Funding arb · Price arb /

HOOD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.005%

Price spread now: Variational Omni against Phoenix+0.056%7-day average +0.006% · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.096%−$10 · spread now +0.056%, 7d avg +0.006%

Together, before fees−0.103%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.050% dearer against Phoenix than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of +0.006%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 3 days (−0.007% in total) that is about 23 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.007% in total (about -0.8% 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	Phoenix HOOD	123.65	0.0323	pay 0.0040% / 1h	10m 43s	$28K	$188K	10x
Short	Variational Omni HOOD	123.72	0.0030	get 0.0030% / 8h	2h 10m	$2.4M	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now +0.056%Rate

Funding earned: −$61.4
Price spread: +0.056% → +0.006%: $5.03
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$63.37
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 6 min ago; Variational Omni: RFQ quote, 3 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 Phoenix live order book, 6 min ago	4.04 bp	12.8 bp −$13	27.8 bp −$278	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.19 bp	doesn't fit	18.7 bp −$187	doesn't fit	doesn't fit

HOOD on 30 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
Aster HOODUSDT	0.0000%	8h	123.62	−0.024%	$110K	$262K	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	123.61	−0.032%	$4.0M	$8.7M	25x	as long as short
OKX HOOD-USDT-SWAP	0.0000%	8h	123.65	0.000%	$3.0M	$5.7M	20x	as long as short
Gate HOOD_USDT	0.0000%	8h	123.60	−0.040%	$554K	$7.9M	50x	as long as short
Phemex HOODUSDT	0.0000%	8h	123.63	−0.016%	$1.0M	$8K	10x	as long as short
Injective HOOD/USDC PERP	+0.0004%	1h	123.73	+0.065%	$63K	$50K	30x	as long as short
Bitget HOODUSDT	+0.0016%	8h	123.62	−0.024%	$5.7M	$9.2M	20x	as long as short
Polymarket Perps HOOD-USD	+0.0025%	1h	123.45	−0.162%	$263K	$320K	10x	as long as short
Variational Omni HOODshort	+0.0030%	8h	123.72	+0.056%	$2.4M	$1.0M	—
Lighter HOOD	+0.0040%	1h	123.56	−0.074%	$3.1M	$1.9M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest HOOD-USD-PERP	+0.0046%	1h	123.48	−0.137%	—	$63K	25x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	123.59	−0.044%	$744	$3K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	123.47	−0.146%	$1.4M	$1.3M	15x	as long as short
QFEX HOOD-USD	+0.0061%	1h	123.58	−0.057%	$1.3M	$4.1M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	123.58	−0.054%	$80K	$107K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	123.68	+0.024%	$1.3M	$1.1M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	123.59	−0.049%	$45K	$247K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	123.61	−0.032%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	123.59	−0.046%	$16K	—	10x	as long as short
GRVT HOOD_USDT_Perp	+0.0108%	8h	123.61	−0.030%	$870K	$2.2M	10x	as long as short
Binance HOODUSDT	+0.0144%	8h	123.61	−0.033%	$23.8M	$84.3M	20x	as long as short
Extended HOOD_24_5-USD	+0.0144%	1h	123.60	−0.037%	$419K	$1.2M	10x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0192%	1h	123.41	−0.194%	$196K	$1.8M	10x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.0235%	1h	123.66	+0.008%	$6K	$84K	10x	as long as short
BloFin HOOD-USDT	+0.0266%	8h	123.63	−0.016%	$188K	$123K	20x	as long as short
tradeXYZ xyz:HOOD	+0.0281%	1h	123.60	−0.040%	$53.1M	$30.0M	10x	as long as short
Phoenix HOODlong	+0.0323%	1h	123.65	long leg	$28K	$188K	10x
RISEx HOOD/USDC	+0.0337%	1h	123.62	−0.026%	$424K	$1.4M	10x	as long as short
Arcus HOOD-USD	+0.0472%	1h	123.56	−0.073%	$1.1M	$1.7M	10x	as long as short
edgeX HOODUSDC	+0.0816%	4h	123.66	+0.009%	$372K	$308K	10x	as long as short