Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.079%

Price spread now: Paragon against Variational Omni−0.197%7-day average +0.009% · you buy dearer than you sell

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

Long on Variational Omni Short on Paragon

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.261%+$26 · spread now −0.197%, 7d avg +0.009%

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

Funding pays, the price is against you. Paragon is 0.206% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.197% now, against its 7-day average of +0.009%). If the spread goes back, that is −$21 on $10k: about 11 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SMCI	40.993	0	get 0.0000% / 8h	1h 01m	$116K	$127K	—
Short	Paragon para:SMCI	40.912	0.0060	get 0.0008% / 1h	1m 02s	$157K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Variational Omni. 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 Variational OmnibpFee ParagonbpOrdersPrice spread, now −0.197%Rate

Funding earned: $12.6
Price spread: −0.197% → +0.009%: −$20.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$18.01
Costs to cover: 0.100%
Break-even: 17.0 days

Slippage unknown: Variational Omni: RFQ quote, 18 min ago; Paragon: live order book, 64 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, 18 min ago	3.77 bp	doesn't fit	91.1 bp −$911	doesn't fit	doesn't fit
Sell Paragon live order book, 64 min ago	28.73 bp	33.7 bp −$34	105.2 bp −$1,052	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	40.590	−0.983%	$4K	$92	12x	as long as short
Bitget SMCIUSDT	−0.0160%	8h	40.934	−0.144%	$1.3M	$503K	20x	as long as short
BloFin SMCI-USDT	−0.0027%	8h	40.940	−0.129%	$79K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.939	−0.132%	$573	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.950	−0.104%	$3.4M	$5.3M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.930	−0.153%	$997K	$293K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.930	−0.153%	$683K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.920	−0.178%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCIlong	0.0000%	8h	40.993	long leg	$116K	$127K	—
Phemex SMCIUSDT	0.0000%	8h	40.930	−0.153%	$1.6M	$260K	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	40.936	−0.139%	$32K	$5K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.940	−0.129%	$129	$3K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0059%	8h	40.954	−0.095%	$260	$168K	10x	as long as short
Paragon para:SMCIshort	+0.0060%	1h	40.912	−0.197%	$157K	$266K	10x
QFEX SMCI-USD	+0.0075%	1h	40.940	−0.129%	$1.1M	$1.8M	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.950	−0.104%	$460K	$499K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.960	−0.080%	$8K	$285K	10x	as long as short