshort	+0.0100%	1h	0.1262	+0.068%	$43K	$725K	50x
SoDEX OP-USD	+0.0100%	1h	0.1263	+0.124%	$176	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.131%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	+0.136%	$106K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1262	+0.054%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.194%	$1.0M	$274K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0384%	1h	0.1264	+0.214%	$798K	$756K	20x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1260	−0.113%	$700	—	20x	as long as short