Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0376%/8h= −41.1% APRpaid last 24h −0.072%

Price spread now: Variational Omni against Paragon+0.041%57s7-day average −0.008% · you sell dearer than you buy

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

Long on Paragon Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.260%−$26 · spread now +0.041%, 7d avg −0.008%

Together, before fees−0.216%+ Points / potential airdropVariational Omni: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.050% dearer against Paragon than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.008%): +$5 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 11 hours. The two prices were read 57 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 0.044% in total (about 4.4% 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	Paragon para:SMCI	40.885	0.0376	pay 0.0047% / 1h	50m 56s	$157K	$266K	10x
Short	Variational Omni SMCI	40.902	0	get 0.0000% / 8h	50m 56s	$116K	$125K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Paragon. 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 ParagonbpFee Variational OmnibpOrdersPrice spread, now +0.041%Rate

Funding earned: −$78.9
Price spread: +0.041% → −0.008%: $4.97
Slippage, 4 orders: no order book: not counted
Fee Paragon: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$83.93
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paragon: live order book, 5 min ago; Variational Omni: RFQ quote, 28 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 Paragon live order book, 5 min ago	19.43 bp	24.5 bp −$25	124.6 bp −$1,246	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 28 min ago	3.77 bp	doesn't fit	66.5 bp −$665	doesn't fit	doesn't fit

SMCI on 17 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 SMCI/USDC PERP	−0.0220%	1h	40.570	−0.771%	$4K	$88	12x	as long as short
Bitget SMCIUSDT	−0.0168%	8h	40.891	+0.014%	$1.3M	$506K	20x	as long as short
BloFin SMCI-USDT	−0.0024%	8h	40.950	+0.159%	$80K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.896	+0.028%	$573	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.908	+0.057%	$3.4M	$5.3M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.880	−0.012%	$996K	$293K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.890	+0.012%	$678K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.880	−0.012%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCIshort	0.0000%	8h	40.902	+0.041%	$116K	$125K	—
Phemex SMCIUSDT	0.0000%	8h	40.910	+0.061%	$1.6M	$259K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SMCI	+0.0032%	1h	40.888	+0.007%	$37K	$10K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.890	+0.012%	$130	$3K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0060%	8h	40.920	+0.085%	$540	$169K	10x	as long as short
QFEX SMCI-USD	+0.0067%	1h	40.920	+0.085%	$1.1M	$1.8M	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.860	−0.061%	$459K	$504K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.910	+0.061%	$8K	$286K	10x	as long as short
Paragon para:SMCIlong	+0.0376%	1h	40.885	long leg	$157K	$266K	10x