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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0651%/8h= −71.3% APRpaid last 24h −0.163%

Price spread now: GMX against Variational Omni+0.117%7-day average +0.178% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.478%−$48 on $10k

Price spread, last 3 days (all we have)+0.600%+$60 · spread now +0.117%, 7d avg +0.178%

Together, before fees+0.123%+ Points / potential airdropVariational Omni: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.062% cheaper against Variational Omni than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.178%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AR	4.5342	0.0100	pay 0.0100% / 8h	6h 03m	$235K	$261K	—
Short	GMX AR/USD [WBTC.b-USDC]	4.5395	L −0.0141% / S +0.0551%	pay 0.0069% / 1h	3m 19s	$584K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.117%Rate

Funding earned: −$136.73
Price spread: +0.117% → +0.178%: −$6.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$154.91
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; GMX: no order-book sample. 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, 1 min ago	4.91 bp	doesn't fit	146.8 bp −$1,468	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

AR 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
Kraken Futures PF_ARUSD	−0.1684%	1h	4.5502	+0.352%	$56K	$149K	20x	as long as short
Injective AR/USDC PERP	−0.0353%	1h	4.6110	+1.694%	$2K	$2K	5.5x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0141% / S +0.0551%	1h	4.5395	+0.117%	$584K	—	50x
OKX AR-USDT-SWAP	−0.0097%	8h	4.5340	−0.005%	$2.3M	$19.2M	20x	as long as short
MEXC AR_USDT	+0.0077%	8h	4.5410	+0.150%	$6.5M	$4.3M	100x	as long as short
Binance ARUSDT	+0.0080%	8h	4.5397	+0.120%	$9.1M	$52.3M	75x	as long as short
Extended AR-USD	+0.0080%	1h	4.5413	+0.156%	$37K	$240K	10x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5500	+0.348%	$4.1M	$4.6M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5442	+0.221%	$19K	$500K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5420	+0.172%	$4.7M	$8.5M	75x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.5400	+0.128%	$2.5M	$2.2M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5350	+0.017%	$1.2M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5310	−0.071%	$3.9M	$5.4M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5390	+0.106%	—	$2.8M	—	as long as short
Variational Omni ARlong	+0.0100%	8h	4.5342	long leg	$235K	$261K	—
ApeX Omni ARUSDT	+0.0100%	1h	4.5410	+0.150%	$20K	$749K	50x	as long as short