Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h 0.000%

Price spread now: Variational Omni against RISEx+0.179%7-day average −0.017% · you sell dearer than you buy

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

Long on RISEx Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days−0.228%−$23 · spread now +0.179%, 7d avg −0.017%

Together, before fees−0.231%+ Points / potential airdropVariational Omni: Active · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.196% dearer against RISEx than usual: you sell high and buy low (spread +0.179% now, against its 7-day average of −0.017%): +$20 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.8 days. At the pace of the last 4 days (−0.003% in total) that is about 7 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,209	0.0174	pay 0.0022% / 1h	36m 27s	$8.8M	$42.8M	25x
Short	Variational Omni BTC	85,361.8	0.0100	get 0.0100% / 8h	36m 27s	$156.0M	$553.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against RISEx. 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 RISExbpFee Variational OmnibpOrdersPrice spread, now +0.179%Rate

Funding earned: −$15.58
Price spread: +0.179% → −0.017%: $19.62
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1.96
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: RISEx: live order book, 13 min ago; Variational Omni: RFQ quote, 3 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 RISEx live order book, 13 min ago	0.01 bp	4.5 bp −$4	4.6 bp −$46	10.9 bp −$1,088	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.50 bp	doesn't fit	0.5 bp −$5	2.0 bp −$196	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	85,233	+0.028%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,354	+0.170%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,209.9	+0.001%	$927.9M	$776.4M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,235.9	+0.032%	$420.5M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,229.3	+0.024%	$509.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,199.2	−0.012%	$346K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	+0.019%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,245.9	+0.043%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,231.1	+0.026%	$185.6M	$953.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0063%	1h	85,387.6	+0.210%	$139.8M	$312.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,233	+0.028%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,249	+0.047%	$338K	$24.7M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0080%	1h	85,258.5	+0.058%	$840.9M	$1.66B	50x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,227.2	+0.021%	$5.12B	$10.00B	150x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,218.7	+0.011%	$24.0M	$220.5M	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,226.8	+0.021%	$2.97B	$5.19B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,201.8	−0.008%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,202.8	−0.007%	$23.6M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,188	−0.025%	$8.4M	$57.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,228.2	+0.022%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,222.5	+0.016%	$5.03B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,236.1	+0.032%	$9.38B	$25.10B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,170	−0.046%	$271K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,229.7	+0.024%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,293	+0.099%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,220.7	+0.014%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,234.8	+0.030%	$2.59B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,190	−0.022%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,201.6	−0.009%	$4.6M	$97.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,240.6	+0.037%	$5.49B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,213.5	+0.005%	$37.3M	$186.4M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,361.8	+0.179%	$156.0M	$553.1M	—
edgeX BTCUSDC	+0.0100%	4h	85,300.9	+0.108%	$282.9M	$956.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,333.8	+0.146%	$214.3M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,227	+0.021%	$30.0M	$210.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,284.1	+0.088%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,222	+0.015%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,236	+0.032%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,235.4	+0.031%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,272.8	+0.075%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,205.8	−0.004%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,215.5	+0.008%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,215	+0.007%	$59.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,215	+0.007%	$2.25B	$969.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,227.5	+0.022%	$158.9M	$514.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.106%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,206.9	−0.002%	$45.5M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,195.9	−0.015%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,265	+0.066%	$111.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0139%	1h	85,213	+0.005%	$6.6M	$145.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,264	+0.065%	$12.0M	$736.7M	6.4x	as long as short
RISEx BTC/USDClong	+0.0174%	1h	85,209	long leg	$8.8M	$42.8M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,240.9	+0.037%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,345.5	+0.160%	$683K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,335.3	+0.148%	$80K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,199.7	−0.011%	$476K	$18.4M	6.7x	as long as short