Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0949%/8h= −103.9% APRpaid last 24h −0.025%

Price spread now: Variational Omni against Bluefin−0.016%47s7-day average — · you buy dearer than you sell

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

Long on Bluefin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$28 a day on $10k at the current rate. The two prices were read 47 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	Bluefin ETH-PERP	2,740.9	0.1049	pay 0.0131% / 1h	18m 34s	$20K	$15K	25x
Short	Variational Omni ETH	2,740.5	0.0100	get 0.0100% / 8h	6h 18m	$132.1M	$302.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bluefin. 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 BluefinbpFee Variational OmnibpOrdersPrice spread, now −0.016%Rate

Funding earned: −$199.28
Price spread: −0.016% → 0.000%: −$1.56
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$207.83
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Variational Omni: RFQ quote, 4 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 Bluefin no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	0.53 bp	doesn't fit	0.5 bp −$5	3.9 bp −$392	doesn't fit

Bluefin: 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.

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0096%	1h	2,742	+0.041%	$235K	$1.3M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740.3	−0.022%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,742.6	+0.063%	$8.3M	$27.2M	100x	as long as short
Bybit ETHUSDT	−0.0028%	8h	2,742	+0.039%	$2.36B	$3.91B	150x	as long as short
Phoenix ETH	−0.0023%	1h	2,742.8	+0.069%	$806K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.9	0.000%	$12.0M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,741.2	+0.011%	$7.0M	$662.1M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,740.4	−0.017%	$269K	$5.1M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,740.7	−0.008%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,743.6	+0.099%	$195K	$934K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0053%	1h	2,741.7	+0.029%	$14.8M	$42.9M	50x	as long as short
Gate ETH_USDT	+0.0061%	8h	2,743	+0.076%	$3.26B	$7.87B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,742.3	+0.051%	$1.66B	$9.48B	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,741.8	+0.032%	$256.1M	$736.0M	200x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,742.3	+0.050%	$1.59B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,741.8	+0.031%	$6.38B	$14.46B	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,741.4	+0.017%	$82.0M	$279.9M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,738	−0.105%	$4.9M	$208K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,741.8	+0.032%	$267.3M	$192.8M	50x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,741.2	+0.012%	$365.9M	$457.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0090%	1h	2,741.1	+0.008%	$30K	$8K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,741.8	+0.034%	$113.9M	$390.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743	+0.078%	$23.7M	$98.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741	+0.004%	—	$23.7M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.2	+0.047%	$506K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.1	−0.028%	$14.5M	$97.3M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.5	+0.059%	$32.1M	$324.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.4	+0.018%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.4	+0.092%	$1.5M	$14.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.6	−0.010%	$163.1M	$330.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,742.6	+0.062%	$2.11B	$2.37B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,742.4	+0.055%	—	$948.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.020%	$14.9M	$37.0M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,740.5	−0.016%	$132.1M	$302.2M	—
edgeX ETHUSDC	+0.0100%	4h	2,742.4	+0.054%	$186.1M	$633.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.4	−0.019%	$159.3M	$73.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.7	+0.066%	$21.1M	$72.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,742.7	+0.064%	—	$346K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,742.6	+0.062%	$11.2M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,740.9	−0.001%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.1	−0.029%	$945K	$9.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.6	−0.011%	$61.7M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,740.9	+0.001%	$1.05B	$1.09B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.6	−0.009%	$263.6M	$57.6M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741.8	+0.033%	$30.4M	$66.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,741.8	+0.031%	$45.6M	$3.93B	50x	as long as short
Hyperliquid ETH	+0.0128%	1h	2,744.4	+0.128%	$3.15B	$1.78B	25x	as long as short
Reya ETHRUSDPERP	+0.0161%	1h	2,740.5	−0.015%	$7.3M	$870K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,743.7	+0.102%	$5.6M	$10.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0175%	8h	2,742.6	+0.061%	$32.3M	$10.1M	100x	as long as short
BloFin ETH-USDT	+0.0190%	8h	2,740.7	−0.006%	$282.2M	$156.7M	150x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,747.3	+0.233%	$118K	$23.9M	52x	as long as short
Paradex ETH-USD-PERP	+0.0314%	8h	2,745.9	+0.182%	$15.8M	$6.5M	50x	as long as short
Bluefin ETH-PERPlong	+0.1049%	1h	2,740.9	long leg	$20K	$15K	25x