Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h +0.269%

Price spread now: GMX against Variational Omni+0.051%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 GMX

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

The price spread pays, funding is against you. GMX is 0.051% dearer against Variational Omni than usual: you sell high and buy low (spread +0.051% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.04095	−0.0071	get 0.0035% / 4h	53m 41s	$634K	$31K	—
Short	GMX S/USD [WBTC.b-USDC]	0.04097	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	53m 41s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$26.73
Price spread: +0.051% → 0.000%: $5.07
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$33.66
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; GMX: 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, 5 min ago	7.31 bp	doesn't fit	97.5 bp −$975	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−1.0032%	1h	0.03970	−3.060%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2496%	1h	0.04089	−0.147%	$34K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1376%	1h	0.04022	−1.790%	$48K	$16K	25x	as long as short
ApeX Omni SUSDT	−0.0333%	1h	0.04090	−0.130%	$25K	$453K	50x	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04097	+0.051%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04091	−0.103%	$4	—	15x	as long as short
Variational Omni Slong	−0.0071%	4h	0.04095	long leg	$634K	$31K	—
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04099	+0.090%	$69K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04098	+0.059%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.114%	$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
Orderly PERP_S_USDC	+0.0067%	4h	0.04093	−0.057%	$102K	$308K	10x	as long as short
Lighter S	+0.0096%	1h	0.04098	+0.065%	$172K	$153K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04096	+0.012%	$1.0M	$547K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04091	−0.094%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04095	−0.008%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04088	−0.179%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04092	−0.081%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04092	−0.081%	$335K	$186K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04094	−0.032%	$4.0M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04094	−0.032%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04093	−0.057%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04092	−0.081%	—	$6.7M	—	as long as short
Extended S-USD	+0.0104%	1h	0.04091	−0.114%	$230K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04089	−0.154%	$283K	$99K	75x	as long as short
Backpack S_USDC_PERP	+0.0382%	1h	0.04100	+0.114%	$120K	$389K	5x	as long as short