Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against Variational Omni+0.089%7-day average −0.042% · you sell dearer than you buy

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

Long on Variational Omni Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 7 days−0.087%−$9 · spread now +0.089%, 7d avg −0.042%

Together, before fees−0.081%+ Points / potential airdropVariational Omni: Active · farm board−$8 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: Katana Perps is 0.131% dearer against Variational Omni than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,769.4	0.0100	pay 0.0100% / 8h	1h 26m	$135.0M	$322.3M	—
Short	Katana Perps ETH-USD	2,771.9	0.0100	get 0.0100% / 8h	1h 26m	$476K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$0.04
Price spread: +0.089% → −0.042%: $13.08
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $9.23
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Katana 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	0.50 bp	doesn't fit	1.4 bp −$14	4.7 bp −$473	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana 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 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	2,772.4	+0.106%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,771.2	+0.064%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.9	+0.125%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	+0.031%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.2	+0.099%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0017%	1h	2,773.7	+0.155%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.3	+0.138%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,769.6	+0.005%	$883K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.3	+0.138%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,772.5	+0.111%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,771	+0.055%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,771.8	+0.083%	$269.5M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.2	+0.135%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,772.7	+0.117%	$255.9M	$991.0M	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,772.3	+0.104%	$180K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0053%	1h	2,772.9	+0.124%	$258.3M	$222.2M	50x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,771.2	+0.063%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,771.2	+0.064%	$6.42B	$17.17B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772.1	+0.097%	$14.3M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,769.5	+0.001%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,770.9	+0.051%	$2.10B	$3.10B	150x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,771.2	+0.063%	$55.2M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,772.4	+0.108%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,772.6	+0.112%	$3.29B	$9.62B	200x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,771.2	+0.063%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,772.2	+0.100%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.7	+0.083%	$115.0M	$500.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.1	+0.132%	$25.3M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.2	+0.136%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,771.3	+0.066%	$423.1M	$739.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.9	+0.054%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,771.9	+0.089%	$476K	$2.7M	50x
Hyperliquid ETH	+0.0100%	1h	2,775.1	+0.204%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.107%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771	+0.056%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773	+0.128%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.073%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.9	+0.125%	$15.2M	$44.6M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,769.4	long leg	$135.0M	$322.3M	—
edgeX ETHUSDC	+0.0100%	4h	2,770.7	+0.045%	$181.3M	$782.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.9	+0.126%	$161.3M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.1	+0.168%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773	+0.128%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.157%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,785.4	+0.576%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.6	+0.150%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.5	+0.038%	$971K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	+0.065%	$32.0M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.4	+0.106%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,773	+0.128%	$8.5M	$677.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.1	+0.203%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,772	+0.091%	$85.9M	$331.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,773.1	+0.130%	$285.2M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,772.4	+0.106%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,775.1	+0.205%	$271K	$1.5M	20x	as long as short