Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0071%/8h= +7.8% APRpaid last 24h −0.247%

Price spread now: Variational Omni against GMX−0.468%7-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 0.468% cheaper against GMX than usual: you would sell low and buy high (spread −0.468% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$47 on $10k: about 22 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX S/USD [WBTC.b-USDC]	0.04118	L −0.0206% / S +0.0198%	get 0.0026% / 1h	17m 06s	$1K	—	100x
Short	Variational Omni S	0.04099	−0.0135	pay 0.0067% / 4h	1h 17m	$636K	$31K	—

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 −0.468%Rate

Funding earned: $14.98
Price spread: −0.468% → 0.000%: −$46.77
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$43.78
Costs to cover: 0.120%
Break-even: 27.5 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 47 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, 47 min ago	9.85 bp	doesn't fit	101.0 bp −$1,010	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.

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	−1.1576%	1h	0.03950	−4.080%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1670%	1h	0.04114	−0.090%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−2.331%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0206% / S +0.0198%	1h	0.04118	long leg	$1K	—	100x
Variational Omni Sshort	−0.0135%	4h	0.04099	−0.468%	$636K	$31K	—
Reya SRUSDPERP	−0.0101%	1h	0.04114	−0.097%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04118	−0.007%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.437%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0068%	4h	0.04117	−0.024%	$102K	$332K	10x	as long as short
Lighter S	+0.0096%	1h	0.04123	+0.121%	$172K	$157K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04120	+0.061%	$1.0M	$554K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04118	+0.004%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04123	+0.110%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04121	+0.073%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04119	+0.024%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04112	−0.146%	$338K	$201K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04117	−0.024%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04116	−0.049%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04119	+0.024%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04118	0.000%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04110	−0.194%	$25K	$449K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04115	−0.062%	$233K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04106	−0.291%	$285K	$104K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0721%	1h	0.04122	+0.097%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1607%	1h	0.04130	+0.291%	$122K	$373K	5x	as long as short