Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0125%/8h= +13.7% APRpaid last 24h +0.059%

Price spread now: Variational Omni against Deribit−0.620%7-day average — · you buy dearer than you sell

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

Long on Deribit 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

Funding pays, the price is against you. Variational Omni is 0.620% cheaper against Deribit than usual: you would sell low and buy high (spread −0.620% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$62 on $10k: about 16 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7258	−0.0025	get 0.0003% / 1h	21m 11s	$15K	$40K	10x
Short	Variational Omni VIRTUAL	0.7213	0.0100	get 0.0050% / 4h	1h 21m	$537K	$909K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.620%Rate

Funding earned: $26.35
Price spread: −0.620% → 0.000%: −$61.97
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$42.62
Costs to cover: 0.070%
Break-even: 18.3 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 43 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 43 min ago	4.86 bp	doesn't fit	21.5 bp −$215	doesn't fit	doesn't fit

Deribit: 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.

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7262	+0.052%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0056%	1h	0.7265	+0.096%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	−0.0025%	1h	0.7258	long leg	$15K	$40K	10x
Phoenix VIRTUAL	0.0000%	1h	0.7266	+0.116%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7259	+0.016%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.943%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7258	0.000%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7253	−0.063%	$329K	$413K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7265	+0.094%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7266	+0.112%	$99K	$291K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7261	+0.045%	$72K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7258	+0.001%	$16.6M	$40.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7257	−0.014%	$16.8M	$18.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7256	−0.028%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7260	+0.028%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7256	−0.028%	$17.9M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7260	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7261	+0.041%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7259	+0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7260	+0.028%	$239K	$203K	10x	as long as short
Variational Omni VIRTUALshort	+0.0100%	4h	0.7213	−0.620%	$537K	$909K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7223	−0.483%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7254	−0.055%	$641K	$868K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7253	−0.069%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7272	+0.189%	$52K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7256	−0.028%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7256	−0.034%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7255	−0.046%	$54K	$270K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7257	−0.012%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7259	+0.014%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7256	−0.028%	$814K	$853K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7273	+0.207%	$190K	$79K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0901%	1h	0.7266	+0.111%	$607K	$661K	50x	as long as short