Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.007%

Price spread now: Aevo against Variational Omni−0.085%7-day average −0.001% · you buy dearer than you sell

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

Long on Variational Omni Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.085%, 7d avg −0.001%

Together, before fees+0.063%+ Points / potential airdropVariational 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: Aevo is 0.085% cheaper against Variational Omni than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,584.9	0.0100	pay 0.0100% / 8h	3h 28m	$154.4M	$565.9M	—
Short	Aevo BTC-PERP	85,511.9	0.0096	get 0.0012% / 1h	28m 50s	$2.5M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Variational Omni. 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 Variational OmnibpFee AevobpOrdersPrice spread, now −0.085%Rate

Funding earned: −$0.84
Price spread: −0.085% → −0.001%: −$8.45
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$25.29
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, just now; Aevo: live order book, just now. 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, just now	0.52 bp	doesn't fit	0.5 bp −$5	0.6 bp −$56	doesn't fit
Sell Aevo live order book, just now	1.71 bp	9.8 bp −$10	10.7 bp −$107	doesn't fit	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	−0.0140%	1h	85,533	−0.061%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,600	+0.018%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,506.3	−0.092%	$919.2M	$756.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,514.6	−0.082%	$419.1M	$675.9M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,536.1	−0.057%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0002%	8h	85,517.1	−0.079%	$515.0M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,520.6	−0.075%	$24.6M	$223.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,538.9	−0.054%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0028%	1h	85,574.9	−0.012%	$16.8M	$21.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,514	−0.083%	$339K	$26.9M	52x	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	+0.0065%	8h	85,514.1	−0.083%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,524.6	−0.070%	$148.2M	$495.1M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0074%	1h	85,567.9	−0.020%	$884.6M	$1.59B	50x	as long as short
SoDEX BTC-USD	+0.0078%	1h	85,522	−0.073%	$59.9M	$335.9M	40x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,529	−0.065%	$2.95B	$5.12B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,539.6	−0.053%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,540.8	−0.051%	$24.0M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,522	−0.073%	$8.4M	$54.9M	100x	as long as short
Aevo BTC-PERPshort	+0.0096%	1h	85,511.9	−0.085%	$2.5M	$1.7M	20x
Reya BTCRUSDPERP	+0.0099%	1h	85,523.1	−0.072%	$6.6M	$147.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,515	−0.082%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,567.3	−0.021%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,606	+0.025%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,568.3	−0.019%	$40.1M	$588.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,523.9	−0.071%	$9.42B	$24.41B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,524.4	−0.071%	$5.19B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,538.7	−0.054%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,543	−0.049%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,524.9	−0.070%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.079%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,530.4	−0.064%	$5.54B	$10.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,521.7	−0.074%	$5.08B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,508.2	−0.090%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,584.9	long leg	$154.4M	$565.9M	—
edgeX BTCUSDC	+0.0100%	4h	85,523.9	−0.071%	$279.4M	$928.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,590.3	+0.006%	$215.1M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,591	+0.007%	$139.9M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,553.2	−0.037%	$30.2M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,594.1	+0.011%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,524	−0.071%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,525.7	−0.069%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,519.9	−0.076%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,561.4	−0.027%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,512	−0.085%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,501.3	−0.098%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,513.9	−0.083%	$2.26B	$948.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,487.3	−0.114%	$45.0M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,543.4	−0.048%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,557.8	−0.032%	$117.4M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,544.8	−0.047%	$187.7M	$954.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,560.5	−0.028%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,537.8	−0.055%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,560	−0.029%	$11.7M	$754.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0245%	1h	85,574.7	−0.012%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,608.9	+0.028%	$697K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,535	−0.058%	$503K	$18.7M	6.7x	as long as short