Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h 0.000%

Price spread now: Derive against Variational Omni+0.155%376s7-day average +0.011% · you sell dearer than you buy

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

Long on Variational Omni Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.155%, 7d avg +0.011%

Together, before fees−0.158%+ Points / potential airdropVariational Omni: Active · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Derive is 0.144% dearer against Variational Omni than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.011%. The two prices were read 376 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,356	0.0100	pay 0.0100% / 8h	7h 51m	$155.8M	$547.8M	—
Short	Derive BTC-PERP	85,488.3	0.0170	get 0.0021% / 1h	51m 02s	$28.8M	$49.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Variational Omni. 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 Variational OmnibpFee DerivebpOrdersPrice spread, now +0.155%Rate

Funding earned: $14.74
Price spread: +0.155% → +0.011%: $14.4
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Derive: 3 bp × 2 orders: −$6
Net: $23.14
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Derive: no order-book sample. 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, 3 min ago	0.56 bp	doesn't fit	0.6 bp −$6	3.8 bp −$375	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	85,451	+0.111%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,469.9	+0.133%	$423.6M	$682.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,448	+0.108%	$307K	$23.2M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,497	+0.165%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,493.9	+0.162%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	85,468.5	+0.132%	$930.7M	$776.5M	125x	as long as short
Aster BTCUSDT	+0.0027%	8h	85,473.9	+0.138%	$502.4M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,415.5	+0.070%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,494.8	+0.163%	$186.3M	$949.7M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,461	+0.123%	$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	85,456.9	+0.118%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	85,518.3	+0.190%	$830.6M	$1.66B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,497.1	+0.165%	$170.5M	$940.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,495.3	+0.163%	$23.6M	$133.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,477	+0.142%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,476.2	+0.141%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,450	+0.110%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,484.2	+0.150%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,474.6	+0.139%	$24.1M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,454.8	+0.116%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,470.5	+0.134%	$9.41B	$25.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,466.4	+0.129%	$5.09B	$10.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,470.3	+0.134%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,494	+0.162%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,480.9	+0.146%	$4.6M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	+0.031%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,475.2	+0.140%	$5.50B	$9.85B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,468.6	+0.132%	$5.04B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,466.3	+0.129%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,475.4	+0.140%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,356	long leg	$155.8M	$547.8M	—
edgeX BTCUSDC	+0.0100%	4h	85,416.6	+0.071%	$283.2M	$960.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.6	+0.109%	$214.4M	$157.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,449.8	+0.110%	$136.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440.3	+0.099%	$30.1M	$217.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,540.3	+0.216%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,308	−0.056%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,489	+0.156%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,480.9	+0.146%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,530.5	+0.204%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,381	+0.029%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,479	+0.144%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,479.6	+0.145%	$2.26B	$974.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,472.6	+0.137%	$160.5M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,444.7	+0.104%	$45.7M	$241.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,404.8	+0.057%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,530	+0.204%	$111.5M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,473.1	+0.137%	$6.6M	$140.0M	40x	as long as short
Derive BTC-PERPshort	+0.0170%	1h	85,488.3	+0.155%	$28.8M	$49.6M	15x
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,488.6	+0.155%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0185%	8h	85,492	+0.159%	$10.6M	$740.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,499	+0.168%	$8.9M	$42.8M	25x	as long as short
Hyperliquid BTC	+0.0257%	1h	85,558	+0.237%	$3.82B	$5.14B	40x	as long as short
Aftermath Perps BTCUSD	+0.0294%	1h	85,421.9	+0.077%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,493	+0.161%	$685K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,492.7	+0.160%	$468K	$18.4M	6.7x	as long as short