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: Phemex against Variational Omni−0.042%7-day average −0.019% · you buy dearer than you sell

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

Long on Variational Omni Short on Phemex

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)+0.124%+$12 · spread now −0.042%, 7d avg −0.019%

Together, before fees+0.100%+ 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: Phemex is 0.024% cheaper against Variational Omni than usual: you would sell low and buy high, −$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	Variational Omni SMCI	41.237	0	get 0.0000% / 8h	3h 22m	$107K	$120K	—
Short	Phemex SMCIUSDT	41.220	0	get 0.0000% / 8h	3h 22m	$1.6M	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.042%Rate

Funding earned: $0
Price spread: −0.042% → −0.019%: −$2.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$14.36
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 7 min ago; Phemex: live order book, 1 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, 7 min ago	5.71 bp	doesn't fit	65.8 bp −$658	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	6.07 bp	39.7 bp −$40	doesn't fit	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	40.820	−1.012%	$4K	$92	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.200	−0.091%	$1.0M	$306K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.200	−0.091%	$685K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.200	−0.091%	$1.5M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.224	−0.032%	$1.3M	$501K	20x	as long as short
Variational Omni SMCIlong	0.0000%	8h	41.237	long leg	$107K	$120K	—
Phemex SMCIUSDTshort	0.0000%	8h	41.220	−0.042%	$1.6M	$254K	10x
QFEX SMCI-USD	+0.0032%	1h	41.200	−0.091%	$1.1M	$1.8M	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.220	−0.042%	$32K	$5K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0036%	8h	41.271	+0.081%	$275	$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	41.210	−0.066%	$148	$3K	10x	as long as short
BloFin SMCI-USDT	+0.0079%	8h	41.250	+0.031%	$79K	$9K	20x	as long as short
Extended SMCI-USD	+0.0080%	1h	41.182	−0.133%	$579	$10K	10x	as long as short
Binance SMCIUSDT	+0.0083%	8h	41.201	−0.087%	$3.4M	$5.3M	20x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.180	−0.139%	$460K	$477K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.220	−0.042%	$8K	$285K	10x	as long as short
Paragon para:SMCI	+0.0246%	1h	41.186	−0.125%	$158K	$265K	10x	as long as short