Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Pacifica−0.102%7-day average −0.033% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days+0.076%+$8 · spread now −0.102%, 7d avg −0.033%

Together, before fees+0.065%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board+$6 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 0.069% cheaper against Pacifica than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica BTC	85,443.2	0.0100	pay 0.0013% / 1h	53m 16s	$40.2M	$604.6M	50x
Short	Variational Omni BTC	85,356	0.0100	get 0.0100% / 8h	7h 53m	$155.8M	$547.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now −0.102%Rate

Funding earned: $0
Price spread: −0.102% → −0.033%: −$6.95
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.95
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 1 min ago; Variational Omni: RFQ quote, 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 Pacifica live order book, 1 min ago	0.06 bp	4.1 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.56 bp	doesn't fit	0.6 bp −$6	1.6 bp −$155	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
Hotstuff BTC-PERP	−0.0080%	1h	85,442	−0.001%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,451.6	+0.010%	$423.5M	$684.7M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,482	+0.045%	$307K	$23.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,446.2	+0.003%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,438.8	−0.005%	$930.5M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	−0.004%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0025%	8h	85,448.3	+0.006%	$502.4M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0026%	1h	85,464.7	+0.025%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,468.1	+0.029%	$186.4M	$953.8M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,441	−0.003%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0080%	8h	85,440.4	−0.003%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,487.1	+0.051%	$830.1M	$1.67B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,470.9	+0.032%	$170.5M	$939.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.9	+0.027%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	−0.001%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,451.8	+0.010%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,410	−0.039%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,472.9	+0.035%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,444.6	+0.002%	$24.2M	$220.2M	50x	as long as short
Pacifica BTClong	+0.0100%	1h	85,443.2	long leg	$40.2M	$604.6M	50x
Binance BTCUSDT	+0.0100%	8h	85,453.4	+0.012%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,452.3	+0.011%	$5.08B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,454.1	+0.013%	$2.61B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,439	−0.005%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,449.4	+0.007%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.072%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,457.8	+0.017%	$5.46B	$9.83B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,450.2	+0.008%	$5.02B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,456.3	+0.015%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,428.9	−0.017%	$37.7M	$193.7M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,356	−0.102%	$155.8M	$547.8M	—
edgeX BTCUSDC	+0.0100%	4h	85,324.2	−0.139%	$283.0M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,382.2	−0.071%	$214.4M	$157.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,354.3	−0.104%	$138.1M	$312.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,441.7	−0.002%	$30.1M	$217.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.9	+0.084%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,278	−0.193%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,456	+0.015%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,452.6	+0.011%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,500.4	+0.067%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,419.4	−0.028%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,452	+0.010%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,445.8	+0.003%	$2.26B	$974.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,454.2	+0.013%	$160.2M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,433.3	−0.012%	$45.7M	$242.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,441.4	−0.002%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,501.7	+0.068%	$111.4M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,440	−0.004%	$6.6M	$140.1M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.053%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,451.1	+0.009%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,479	+0.042%	$10.8M	$740.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,457.5	+0.017%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0288%	1h	85,538	+0.111%	$3.84B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0295%	1h	85,406.9	−0.043%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	−0.045%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,448.3	+0.006%	$469K	$18.4M	6.7x	as long as short