Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.020%

Price spread now: GMX against Variational Omni−0.146%7-day average +0.053% · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.067%+$7 on $10k

Price spread, last 4 days (all we have)+0.211%+$21 · spread now −0.146%, 7d avg +0.053%

Together, before fees+0.277%+ Points / potential airdropVariational Omni: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.199% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.146% now, against its 7-day average of +0.053%). If the spread goes back, that is −$20 on $10k: about 13 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,263.5	0.0100	pay 0.0100% / 8h	2h 31m	$156.5M	$568.3M	—
Short	GMX BTC/USD [WBTC.b-USDC]	85,139.1	L +0.0176% / S −0.0151%	get 0.0019% / 1h	31m 25s	$13.0M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.146%Rate

Funding earned: $10.67
Price spread: −0.146% → +0.053%: −$19.93
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$21.26
Costs to cover: 0.120%
Break-even: 20.9 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; GMX: 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	0.63 bp	doesn't fit	0.6 bp −$6	1.3 bp −$135	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Perpl BTC	−0.0112%	43m	85,171.5	−0.108%	$525K	$18.6M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,177	−0.101%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,161	−0.120%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,119.4	−0.169%	$921.4M	$763.3M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,168.2	−0.112%	$420.7M	$679.1M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,162.7	−0.118%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,124.6	−0.163%	$511.7M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	−0.102%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,143.9	−0.140%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,152	−0.131%	$24.7M	$222.9M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.045%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,149.9	−0.133%	$186.9M	$955.2M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,109.6	−0.181%	—	$17.4M	—	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,127.8	−0.159%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,143.9	−0.140%	$148.6M	$504.3M	150x	as long as short
Bullet BTC-USD	+0.0082%	1h	85,132.8	−0.153%	$207K	$3.3M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,136.5	−0.149%	$5.04B	$5.70B	500x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,128.7	−0.158%	$2.95B	$5.18B	150x	as long as short
SoDEX BTC-USD	+0.0084%	1h	85,132	−0.154%	$59.6M	$335.8M	40x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,134.4	−0.151%	$9.40B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,160.1	−0.121%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,162.8	−0.118%	$23.7M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,150	−0.133%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,172	−0.107%	$116.8M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,133	−0.153%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,209.4	−0.063%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,217	−0.055%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,184	−0.093%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,130.5	−0.156%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,137.2	−0.148%	$2.57B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,152	−0.131%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,157.7	−0.124%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.094%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,133.2	−0.153%	$5.49B	$10.92B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,163.2	−0.118%	$36.0M	$174.8M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,263.5	long leg	$156.5M	$568.3M	—
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.152%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,147	−0.137%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.162%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,149.5	−0.134%	$30.0M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,215.7	−0.056%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,140	−0.145%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,136.2	−0.149%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,176	−0.103%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,110.1	−0.180%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,147.9	−0.136%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,126	−0.161%	$2.25B	$947.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,105.9	−0.185%	$45.5M	$238.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,145.1	−0.139%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,133.8	−0.152%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0131%	1h	85,168.3	−0.112%	$872.3M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0176% / S −0.0151%	1h	85,139.1	−0.146%	$13.0M	—	200x
Kalshi KXBTCPERP	+0.0179%	8h	85,218	−0.053%	$11.3M	$744.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0212%	1h	85,242.8	−0.024%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.6	−0.042%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,177.7	−0.101%	$8.6M	$43.1M	25x	as long as short