Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Vest−0.084%7-day average −0.028% · you buy dearer than you sell

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

Long on Vest Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now −0.084%, 7d avg −0.028%

Together, before fees−0.011%+ Points / potential airdropVest: Active · Variational Omni: Active · farm board−$1 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: Variational Omni is 0.056% cheaper against Vest than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,735.1	0.0100	pay 0.0013% / 1h	22m 26s	—	$843K	50x
Short	Variational Omni ETH	2,732.8	0.0100	get 0.0100% / 8h	4h 22m	$133.6M	$325.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Vest. 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 VestbpFee Variational OmnibpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → −0.028%: −$5.61
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.61
Costs to cover: 0.020%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Variational Omni: RFQ quote, 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 Vest no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	0.47 bp	doesn't fit	0.5 bp −$5	1.4 bp −$143	doesn't fit

Vest: 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	2,734.9	−0.007%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.3	+0.008%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,734.9	−0.006%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734	−0.041%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,735.1	+0.001%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,735.2	+0.005%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,735	−0.003%	$830K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,734.1	−0.037%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0008%	1h	2,733.6	−0.054%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0043%	1h	2,735	−0.005%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0050%	8h	2,733.9	−0.042%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDT	+0.0052%	8h	2,733.5	−0.057%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0063%	8h	2,733.8	−0.047%	$2.39B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,734	−0.040%	$380.3M	$574.6M	100x	as long as short
Phemex ETHUSDT	+0.0068%	8h	2,734.4	−0.024%	$265.9M	$65.3M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,734.1	−0.035%	$1.67B	$10.71B	100x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,734.8	−0.010%	$54.5M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,734.4	−0.026%	$250.9M	$842.7M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,733.9	−0.042%	$1.55B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,733.7	−0.050%	$6.35B	$15.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.1	−0.037%	$112.9M	$440.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.2	+0.005%	$23.4M	$106.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.6	−0.018%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,731.9	−0.116%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,738.6	+0.129%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.1	0.000%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.7	−0.014%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,733.8	−0.046%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.5	+0.052%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.8	−0.010%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.1	−0.036%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.2	+0.005%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.6	−0.016%	$3.35B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.1	−0.035%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.4	−0.027%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,732.8	−0.084%	$133.6M	$325.4M	—
edgeX ETHUSDC	+0.0100%	4h	2,733.7	−0.052%	$183.9M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.7	−0.051%	$159.0M	$86.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.3	−0.028%	$21.1M	$68.1M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,735.1	long leg	—	$843K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.8	+0.026%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.9	−0.005%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,736.5	+0.051%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.4	−0.061%	$959K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	−0.009%	$164.8M	$300.4M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.7	−0.050%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,736	+0.034%	$51.4M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0116%	1h	2,735	−0.003%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0130%	1h	2,736.2	+0.041%	$260.1M	$195.7M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,735.2	+0.005%	$6.7M	$678.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,736.9	+0.068%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,733.1	−0.074%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.6	+0.019%	$83.4M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,736	+0.035%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0379%	8h	2,735.3	+0.007%	$282.7M	$175.2M	150x	as long as short