Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.119%

Price spread now: Variational Omni against Backpack+0.218%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.218% dearer against Backpack than usual: you sell high and buy low, +$22 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.5880	0.0100	pay 0.0013% / 1h	38m 17s	$59K	$100K	3.3x
Short	Variational Omni EDGE	0.5893	0.0100	get 0.0050% / 4h	1h 38m	$192K	$130K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now +0.218%Rate

Funding earned: $0
Price spread: +0.218% → 0.000%: $21.8
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $11.8
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Variational Omni: RFQ quote, 46 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 Backpack no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 46 min ago	9.38 bp	doesn't fit	301.1 bp −$3,011	doesn't fit	doesn't fit

Backpack: 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.

EDGE on 17 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
Lighter EDGE	+0.0096%	1h	0.5863	−0.292%	$54K	$8K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5873	−0.128%	$6.9M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5886	+0.094%	$4.7M	$996K	20x	as long as short
Backpack EDGE_USDC_PERPlong	+0.0100%	1h	0.5880	long leg	$59K	$100K	3.3x
Variational Omni EDGEshort	+0.0100%	4h	0.5893	+0.218%	$192K	$130K	—
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5909	+0.482%	$8K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5908	+0.468%	$8K	$294K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5878	−0.043%	$4K	$605K	10x	as long as short
KuCoin EDGEUSDTM	+0.0246%	4h	0.5895	+0.247%	$2.1M	$2.3M	50x	as long as short
BloFin EDGE-USDT	+0.0457%	4h	0.5918	+0.638%	$630K	$126K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC EDGE_USDT	+0.0458%	4h	0.5881	+0.009%	$1.2M	$919K	50x	as long as short
Binance EDGEUSDT	+0.0463%	4h	0.5880	−0.009%	$10.0M	$10.1M	50x	as long as short
Extended EDGE-USD	+0.0464%	1h	0.5878	−0.035%	$27K	$230K	5x	as long as short
Aster EDGEUSDT	+0.0473%	4h	0.5907	+0.453%	$68K	$136K	5x	as long as short
Orderly PERP_EDGE_USDC	+0.0520%	4h	0.5887	+0.111%	$3K	—	10x	as long as short
edgeX EDGEUSDC	+0.0530%	4h	0.5916	+0.603%	$14.1M	$3.4M	30x	as long as short
OKX EDGE-USDT-SWAP	+0.0530%	4h	0.5882	+0.026%	$3.6M	$5.8M	20x	as long as short