Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0007%/8h= −0.7% APRpaid last 24h −0.128%

Price spread now: Backpack against Variational Omni+0.183%7-day average −0.084% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.093%−$9 on $10k

Price spread, last 3 days (all we have)−0.393%−$39 · spread now +0.183%, 7d avg −0.084%

Together, before fees−0.486%+ Points / potential airdropVariational Omni: Active · farm board−$49 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: Backpack is 0.268% dearer against Variational Omni than usual: you sell high and buy low, +$27 on $10k if it goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni EDGE	0.5941	0.0100	pay 0.0050% / 4h	5m 45s	$190K	$133K	—
Short	Backpack EDGE_USDC_PERP	0.5952	0.0093	get 0.0012% / 1h	5m 45s	$58K	$101K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.183%Rate

Funding earned: −$1.38
Price spread: +0.183% → −0.084%: $26.78
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $15.4
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 8 min ago; Backpack: live order book, 48 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, 8 min ago	5.03 bp	doesn't fit	360.6 bp −$3,606	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	5.84 bp	30.2 bp −$30	doesn't fit	doesn't fit	doesn't fit

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
Backpack EDGE_USDC_PERPshort	+0.0093%	1h	0.5952	+0.183%	$58K	$101K	3.3x
Lighter EDGE	+0.0096%	1h	0.5947	+0.094%	$53K	$10K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5953	+0.199%	$7.0M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5954	+0.215%	$4.7M	$1.0M	20x	as long as short
Variational Omni EDGElong	+0.0100%	4h	0.5941	long leg	$190K	$133K	—
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5962	+0.346%	$7K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5969	+0.468%	$9K	$289K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6202	+4.390%	$4K	$613K	10x	as long as short
KuCoin EDGEUSDTM	+0.0166%	4h	0.5956	+0.249%	$2.1M	$2.2M	50x	as long as short
BloFin EDGE-USDT	+0.0613%	4h	0.5952	+0.182%	$643K	$95K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster EDGEUSDT	+0.0613%	4h	0.5960	+0.321%	$69K	$133K	5x	as long as short
MEXC EDGE_USDT	+0.0624%	4h	0.5953	+0.199%	$1.2M	$916K	50x	as long as short
Binance EDGEUSDT	+0.0637%	4h	0.5965	+0.402%	$10.1M	$10.1M	50x	as long as short
Extended EDGE-USD	+0.0640%	1h	0.5962	+0.347%	$27K	$230K	5x	as long as short
OKX EDGE-USDT-SWAP	+0.0678%	4h	0.5967	+0.434%	$3.7M	$5.9M	20x	as long as short
edgeX EDGEUSDC	+0.0682%	4h	0.5959	+0.293%	$14.2M	$3.5M	30x	as long as short
Orderly PERP_EDGE_USDC	+0.0732%	4h	0.5950	+0.148%	$3K	—	10x	as long as short