Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0363%/8h= −39.7% APRpaid last 24h −0.128%

Price spread now: Aevo against Variational Omni+0.356%48s7-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 Aevo

What this pair did over the last

the charts below follow

Funding, last 4 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. Aevo is 0.356% dearer against Variational Omni than usual: you sell high and buy low (spread +0.356% now, against zero (this spread has no 7-day history yet)): +$36 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 3.3 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni USELESS	0.2676	0.0499	pay 0.0249% / 4h	2h 43m	$1.1M	$1.8M	—
Short	Aevo USELESS-PERP	0.2685	0.0136	get 0.0017% / 1h	43m 40s	$10K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo 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 AevobpOrdersPrice spread, now +0.356%Rate

Funding earned: −$76.19
Price spread: +0.356% → 0.000%: $35.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$56.58
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Aevo: 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, just now	5.57 bp	doesn't fit	61.3 bp −$613	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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.

USELESS on 24 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 USELESS	+0.0096%	1h	0.2690	+0.554%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2691	+0.573%	$11.7M	$22.5M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2688	+0.455%	$527K	$2.3M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2690	+0.531%	$29K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2691	+0.576%	$26K	$244K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2692	+0.632%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2690	+0.543%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2692	+0.632%	$637K	$1.1M	20x	as long as short
Bitget USELESSUSDT	+0.0114%	4h	0.2692	+0.625%	$5.1M	$10.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0131%	4h	0.2690	+0.539%	$9.1M	$65.2M	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERPshort	+0.0136%	1h	0.2685	+0.356%	$10K	—	3x
KuCoin USELESSUSDTM	+0.0142%	4h	0.2688	+0.472%	$4.9M	$10.6M	12x	as long as short
Extended USELESS-USD	+0.0224%	1h	0.2691	+0.559%	$114K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0224%	4h	0.2691	+0.558%	$10.8M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0233%	4h	0.2692	+0.595%	$22.4M	$121.4M	50x	as long as short
edgeX USELESSUSDC	+0.0243%	4h	0.2683	+0.260%	$20K	$197K	10x	as long as short
Bybit USELESSUSDT	+0.0410%	4h	0.2690	+0.550%	$25.4M	$48.3M	13x	as long as short
BingX USELESS-USDT	+0.0438%	4h	0.2693	+0.666%	—	$5.3M	—	as long as short
Variational Omni USELESSlong	+0.0499%	4h	0.2676	long leg	$1.1M	$1.8M	—
Gate USELESS_USDT	+0.0564%	4h	0.2687	+0.416%	$6.7M	$8.5M	50x	as long as short
BloFin USELESS-USDT	+0.0600%	4h	0.2686	+0.389%	$1.1M	$2.0M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0823%	1h	0.2681	+0.203%	$47K	$698K	25x	as long as short
Orderly PERP_USELESS_USDC	+0.1211%	4h	0.2690	+0.543%	$21K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+5.629%	$5K	$11K	5.5x	as long as short