Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1289%/8h= −141.1% APRpaid last 24h −0.335%

Price spread now: Variational Omni against ApeX Omni−0.329%7-day average −0.200% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.598%−$60 on $10k

Price spread, last 3 days (all we have)+0.285%+$28 · spread now −0.329%, 7d avg −0.200%

Together, before fees−0.313%+ Points / potential airdropVariational Omni: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Variational Omni is 0.129% cheaper against ApeX Omni than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.200%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SUSDT	0.03960	0.0100	pay 0.0013% / 1h	55m 06s	$24K	$475K	50x
Short	Variational Omni S	0.03947	−0.1189	pay 0.0594% / 4h	2h 55m	$614K	$42K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now −0.329%Rate

Funding earned: −$270.61
Price spread: −0.329% → −0.200%: −$12.88
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$293.48
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 32 min ago; Variational Omni: RFQ quote, 34 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 ApeX Omni live order book, 32 min ago	12.64 bp	68.5 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 34 min ago	6.32 bp	doesn't fit	69.5 bp −$695	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1447%	1h	0.03943	−0.426%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−3.384%	$47K	$5K	25x	as long as short
Variational Omni Sshort	−0.1189%	4h	0.03947	−0.329%	$614K	$42K	—
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03950	−0.250%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03942	−0.446%	$4	—	15x	as long as short
Aster SUSDT	−0.0031%	4h	0.03950	−0.244%	$43K	$212K	10x	as long as short
01 Exchange SUSD	−0.0024%	1h	0.03940	−0.505%	$24K	$3K	5x	as long as short
Orderly PERP_S_USDC	−0.0019%	4h	0.03947	−0.328%	$101K	$339K	10x	as long as short
Hyperliquid S	−0.0008%	1h	0.03944	−0.402%	$995K	$974K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03950	−0.251%	$609	—	150x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit S_USDC-PERPETUAL	+0.0003%	1h	0.03952	−0.202%	$66K	$10K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.535%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0061%	4h	0.03935	−0.631%	$982K	$8.2M	20x	as long as short
Lighter S	+0.0096%	1h	0.03949	−0.278%	$165K	$240K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03941	−0.480%	$5.4M	$25.5M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03935	−0.631%	$5.6M	$6.7M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03938	−0.556%	$322K	$290K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03946	−0.354%	$3.6M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03941	−0.480%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03938	−0.556%	$1.2M	$3.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03942	−0.455%	—	$6.8M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03950	−0.253%	$115K	$286K	5x	as long as short
ApeX Omni SUSDTlong	+0.0100%	1h	0.03960	long leg	$24K	$475K	50x
Extended S-USD	+0.0104%	1h	0.03934	−0.661%	$222K	$890K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03949	−0.278%	$201K	$203K	75x	as long as short