Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h −0.028%

Price spread now: Reya against Variational Omni−0.004%7-day average −0.028% · you buy dearer than you sell

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

Long on Variational Omni Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days+0.006%+$1 · spread now −0.004%, 7d avg −0.028%

Together, before fees−0.005%+ Points / potential airdropVariational Omni: Active · Reya: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Reya is 0.024% dearer against Variational Omni than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,180.5	0.0100	pay 0.0100% / 8h	15m 16s	$155.7M	$548.1M	—
Short	Reya BTCRUSDPERP	85,177.4	0.0142	get 0.0018% / 1h	15m 16s	$6.6M	$142.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.004%Rate

Funding earned: $8.89
Price spread: −0.004% → −0.028%: $2.4
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $5.3
Costs to cover: 0.060%
Break-even: 2.8 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Reya: 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, 4 min ago	0.61 bp	doesn't fit	0.6 bp −$6	2.8 bp −$279	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	85,215	+0.040%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	+0.097%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,190.7	+0.012%	$421.1M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0013%	8h	85,182	+0.002%	$926.7M	$778.1M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,213.5	+0.039%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,200.1	+0.023%	$36.4M	—	200x	as long as short
Aster BTCUSDT	+0.0005%	8h	85,186.8	+0.007%	$508.9M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,231.4	+0.060%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,203.1	+0.026%	$185.6M	$954.6M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,174.4	−0.007%	—	$17.4M	—	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	+0.0067%	1h	85,331	+0.177%	$311K	$25.5M	52x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,187	+0.008%	$5.09B	$10.03B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	+0.071%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0090%	1h	85,190.9	+0.012%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,201.4	+0.024%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,199.1	+0.022%	$23.6M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,203	+0.026%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,184.6	+0.005%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0097%	8h	85,188.6	+0.009%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,172	−0.010%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,240.2	+0.070%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,274.9	+0.111%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,216.7	+0.042%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,190.6	+0.012%	$9.37B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,198	+0.020%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,191	+0.012%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,208.9	+0.033%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,191.7	+0.013%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,190.6	+0.012%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,189.6	+0.011%	$36.9M	$189.3M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,180.5	long leg	$155.7M	$548.1M	—
edgeX BTCUSDC	+0.0100%	4h	85,195.5	+0.018%	$282.5M	$959.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	+0.075%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,214	+0.039%	$30.0M	$212.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.7	+0.096%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,190	+0.011%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,194	+0.016%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,196.1	+0.018%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,231.2	+0.059%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,209.5	+0.034%	$29.2M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,206	+0.030%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,191	+0.012%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,189.5	+0.011%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,186.3	+0.007%	$158.6M	$516.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.070%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,168.6	−0.014%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,199.9	+0.023%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,229.1	+0.057%	$111.8M	$5.47B	50x	as long as short
Reya BTCRUSDPERPshort	+0.0142%	1h	85,177.4	−0.004%	$6.6M	$142.4M	40x
Deribit BTC-PERPETUAL	+0.0150%	1h	85,232.8	+0.061%	$839.7M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,217	+0.043%	$12.0M	$737.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,218.7	+0.045%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	+0.018%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,249.2	+0.081%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,247.3	+0.078%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,208.3	+0.033%	$465K	$18.4M	6.7x	as long as short