Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Ondo Perps against Variational Omni+0.014%7-day average −0.015% · you sell dearer than you buy

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days−0.576%−$58 · spread now +0.014%, 7d avg −0.015%

Together, before fees−0.565%+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm board−$57 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: Ondo Perps is 0.029% dearer against Variational Omni than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,741.7	0.0100	pay 0.0100% / 8h	4h 10m	$134.2M	$272.5M	—
Short	Ondo Perps ETH-USD.P	2,742.1	0.0100	get 0.0013% / 1h	10m 04s	$2.8M	$14.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo 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 Ondo PerpsbpOrdersPrice spread, now +0.014%Rate

Funding earned: $0
Price spread: +0.014% → −0.015%: $2.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$2.12
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Ondo 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, 2 min ago	0.51 bp	doesn't fit	0.5 bp −$5	2.2 bp −$215	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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 exchanges

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
Hotstuff ETH-PERP	−0.0080%	1h	2,743.5	+0.065%	$5K	$1K	50x	as long as short
Hibachi ETH/USDT-P	−0.0056%	1h	2,743.1	+0.050%	$228K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,742.4	+0.025%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,744.9	+0.116%	$818K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,743.3	+0.058%	$7.1M	$659.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,742.8	+0.039%	$264K	$4.9M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,742.5	+0.028%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,742.9	+0.043%	$183K	$916K	50x	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,743.8	+0.075%	$2.37B	$3.74B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0056%	1h	2,743.5	+0.066%	$267.5M	$179.8M	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0066%	1h	2,745.7	+0.145%	$8.2M	$24.0M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,743.8	+0.077%	$1.67B	$8.91B	100x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,742.3	+0.021%	$61.7M	$121.5M	40x	as long as short
dYdX ETH-USD	+0.0092%	1h	2,742.4	+0.026%	$15.2M	$42.2M	50x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,743.8	+0.076%	$6.42B	$13.51B	150x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,742.3	+0.022%	$1.59B	$2.33B	500x	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,742.4	+0.024%	$378.5M	$427.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,743	+0.047%	$113.5M	$388.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.3	+0.093%	$23.7M	$95.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743	+0.045%	—	$23.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,739.6	−0.078%	$4.9M	$270K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.4	+0.025%	$467K	$3.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.3	+0.021%	$14.9M	$93.1M	50x	as long as short
Aster ETHUSDT	+0.0100%	8h	2,743.6	+0.067%	$253.2M	$695.2M	200x	as long as short
Pacifica ETH	+0.0100%	1h	2,743.9	+0.079%	$32.0M	$319.7M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,742.1	+0.014%	$2.8M	$14.0M	25x
Arcus ETH-USD	+0.0100%	1h	2,743.8	+0.074%	$1.6M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,745.1	+0.123%	$164.8M	$316.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,742.4	+0.026%	$3.26B	$7.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,742.3	+0.022%	$2.11B	$2.24B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,742.4	+0.025%	—	$937.1M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.1	+0.015%	$15.1M	$34.9M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,741.7	long leg	$134.2M	$272.5M	—
edgeX ETHUSDC	+0.0100%	4h	2,744	+0.081%	$184.6M	$546.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.2	+0.089%	$159.5M	$70.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,743.8	+0.076%	$21.0M	$78.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.7	+0.073%	—	$319K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.5	+0.065%	$11.2M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,742.2	+0.018%	$176K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,742.9	+0.042%	$20K	$7K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743.7	+0.073%	$40.9M	$24.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.8	+0.038%	$945K	$7.9M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,742.3	+0.023%	$1.05B	$970.8M	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,742.4	+0.024%	$262.9M	$56.9M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741.3	−0.014%	$30.2M	$63.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,743.5	+0.065%	$48.1M	$3.86B	50x	as long as short
Aftermath Perps ETHUSD	+0.0118%	1h	2,743.9	+0.078%	$30K	$8K	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0120%	1h	2,742.9	+0.044%	$82.6M	$263.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0138%	1h	2,741.2	−0.019%	$7.3M	$854K	25x	as long as short
Hyperliquid ETH	+0.0143%	1h	2,745.7	+0.145%	$3.16B	$1.63B	25x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,744.5	+0.101%	$32.4M	$9.8M	100x	as long as short
RISEx ETH/USDC	+0.0342%	1h	2,743.4	+0.060%	$5.7M	$10.5M	25x	as long as short
BloFin ETH-USDT	+0.0382%	8h	2,743	+0.047%	$284.7M	$144.6M	150x	as long as short
Paradex ETH-USD-PERP	+0.0389%	8h	2,745.8	+0.150%	$15.8M	$6.0M	50x	as long as short
Injective ETH/USDC PERP	+0.0477%	1h	2,741.8	+0.003%	$118K	$25.4M	52x	as long as short