Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.006%

Price spread now: Aevo against Variational Omni+0.077%48s7-day average −0.059% · you sell dearer than you buy

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

Long on Variational Omni Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 3 days (all we have)−0.168%−$17 · spread now +0.077%, 7d avg −0.059%

Together, before fees−0.178%+ Points / potential airdropVariational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aevo is 0.136% dearer against Variational Omni than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of −0.059%): +$14 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 3 days (−0.010% in total) that is about 46 days. The two prices were read 48 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 ETH	2,781.4	0.0100	pay 0.0100% / 8h	50m 29s	$147.6M	$336.7M	—
Short	Aevo ETH-PERP	2,783.6	0.0064	get 0.0008% / 1h	50m 29s	$5.1M	$636K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo 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 AevobpOrdersPrice spread, now +0.077%Rate

Funding earned: −$7.56
Price spread: +0.077% → −0.059%: $13.57
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$9.99
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Aevo: live order book, 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 Variational Omni RFQ quote, 4 min ago	0.54 bp	doesn't fit	0.5 bp −$5	3.1 bp −$313	doesn't fit
Sell Aevo live order book, 4 min ago	4.33 bp	19.0 bp −$19	31.3 bp −$313	49.0 bp −$4,903	doesn't fit

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,784.2	+0.100%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,783.5	+0.075%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	+0.039%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,784.9	+0.125%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0066%	1h	2,786.6	+0.186%	$8.8M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,784.2	+0.100%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0006%	1h	2,782.5	+0.039%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.6	+0.114%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,785	+0.129%	$888K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.4	+0.106%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,783.7	+0.080%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.7	+0.080%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.2	+0.100%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,783.3	+0.066%	$271.2M	$68.8M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,783.7	+0.083%	$256.9M	$1.00B	200x	as long as short
Aevo ETH-PERPshort	+0.0064%	1h	2,783.6	+0.077%	$5.1M	$636K	20x
Bitget ETHUSDT	+0.0065%	8h	2,783.7	+0.081%	$2.11B	$3.11B	150x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,783.6	+0.078%	$1.60B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,783.9	+0.088%	$6.46B	$17.27B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,783.5	+0.075%	$3.31B	$9.59B	200x	as long as short
Bullet ETH-USD	+0.0072%	1h	2,783.7	+0.082%	$184K	$1.7M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,784.6	+0.114%	$60.3M	$4.62B	50x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,784.1	+0.097%	$423.5M	$739.5M	100x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,784.1	+0.096%	$2.52B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,783.1	+0.061%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,784.6	+0.113%	$116.3M	$495.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.1	+0.167%	$25.4M	$120.7M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,784.2	+0.101%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783.9	+0.088%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,783.5	+0.075%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,784.1	+0.096%	$14.4M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,786	+0.165%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,784.6	+0.115%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,783.7	+0.082%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,785	+0.128%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.100%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783	+0.058%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,781.4	long leg	$147.6M	$336.7M	—
edgeX ETHUSDC	+0.0100%	4h	2,782.4	+0.034%	$182.1M	$780.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.1	+0.096%	$161.9M	$90.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,783.6	+0.078%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,784.7	+0.118%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784.3	+0.104%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,785.5	+0.146%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,782.9	+0.054%	$976K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.4	+0.071%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,783.1	+0.059%	$32.7M	$77.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.2	+0.100%	—	$41.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0116%	1h	2,785	+0.128%	$258.9M	$222.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.4	+0.108%	$86.8M	$332.8M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,784.8	+0.122%	$8.5M	$682.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.2	+0.171%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,783.3	+0.067%	$285.1M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,783.2	+0.064%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,785	+0.128%	$271K	$1.5M	20x	as long as short