Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1354%/8h= −148.3% APRpaid last 24h −0.341%

Price spread now: Variational Omni against Backpack−0.613%7-day average −0.224% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.512%−$51 on $10k

Price spread, last 3 days (all we have)+0.976%+$98 · spread now −0.613%, 7d avg −0.224%

Together, before fees+0.464%+ Points / potential airdropVariational Omni: Active · farm board+$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Variational Omni is 0.388% cheaper against Backpack than usual: you would sell low and buy high (−$39 if the spread goes back to its 7-day average of −0.224%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03920	0.0397	pay 0.0050% / 1h	2m 52s	$114K	$302K	5x
Short	Variational Omni S	0.03896	−0.0957	pay 0.0478% / 4h	1h 02m	$606K	$31K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.613%Rate

Funding earned: −$284.42
Price spread: −0.613% → −0.224%: −$38.84
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$333.26
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 15 min ago; Variational Omni: RFQ quote, 16 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 Backpack live order book, 15 min ago	12.77 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 16 min ago	6.41 bp	doesn't fit	44.9 bp −$449	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
01 Exchange SUSD	−0.1960%	1h	0.03850	−1.786%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1598%	1h	0.03912	−0.209%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.398%	$47K	$5K	25x	as long as short
Variational Omni Sshort	−0.0957%	4h	0.03896	−0.613%	$606K	$31K	—
GMX S/USD [WBTC.b-USDC]	L −0.0198% / S +0.0191%	1h	0.03918	−0.064%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03913	−0.179%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03918	−0.062%	$604	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0005%	1h	0.03918	−0.051%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03915	−0.128%	$100K	$343K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.592%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03918	−0.051%	$164K	$223K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03914	−0.143%	$982K	$712K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03916	−0.091%	$43K	$212K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03914	−0.153%	$5.3M	$18.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03907	−0.332%	$5.6M	$5.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03913	−0.179%	$977K	$5.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03910	−0.255%	$319K	$266K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03913	−0.179%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03911	−0.230%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03914	−0.153%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03912	−0.204%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03900	−0.510%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03913	−0.185%	$219K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03914	−0.153%	$266K	$125K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0397%	1h	0.03920	long leg	$114K	$302K	5x