Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.006%

Price spread now: Variational Omni against Phemex+0.043%7-day average +0.019% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.125%−$13 · spread now +0.043%, 7d avg +0.019%

Together, before fees−0.101%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.024% dearer against Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SMCIUSDT	41.360	0	get 0.0000% / 8h	3h 47m	$1.6M	$252K	10x
Short	Variational Omni SMCI	41.378	0	get 0.0000% / 8h	3h 47m	$97K	$110K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now +0.043%Rate

Funding earned: $0
Price spread: +0.043% → +0.019%: $2.44
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.56
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Variational Omni: RFQ quote, 47 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 Phemex live order book, 5 min ago	3.62 bp	59.0 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 47 min ago	5.68 bp	doesn't fit	100.5 bp −$1,005	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	41.060	−0.725%	$4K	$91	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.350	−0.024%	$1.0M	$647K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.350	−0.024%	$686K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.370	+0.024%	$1.5M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.384	+0.058%	$1.3M	$495K	20x	as long as short
Variational Omni SMCIshort	0.0000%	8h	41.378	+0.043%	$97K	$110K	—
Phemex SMCIUSDTlong	0.0000%	8h	41.360	long leg	$1.6M	$252K	10x
QFEX SMCI-USD	+0.0032%	1h	41.380	+0.048%	$1.1M	$1.9M	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.355	−0.012%	$32K	$5K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0045%	8h	41.334	−0.063%	$184	$163K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX SMCI-USD	+0.0050%	1h	41.330	−0.073%	$148	$3K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.350	−0.024%	$462K	$481K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.360	0.000%	$8K	$285K	10x	as long as short
Extended SMCI-USD	+0.0104%	1h	41.369	+0.021%	$579	$10K	10x	as long as short
Binance SMCIUSDT	+0.0106%	8h	41.380	+0.048%	$3.4M	$5.2M	20x	as long as short
BloFin SMCI-USDT	+0.0115%	8h	41.370	+0.024%	$79K	$9K	20x	as long as short
Paragon para:SMCI	+0.0412%	1h	41.375	+0.036%	$159K	$265K	10x	as long as short