Funding arb · Price arb /

JPM

RWAall JPM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0921%/8h= −100.9% APRpaid last 24h −0.015%

Price spread now: Variational Omni against edgeX+0.001%89s7-day average +0.009% · you sell dearer than you buy

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

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.045%+$5 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.001%, 7d avg +0.009%

Together, before fees+0.066%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: −$28 a day on $10k at the current rate. The two prices were read 89 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.045% in total (about 4.7% 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	edgeX JPMUSDC	352.22	0.0921	pay 0.0461% / 4h	3h 01m	$36K	$172K	10x
Short	Variational Omni JPM	352.22	0	get 0.0000% / 8h	3h 01m	$119K	$7K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against edgeX. 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 edgeXbpFee Variational OmnibpOrdersPrice spread, now +0.001%Rate

Funding earned: −$193.42
Price spread: +0.001% → +0.009%: −$0.8
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$203.22
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 50 min ago; Variational Omni: RFQ quote, 52 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 edgeX live order book, 50 min ago	6.11 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 52 min ago	2.63 bp	doesn't fit	91.4 bp −$914	doesn't fit	doesn't fit

JPM on 14 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
Injective JPM/USDC PERP	−0.0220%	1h	348.47	−1.065%	$7K	$45K	12x	as long as short
Aster JPMUSDT	0.0000%	8h	352.30	+0.022%	$3K	$437	20x	as long as short
Binance JPMUSDT	0.0000%	8h	352.32	+0.029%	$932K	$490K	20x	as long as short
Bybit JPMUSDT	0.0000%	8h	352.64	+0.119%	$154K	$1.1M	25x	as long as short
Gate JPM_USDT	0.0000%	8h	352.30	+0.023%	$732K	$228K	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	352.13	−0.025%	$205K	$11K	20x	as long as short
Variational Omni JPMshort	0.0000%	8h	352.22	+0.001%	$119K	$7K	—
GRVT JPM_USDT_Perp	0.0000%	8h	352.28	+0.017%	$5K	$80K	10x	as long as short
SunX JPM-USDT	0.0000%	8h	352.03	−0.054%	$1K	$854K	10x	as long as short
HTX JPM-USDT	0.0000%	8h	352.06	−0.045%	$7K	$38K	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX JPM-USD	0.0000%	1h	352.17	−0.014%	$1.1M	$2.6M	10x	as long as short
BloFin JPM-USDT	+0.0016%	8h	352.32	+0.029%	$90K	$27K	20x	as long as short
KuCoin JPMUSDTM	+0.0100%	8h	352.10	−0.034%	$155K	$900K	20x	as long as short
edgeX JPMUSDClong	+0.0921%	4h	352.22	long leg	$36K	$172K	10x