Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.075%

Price spread now: Variational Omni against GMX+0.180%7-day average — · you sell dearer than you buy

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

The price spread pays, funding is against you. Variational Omni is 0.180% dearer against GMX than usual: you sell high and buy low (spread +0.180% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SYRUP/USD [ETH-USDC]	0.2306	L +0.0331% / S −0.1447%	pay 0.0041% / 1h	53m 00s	$3K	—	50x
Short	Variational Omni SYRUP	0.2310	0.0100	get 0.0050% / 4h	1h 53m	$166K	$51K	—

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 +0.180%Rate

Funding earned: −$48.49
Price spread: +0.180% → 0.000%: $17.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$42.52
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 31 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, 31 min ago	6.41 bp	doesn't fit	211.7 bp −$2,117	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.

SYRUP on 16 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
BloFin SYRUP-USDT	+0.0092%	4h	0.2307	+0.049%	$467K	$133K	50x	as long as short
Lighter SYRUP	+0.0096%	1h	0.2311	+0.219%	$210K	$225K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2307	+0.041%	$12K	$61K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2306	−0.016%	$9.7M	$6.4M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2308	+0.075%	$2.3M	$1.9M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2307	+0.032%	$1.2M	$991K	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2309	+0.119%	$431K	$66K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2305	−0.055%	$3.1M	$560K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2310	+0.158%	$2.0M	$107K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2306	−0.011%	$681K	$430K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SYRUP-USDT	+0.0100%	4h	0.2308	+0.067%	—	$6.5M	—	as long as short
Variational Omni SYRUPshort	+0.0100%	4h	0.2310	+0.180%	$166K	$51K	—
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2308	+0.079%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]long	L +0.0331% / S −0.1447%	1h	0.2306	long leg	$3K	—	50x
Hyperliquid SYRUP	+0.0387%	1h	0.2311	+0.201%	$5.9M	$1.5M	3x	as long as short
Kraken Futures PF_SYRUPUSD	+0.1420%	1h	0.2309	+0.121%	$42K	$24K	10x	as long as short