Funding arb · Price arb /

BTC

all BTC markets

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 0.000%

Price spread now: Variational Omni against SunX+0.059%7-day average −0.004% · you sell dearer than you buy

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

Long on SunX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.059%, 7d avg −0.004%

Together, before fees+0.007%+ Points / potential airdropVariational Omni: Active · farm board+$1 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 0.063% dearer against SunX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,416.2	0.0100	pay 0.0100% / 8h	4h 42m	$2.9M	$6.1M	100x
Short	Variational Omni BTC	85,466.8	0.0100	get 0.0100% / 8h	4h 42m	$153.8M	$563.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SunX. 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 SunXbpFee Variational OmnibpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → −0.004%: $6.34
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1.66
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 7 min ago; Variational Omni: RFQ quote, 2 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 SunX live order book, 7 min ago	0.75 bp	6.3 bp −$6	7.0 bp −$70	9.1 bp −$914	12.7 bp −$6,326
Sell Variational Omni RFQ quote, 2 min ago	0.63 bp	doesn't fit	0.6 bp −$6	2.1 bp −$211	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
Bluefin BTC-PERP	−0.0509%	1h	85,445.9	+0.035%	$206K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,410	−0.007%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,426	+0.011%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,409.1	−0.008%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,441.9	+0.030%	$416.7M	$665.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0006%	8h	85,393.2	−0.027%	$918.4M	$750.5M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,433.8	+0.021%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,414.4	−0.002%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,415.5	−0.001%	$514.7M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,394.1	−0.026%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0059%	1h	85,401.2	−0.018%	$22.6M	$219.2M	50x	as long as short
BingX BTC-USDC	+0.0060%	8h	85,394.9	−0.025%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,411.2	−0.006%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,413.2	−0.004%	$6.7M	$146.6M	40x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,414.1	−0.002%	$5.04B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,401.8	−0.017%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,435	+0.022%	$9.34B	$24.04B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,414.5	−0.002%	$173.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,418.6	+0.003%	$23.8M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,402	−0.017%	$8.4M	$52.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,385	−0.037%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,479.4	+0.074%	$4.1M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,492	+0.089%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,446.1	+0.035%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,432.4	+0.019%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,420.1	+0.005%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,392	−0.028%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,415.8	0.000%	$5.53B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.2	−0.019%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,466.8	+0.059%	$153.8M	$563.2M	—
edgeX BTCUSDC	+0.0100%	4h	85,507.5	+0.107%	$279.3M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.111%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.124%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531	+0.134%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,474.1	+0.068%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,422	+0.007%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,411.1	−0.006%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,408.8	−0.009%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,401.6	−0.017%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,416.2	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,402	−0.017%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.1	−0.019%	$2.26B	$939.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,406.8	−0.011%	$149.9M	$483.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.114%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,378.9	−0.044%	$44.5M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,435.1	+0.022%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,439.1	+0.027%	$116.9M	$5.16B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0139%	1h	85,450	+0.040%	$893.9M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.144%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,417.2	+0.001%	$188.2M	$954.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,414.8	−0.002%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,436.5	+0.024%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.4	+0.101%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,539.4	+0.144%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,434	+0.021%	$10.4M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,426.7	+0.012%	$498K	$18.9M	6.7x	as long as short