Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h 0.000%

Price spread now: Deribit against Variational Omni−0.074%7-day average +0.045% · you buy dearer than you sell

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.091%+$9 · spread now −0.074%, 7d avg +0.045%

Together, before fees+0.090%+ Points / potential airdropVariational Omni: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Deribit is 0.119% cheaper against Variational Omni than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,773.8	0.0100	pay 0.0100% / 8h	7h 57m	$151.5M	$345.4M	—
Short	Deribit ETH-PERPETUAL	2,771.8	0.0068	get 0.0008% / 1h	57m 42s	$259.1M	$222.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$6.72
Price spread: −0.074% → +0.045%: −$11.9
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$25.62
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Deribit: live order book, 1 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, 2 min ago	0.70 bp	doesn't fit	0.9 bp −$9	3.6 bp −$359	doesn't fit
Sell Deribit live order book, 1 min ago	0.36 bp	4.0 bp −$4	4.9 bp −$49	11.2 bp −$1,119	23.1 bp −$11.6K

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
Injective ETH/USDC PERP	−0.0752%	1h	2,782	+0.295%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,769.8	−0.145%	$285K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.8	−0.109%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	−0.098%	$5K	$1K	50x	as long as short
SoDEX ETH-USD	−0.0025%	1h	2,770.1	−0.134%	$55.2M	$228.8M	40x	as long as short
Bullet ETH-USD	−0.0020%	1h	2,770.7	−0.112%	$182K	$1.7M	20x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.8	−0.109%	$168K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,773.8	−0.001%	$8.7M	$32.9M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.5	−0.119%	$12.7M	$45.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,772	−0.066%	$8.1M	$689.8M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ETH	+0.0003%	1h	2,776	+0.078%	$877K	$3.6M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.2	−0.060%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,770.3	−0.128%	$1.71B	$11.79B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,772	−0.066%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0034%	1h	2,774	+0.006%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,769.9	−0.142%	$255.7M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.1	−0.100%	$5.0M	$316K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.9	−0.141%	$1.61B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,769.9	−0.141%	$6.46B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,769.9	−0.141%	$2.10B	$3.08B	150x	as long as short
Deribit ETH-PERPETUALshort	+0.0068%	1h	2,771.8	−0.074%	$259.1M	$222.1M	50x
Gate ETH_USDT	+0.0071%	8h	2,770.4	−0.124%	$3.29B	$8.87B	200x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,769.9	−0.143%	$422.3M	$738.7M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,772.2	−0.059%	$60.7M	$4.59B	50x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,770.4	−0.123%	—	$1.24B	—	as long as short
Lighter ETH	+0.0096%	1h	2,770.1	−0.133%	$115.1M	$455.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.7	−0.078%	$25.3M	$109.3M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,771.7	−0.077%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.9	−0.141%	$15.9M	$10.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.131%	$489K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.7	−0.115%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.3	−0.055%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.6	−0.116%	$31.2M	$319.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.4	−0.125%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.2	−0.131%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.4	−0.088%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	−0.119%	$170.6M	$266.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.6	−0.081%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,773.8	long leg	$151.5M	$345.4M	—
edgeX ETHUSDC	+0.0100%	4h	2,773.8	−0.001%	$182.1M	$785.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776	+0.079%	$161.4M	$88.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.5	+0.060%	$21.5M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.8	−0.109%	$10.6M	$8.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	−0.034%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.1	−0.134%	$971K	$13.9M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.5	−0.119%	$1.08B	$1.32B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,771.1	−0.099%	$269.9M	$68.7M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.1	−0.135%	$32.5M	$78.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.1	−0.027%	—	$43.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.6	−0.080%	$90.7M	$338.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0145%	8h	2,773	−0.029%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,773.3	−0.021%	$286.9M	$193.4M	150x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,777.1	+0.119%	$253K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,770.2	−0.129%	$7.3M	$1.2M	25x	as long as short
Bluefin ETH-PERP	+0.0421%	1h	2,771.7	−0.076%	$21K	$24K	25x	as long as short