Funding arb · Price arb /

NOK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0447%/8h= −48.9% APRpaid last 24h −0.062%

Price spread now: Variational Omni against tradeXYZ+0.075%7-day average +0.007% · you sell dearer than you buy

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.110%−$11 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now +0.075%, 7d avg +0.007%

Together, before fees−0.184%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.069% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.075% now, against its 7-day average of +0.007%): +$7 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 4 days (−0.110% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.110% in total (about -11.2% 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	tradeXYZ xyz:NOK	10.885	0.0447	pay 0.0056% / 1h	25m 03s	$4.3M	$1.2M	10x
Short	Variational Omni NOK	10.893	0	get 0.0000% / 8h	2h 25m	$131K	$117K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now +0.075%Rate

Funding earned: −$93.8
Price spread: +0.075% → +0.007%: $6.87
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$104.92
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 3 min ago; Variational Omni: RFQ quote, 24 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 tradeXYZ live order book, 3 min ago	2.76 bp	14.9 bp −$15	34.6 bp −$346	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 24 min ago	11.95 bp	doesn't fit	107.0 bp −$1,070	doesn't fit	doesn't fit

NOK on 16 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 NOKUSDT	0.0000%	8h	10.887	+0.022%	$66K	$7K	20x	as long as short
OKX NOK-USDT-SWAP	0.0000%	8h	10.900	+0.138%	$1.2M	$1.3M	20x	as long as short
Bitget NOKSTOCKUSDT	0.0000%	8h	10.917	+0.294%	$1.5M	$595K	20x	as long as short
Variational Omni NOKshort	0.0000%	8h	10.893	+0.075%	$131K	$117K	—
GRVT NOK_USDT_Perp	0.0000%	8h	10.890	+0.046%	$3K	$134K	10x	as long as short
SunX NOK-USDT	0.0000%	8h	10.890	+0.046%	$745	$1.4M	10x	as long as short
HTX NOK-USDT	0.0000%	8h	10.870	−0.138%	$9K	$6K	10x	as long as short
Phemex NOKUSDT	0.0000%	8h	10.900	+0.138%	$1.6M	$583K	10x	as long as short
Lighter NOK	+0.0032%	1h	10.880	−0.046%	—	—	10x	as long as short
MEXC NOKSTOCK_USDT	+0.0039%	8h	10.890	+0.046%	$1.5M	$117K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NOK-USD	+0.0040%	1h	10.899	+0.130%	$40K	$158K	10x	as long as short
Binance NOKUSDT	+0.0043%	8h	10.902	+0.154%	$7.3M	$9.5M	20x	as long as short
Vest NOK-PERP	+0.0046%	1h	10.870	−0.138%	—	—	10x	as long as short
Gate NOK_USDT	+0.0094%	8h	10.905	+0.184%	$948K	$1.0M	50x	as long as short
KuCoin NOKUSDTM	+0.0100%	8h	10.880	−0.046%	$297K	$429K	20x	as long as short
tradeXYZ xyz:NOKlong	+0.0447%	1h	10.885	long leg	$4.3M	$1.2M	10x