Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter+0.022%7-day average −0.018% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.042%−$4 · spread now +0.022%, 7d avg −0.018%

Together, before fees−0.043%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$4 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 0.040% dearer against Lighter than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	85,764.4	0.0096	pay 0.0012% / 1h	44m 36s	$169.4M	$979.6M	50x
Short	Variational Omni BTC	85,783.2	0.0100	get 0.0100% / 8h	6h 44m	$155.9M	$552.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.022%Rate

Funding earned: $0.84
Price spread: +0.022% → −0.018%: $3.99
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $4.83
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 10 min ago; Variational Omni: RFQ quote, 5 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 Lighter live order book, 10 min ago	0.26 bp	0.5 bp −$1	0.6 bp −$6	1.2 bp −$123	3.8 bp −$1,924
Sell Variational Omni RFQ quote, 5 min ago	0.52 bp	doesn't fit	0.5 bp −$5	1.3 bp −$133	doesn't fit

BTC on 56 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
Phoenix BTC	−0.0144%	1h	85,767	+0.003%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	+0.015%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.103%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.9	+0.009%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,774.5	+0.012%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,781.7	+0.020%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,727.9	−0.043%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.053%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,761	−0.004%	$497.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,740	−0.028%	$894.1M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,770.5	+0.007%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,750.1	−0.017%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,754.5	−0.012%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,763.8	−0.001%	$2.95B	$5.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.051%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,695.9	−0.080%	$2.27B	$969.0M	200x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,769.9	+0.006%	$22.8M	$229.3M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,707	−0.067%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,772.2	+0.009%	$9.34B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,743.5	−0.024%	$5.10B	$5.67B	500x	as long as short
Gate BTC_USDT	+0.0094%	8h	85,765.7	+0.002%	$5.66B	$10.39B	200x	as long as short
Lighter BTClong	+0.0096%	1h	85,764.4	long leg	$169.4M	$979.6M	50x
Lighter RH BTC	+0.0096%	1h	85,766.3	+0.002%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,778	+0.016%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,749	−0.018%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,766.6	+0.003%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,828	+0.074%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,775.8	+0.013%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,793.5	+0.034%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,789.8	+0.030%	$2.55B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	−0.007%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,745.2	−0.022%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,700.3	−0.075%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,783.2	+0.022%	$155.9M	$552.3M	—
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.027%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.108%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,750	−0.017%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.9	+0.061%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,769	+0.005%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,724	−0.047%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,709	−0.065%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,750.7	−0.016%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,719.8	−0.052%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,714.7	−0.058%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,701	−0.074%	$60.0M	$337.9M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,700.2	−0.075%	$154.0M	$478.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.047%	$582.3M	$118.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0103%	1h	85,741.4	−0.027%	$895.5M	$1.54B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,737.9	−0.031%	$45.0M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,756.9	−0.009%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,733.8	−0.036%	$131.6M	$5.25B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,807.1	+0.050%	$707K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,720.7	−0.051%	$188.8M	$970.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,814.1	+0.058%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,725	−0.046%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,762	−0.003%	$9.9M	$769.4M	6.4x	as long as short