Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Extended+0.172%7-day average +0.092% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.027%+$3 on $10k

Price spread, last 4 days (all we have)−0.302%−$30 · spread now +0.172%, 7d avg +0.092%

Together, before fees−0.275%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.080% dearer against Extended than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended STABLE-USD	0.02487	0.0104	pay 0.0013% / 1h	33m 29s	$12K	$146K	10x
Short	Variational Omni STABLE	0.02492	0.0100	get 0.0050% / 4h	2h 33m	$146K	$50K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.172%Rate

Funding earned: −$0.84
Price spread: +0.172% → +0.092%: $8.05
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $2.21
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 32 min ago; Variational Omni: RFQ quote, 35 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 Extended live order book, 32 min ago	3.60 bp	36.2 bp −$36	335.9 bp −$3,359	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 35 min ago	11.96 bp	doesn't fit	191.3 bp −$1,913	doesn't fit	doesn't fit

STABLE on 14 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
Lighter STABLE	+0.0096%	1h	0.02501	+0.566%	$115K	$8K	3x	as long as short
Hyperliquid STABLE	+0.0100%	1h	0.02486	−0.058%	$876K	$202K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02488	+0.024%	$19K	$7K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02485	−0.078%	$2.5M	$3.0M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02488	+0.027%	$1.5M	$762K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02488	+0.027%	$201K	$417K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02489	+0.067%	$173K	$70K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02485	−0.094%	$608K	$175K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02494	+0.268%	$185K	$30K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02487	−0.013%	$291K	$96K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02487	−0.013%	—	$6.5M	—	as long as short
Variational Omni STABLEshort	+0.0100%	4h	0.02492	+0.172%	$146K	$50K	—
SunX STABLE-USDT	+0.0100%	4h	0.02487	−0.013%	$2K	$812K	20x	as long as short
Extended STABLE-USDlong	+0.0104%	1h	0.02487	long leg	$12K	$146K	10x