Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1448%/8h= +158.6% APRpaid last 24h +0.260%

Price spread now: Deribit against Variational Omni+0.516%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

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

Both sides work for this trade now. Funding pays +$43 a day on $10k at the current rate, and Deribit is 0.516% dearer against Variational Omni than usual: you sell high and buy low: +$52 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.03921	−0.0936	get 0.0468% / 4h	2h 15m	$610K	$34K	—
Short	Deribit S_USDC-PERPETUAL	0.03941	0.0512	get 0.0064% / 1h	15m 27s	$66K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.516%Rate

Funding earned: $304.12
Price spread: +0.516% → 0.000%: $51.56
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $348.68
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 9 min ago; Deribit: no order-book sample. 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, 9 min ago	8.94 bp	doesn't fit	106.0 bp −$1,060	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Kraken Futures PF_SUSD	−0.1451%	1h	0.03933	+0.323%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.417%	$47K	$5K	25x	as long as short
Variational Omni Slong	−0.0936%	4h	0.03921	long leg	$610K	$34K	—
GMX S/USD [WBTC.b-USDC]	L −0.0191% / S +0.0184%	1h	0.03940	+0.498%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03935	+0.357%	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0013%	4h	0.03935	+0.363%	$99K	$342K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03940	+0.491%	$607	—	150x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03930	+0.235%	$24K	$3K	5x	as long as short
Aster SUSDT	+0.0020%	4h	0.03940	+0.498%	$43K	$212K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.571%	$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	0.03939	+0.465%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03934	+0.342%	$994K	$899K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03936	+0.392%	$5.4M	$23.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03931	+0.261%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03934	+0.337%	$979K	$7.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03932	+0.286%	$321K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03937	+0.414%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03932	+0.286%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03937	+0.414%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03934	+0.337%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	+0.490%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03934	+0.350%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03927	+0.159%	$267K	$159K	75x	as long as short
Backpack S_USDC_PERP	+0.0342%	1h	0.03940	+0.490%	$115K	$294K	5x	as long as short
Deribit S_USDC-PERPETUALshort	+0.0512%	1h	0.03941	+0.516%	$66K	$10K	10x