Funding arb · Price arb /

SOON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.3528%/8h= −386.3% APRpaid last 24h −0.766%

Price spread now: Extended against Variational Omni+0.792%7-day average +0.372% · you sell dearer than you buy

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.837%−$84 on $10k

Price spread, last 3 days (all we have)−0.471%−$47 · spread now +0.792%, 7d avg +0.372%

Together, before fees−1.308%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board−$131 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.420% dearer against Variational Omni than usual: you sell high and buy low (spread +0.792% now, against its 7-day average of +0.372%): +$42 on $10k if it goes back. Holding the pair costs −$106 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 3 days (−0.837% in total) that is about 39 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.837% in total (about -93.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SOON	0.1927	0.3704	pay 0.1852% / 4h	1h 49m	$222K	$4K	—
Short	Extended SOON-USD	0.1942	0.0176	get 0.0022% / 1h	49m 43s	$7K	$207K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Variational 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 Variational OmnibpFee ExtendedbpOrdersPrice spread, now +0.792%Rate

Funding earned: −$740.9
Price spread: +0.792% → +0.372%: $42.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$703.87
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 34 min ago; Extended: live order book, 32 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 Variational Omni RFQ quote, 34 min ago	7.75 bp	doesn't fit	566.0 bp −$5,660	doesn't fit	doesn't fit
Sell Extended live order book, 32 min ago	9.47 bp	50.6 bp −$51	doesn't fit	doesn't fit	doesn't fit

SOON on 11 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
BingX SOON-USDT	+0.0070%	4h	0.1938	+0.579%	—	$6.7M	—	as long as short
OKX SOON-USDT-SWAP	+0.0100%	4h	0.1941	+0.735%	$1.9M	$419K	20x	as long as short
Gate SOON_USDT	+0.0100%	4h	0.1936	+0.476%	$3.1M	$91K	50x	as long as short
KuCoin SOONUSDTM	+0.0100%	4h	0.1941	+0.756%	$1.8M	$3.0M	50x	as long as short
Binance SOONUSDT	+0.0172%	4h	0.1942	+0.810%	$7.9M	$1.9M	50x	as long as short
Extended SOON-USDshort	+0.0176%	1h	0.1942	+0.792%	$7K	$207K	5x
Kraken Futures PF_SOONUSD	+0.0338%	1h	0.1936	+0.489%	$11K	$1K	10x	as long as short
Bitget SOONUSDT	+0.0464%	4h	0.1942	+0.787%	$9.1M	$208K	25x	as long as short
Aster SOONUSDT	+0.0696%	4h	0.1942	+0.779%	$189K	$2K	5x	as long as short
Variational Omni SOONlong	+0.3704%	4h	0.1927	long leg	$222K	$4K	—

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SOONUSDT	+0.4125%	4h	0.1926	−0.043%	$2.5M	$1.1M	25x	as long as short