Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.044%

Price spread now: Jupiter Perps against Variational Omni−0.015%7-day average +0.017% · you buy dearer than you sell

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

Long on Variational Omni Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.145%−$15 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.015%, 7d avg +0.017%

Together, before fees−0.113%+ Points / potential airdropVariational Omni: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Jupiter Perps is 0.033% cheaper against Variational Omni than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,753.3	0.0100	pay 0.0100% / 8h	6h 26m	$133.3M	$345.8M	—
Short	Jupiter Perps ETH-PERP	2,752.9	L +0.0096% / S +0.0056%	pay 0.0007% / 1h	26m 21s	—	$35.4M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$32.76
Price spread: −0.015% → +0.017%: −$3.28
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$48.04
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Jupiter Perps: no order-book sample. 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, 3 min ago	0.53 bp	doesn't fit	0.5 bp −$5	4.2 bp −$421	doesn't fit
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: 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 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	2,753	−0.009%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,751.4	−0.068%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,753.8	+0.019%	$5.6M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,754.1	+0.030%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.141%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,752	−0.048%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.103%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,754.3	+0.036%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,754.1	+0.030%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0034%	8h	2,753.4	+0.004%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,754.1	+0.030%	$1.69B	$10.99B	100x	as long as short
HTX ETH-USDT	+0.0052%	8h	2,750.7	−0.093%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,753.5	+0.010%	$253.2M	$856.8M	200x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,753.2	−0.004%	$380.6M	$607.1M	100x	as long as short
MEXC ETH_USDT	+0.0077%	8h	2,754	+0.026%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,753.8	+0.020%	$6.37B	$16.19B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,751.5	−0.063%	$4.9M	$168K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.1	−0.043%	$59.1M	$4.36B	50x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,750.9	−0.087%	$267.4M	$65.9M	150x	as long as short
Bitget ETHUSDT	+0.0092%	8h	2,754.2	+0.032%	$2.08B	$2.84B	150x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,754.2	+0.034%	$3.40B	$8.88B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,752.3	−0.036%	$113.1M	$442.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.3	+0.001%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERPshort	L +0.0096% / S +0.0056%	1h	2,752.9	−0.015%	—	$35.4M	500x
Paradex ETH-USD-PERP	+0.0099%	8h	2,758.2	+0.178%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.6	−0.025%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,753.2	−0.003%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,756	+0.099%	$3.14B	$2.13B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,753	−0.009%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,754	+0.027%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,751.8	−0.054%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.9	+0.021%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.5	−0.101%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,753.3	long leg	$133.3M	$345.8M	—
edgeX ETHUSDC	+0.0100%	4h	2,750.1	−0.114%	$181.8M	$700.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.1	−0.187%	$159.8M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.4	−0.032%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,753.9	+0.022%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,754.3	+0.037%	$10.8M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,753.8	+0.019%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,754.1	+0.030%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,755.7	+0.088%	$41.9M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.6	−0.062%	$964K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.9	−0.086%	$54.8M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.054%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,749.8	−0.127%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,752.3	−0.037%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0139%	1h	2,752.3	−0.037%	$258.5M	$200.2M	50x	as long as short
Kalshi KXETHPERP	+0.0141%	8h	2,752.6	−0.025%	$7.6M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0170%	8h	2,756.5	+0.117%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,751.7	−0.057%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.4	−0.177%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,753.6	+0.011%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	−0.057%	$90.0M	$316.4M	100x	as long as short