Funding arb · Price arb /

BTC

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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 −0.016%

Price spread now: Phemex against Variational Omni−0.097%56s7-day average +0.012% · you buy dearer than you sell

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 3 days (all we have)+0.131%+$13 · spread now −0.097%, 7d avg +0.012%

Together, before fees+0.093%+ Points / potential airdropVariational Omni: Active · farm board+$9 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: Phemex is 0.109% cheaper against Variational Omni than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.012%. The two prices were read 56 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	85,783.2	0.0100	pay 0.0100% / 8h	6h 44m	$155.9M	$552.3M	—
Short	Phemex BTCUSDT	85,700.2	0.0100	get 0.0100% / 8h	6h 44m	$154.0M	$478.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.097%Rate

Funding earned: $0
Price spread: −0.097% → +0.012%: −$10.89
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.89
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Phemex: live order book, 5 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 Variational Omni RFQ quote, 5 min ago	0.52 bp	doesn't fit	0.5 bp −$5	4.0 bp −$398	doesn't fit
Sell Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	8.1 bp −$807	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	−0.0144%	1h	85,767	−0.019%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	−0.007%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.081%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.9	−0.013%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,774.5	−0.010%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,776.8	−0.007%	$512K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,814.8	+0.037%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.031%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,781.1	−0.002%	$497.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,762.5	−0.024%	$894.3M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,770.5	−0.015%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,823.5	+0.047%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,754.5	−0.033%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,819.1	+0.042%	$2.95B	$5.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.029%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,695.9	−0.102%	$2.27B	$969.0M	200x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,769.9	−0.016%	$22.8M	$229.3M	50x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,814.6	+0.037%	$9.34B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,771.2	−0.014%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,816	+0.038%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0094%	8h	85,800	+0.020%	$5.66B	$10.39B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,764.4	−0.022%	$169.4M	$979.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,766.3	−0.020%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,778	−0.006%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,749	−0.040%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,766.6	−0.019%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,840	+0.066%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,775.8	−0.009%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,838	+0.064%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,834.9	+0.060%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	−0.029%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,745.2	−0.044%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,700.3	−0.097%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,783.2	long leg	$155.9M	$552.3M	—
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.005%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.086%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,750	−0.039%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.9	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,769	−0.016%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,791	+0.009%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,820.3	+0.043%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,863.3	+0.093%	$186K	$710K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,833.1	+0.058%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757	−0.030%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,822	+0.045%	$60.1M	$337.9M	40x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,700.2	−0.097%	$154.0M	$478.2M	150x
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.025%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,796.3	+0.015%	$44.9M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,754.4	−0.034%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,733.8	−0.058%	$131.6M	$5.25B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.031%	$706K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,848.5	+0.076%	$189.1M	$970.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	85,809.7	+0.031%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	85,862.6	+0.093%	$895.7M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,794.6	+0.013%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,762	−0.025%	$9.9M	$769.4M	6.4x	as long as short