Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h +0.006%

Price spread now: Aftermath Perps against Variational Omni+0.006%7-day average +0.037% · you sell dearer than you buy

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

Long on Variational Omni Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now +0.006%, 7d avg +0.037%

Together, before fees+0.073%+ Points / potential airdropVariational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aftermath Perps is 0.031% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.006% now, against its 7-day average of +0.037%). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.036% in total) that is about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,637.7	0.0100	pay 0.0100% / 8h	3h 53m	$153.8M	$564.1M	—
Short	Aftermath Perps BTCUSD	85,643.2	0.0222	get 0.0028% / 1h	53m 45s	$78K	$220K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps 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 Aftermath PerpsbpOrdersPrice spread, now +0.006%Rate

Funding earned: $25.72
Price spread: +0.006% → +0.037%: −$3.08
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $13.64
Costs to cover: 0.090%
Break-even: 3.3 days

Slippage unknown: Variational Omni: RFQ quote, just now; Aftermath Perps: 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	1.4 bp −$143	doesn't fit
Sell Aftermath Perps live order book, just now	0.00 bp	13.1 bp −$13	doesn't fit	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	−0.0179%	1h	85,646	+0.010%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,688	+0.059%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,609.7	−0.033%	$923.1M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	+0.046%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,654.6	+0.020%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.3	−0.003%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,638.1	+0.001%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,676.5	+0.045%	$24.8M	$222.7M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,618.1	−0.023%	$515.8M	$1.10B	200x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.061%	$340K	$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	+0.0063%	8h	85,602.7	−0.041%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,603.9	−0.039%	$148.7M	$489.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,632.7	−0.006%	$2.96B	$5.11B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,640.6	+0.003%	$885.4M	$1.58B	50x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,621.1	−0.019%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,643.1	+0.006%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,649.5	+0.014%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,655	+0.020%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,601.4	−0.042%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,638	0.000%	$201K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,745.9	+0.126%	$5.3M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,722	+0.098%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,709.5	+0.084%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,641.4	+0.004%	$9.41B	$24.29B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,639.9	+0.003%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,656.1	+0.022%	$2.59B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,672	+0.040%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,656.9	+0.022%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,623	−0.017%	$5.52B	$10.73B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,617.6	−0.023%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,586.1	−0.060%	$35.7M	$176.8M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,637.7	long leg	$153.8M	$564.1M	—
edgeX BTCUSDC	+0.0100%	4h	85,615.1	−0.026%	$279.7M	$922.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.005%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,629.8	−0.009%	$140.0M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,638.2	+0.001%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,693.3	+0.065%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,636	−0.002%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,623.8	−0.016%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,603.1	−0.040%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,650.2	+0.015%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,598.6	−0.046%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,650.9	+0.015%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,598	−0.046%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,601	−0.043%	$2.27B	$946.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.032%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,590.4	−0.055%	$44.8M	$231.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,703.1	+0.076%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,636	−0.002%	$117.4M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,615.4	−0.026%	$187.5M	$956.4M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,698.5	+0.071%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,635.3	−0.003%	$13.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,678	+0.047%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSDshort	+0.0222%	1h	85,643.2	+0.006%	$78K	$220K	20x
Hibachi BTC/USDT-P	+0.0256%	1h	85,684.6	+0.055%	$704K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,638.4	+0.001%	$496K	$18.8M	6.7x	as long as short