Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0008%/8h= +0.8% APRpaid last 24h 0.000%

Price spread now: edgeX against Variational Omni−0.116%104s7-day average −0.036% · you buy dearer than you sell

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

Long on Variational Omni Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.117%+$12 · spread now −0.116%, 7d avg −0.036%

Together, before fees+0.128%+ Points / potential airdropVariational Omni: Active · edgeX: Active · farm board+$13 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: edgeX is 0.080% cheaper against Variational Omni than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.036%. The two prices were read 104 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	2,774.2	0.0092	pay 0.0092% / 8h	2h 21m	$140.6M	$320.2M	—
Short	edgeX ETHUSDC	2,770.9	0.0100	get 0.0050% / 4h	2h 21m	$178.1M	$791.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.116%Rate

Funding earned: $1.63
Price spread: −0.116% → −0.036%: −$7.98
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$15.36
Costs to cover: 0.090%
Break-even: 73.0 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; edgeX: live order book, 2 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	0.49 bp	doesn't fit	0.5 bp −$5	3.3 bp −$326	doesn't fit
Sell edgeX live order book, 2 min ago	0.05 bp	5.3 bp −$5	5.3 bp −$53	5.4 bp −$543	6.7 bp −$3,325

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	−0.0112%	43m	2,776.2	+0.074%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	+0.056%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.5	+0.084%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.8	+0.095%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.027%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.7	+0.091%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	+0.105%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,773.9	−0.008%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.1	+0.144%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,777	+0.103%	$267.4M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0018%	1h	2,771.4	−0.101%	$8.8M	$32.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,777.5	+0.121%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,778.1	+0.142%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,777.4	+0.117%	$256.9M	$995.9M	200x	as long as short
MEXC ETH_USDT	+0.0047%	8h	2,777.7	+0.127%	$1.61B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.9	+0.064%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0048%	8h	2,777.6	+0.125%	$6.44B	$17.24B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,777.7	+0.127%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,777.8	+0.130%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,777.4	+0.117%	$183K	$1.8M	20x	as long as short
Variational Omni ETHlong	+0.0092%	8h	2,774.2	long leg	$140.6M	$320.2M	—
Lighter ETH	+0.0096%	1h	2,777.8	+0.130%	$115.4M	$514.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.1	+0.178%	$25.4M	$122.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.2	+0.146%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776	+0.067%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.1	+0.070%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.2	+0.075%	$15.3M	$117.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.7	+0.200%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.9	+0.099%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,777.8	+0.131%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.6	+0.052%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.3	+0.149%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.297%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.9	+0.136%	$423.2M	$742.1M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,777.6	+0.124%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	+0.126%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,770.9	−0.116%	$178.1M	$791.8M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.8	−0.047%	$161.3M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	+0.074%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.126%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.6	+0.160%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.126%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.193%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.6	+0.053%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,777.1	+0.106%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,777.2	+0.109%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776	+0.066%	$31.4M	$76.0M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.9	+0.169%	$60.3M	$4.63B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0121%	1h	2,778.9	+0.170%	$258.5M	$224.9M	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,777.6	+0.124%	$8.6M	$673.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,780	+0.210%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0167%	8h	2,776.3	+0.076%	$285.2M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,777.5	+0.119%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.4	+0.155%	$87.0M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,779.2	+0.182%	$284K	$1.5M	20x	as long as short