Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.009%

Price spread now: tradeXYZ against Variational Omni−0.096%7-day average −0.105% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.268%−$27 · spread now −0.096%, 7d avg −0.105%

Together, before fees−0.208%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.105%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IBM	232.15	0	get 0.0000% / 8h	5m 24s	$257K	$13K	—
Short	tradeXYZ xyz:IBM	231.93	0.0050	get 0.0006% / 1h	5m 24s	$1.8M	$800K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Variational Omni. 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 Variational OmnibpFee tradeXYZbpOrdersPrice spread, now −0.096%Rate

Funding earned: $10.5
Price spread: −0.096% → −0.105%: $0.84
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$6.66
Costs to cover: 0.180%
Break-even: 11.4 days

Slippage unknown: Variational Omni: RFQ quote, 34 min ago; tradeXYZ: live order book, 2 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 Variational Omni RFQ quote, 34 min ago	5.04 bp	doesn't fit	69.2 bp −$692	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 2 min ago	1.94 bp	11.6 bp −$12	19.9 bp −$199	doesn't fit	doesn't fit

IBM on 18 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 IBMUSDT	0.0000%	8h	232.06	−0.039%	$13K	$127K	20x	as long as short
Extended IBM-USD	0.0000%	1h	232.12	−0.015%	$53K	$311K	10x	as long as short
Binance IBMUSDT	0.0000%	8h	232.19	+0.015%	$3.8M	$5.5M	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	232.00	−0.066%	$1.0M	$349K	50x	as long as short
OKX IBM-USDT-SWAP	0.0000%	8h	232.20	+0.020%	$1.4M	$1.2M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	232.23	+0.033%	$743K	$1.5M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	232.19	+0.016%	$780K	$346K	20x	as long as short
Variational Omni IBMlong	0.0000%	8h	232.15	long leg	$257K	$13K	—
GRVT IBM_USDT_Perp	0.0000%	8h	232.20	+0.022%	$93	$168K	10x	as long as short
SunX IBM-USDT	0.0000%	8h	232.03	−0.053%	$900	$471K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IBM-USDT	0.0000%	8h	232.48	+0.141%	$6K	$33K	20x	as long as short
BloFin IBM-USDT	+0.0004%	8h	232.24	+0.037%	$47K	$60K	20x	as long as short
Lighter IBM	+0.0032%	1h	232.32	+0.072%	$38K	$49K	10x	as long as short
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.398%	—	$57	12x	as long as short
QFEX IBM-USD	+0.0043%	1h	232.10	−0.023%	$1.2M	$2.1M	10x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	232.01	−0.062%	—	—	25x	as long as short
tradeXYZ xyz:IBMshort	+0.0050%	1h	231.93	−0.096%	$1.8M	$800K	10x
KuCoin IBMUSDTM	+0.0100%	8h	232.10	−0.023%	$194K	$55K	20x	as long as short