Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1116%/8h= +122.2% APRpaid last 24h +0.307%

Price spread now: Variational Omni against GMX−0.056%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.056% cheaper against GMX than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 4 hours of funding at the current rate (+$33 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1270	L −0.1065% / S +0.0229%	get 0.0133% / 1h	10m 12s	$13K	—	100x
Short	Variational Omni OP	0.1269	0.0051	get 0.0051% / 8h	5h 10m	$224K	$50K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.056%Rate

Funding earned: $234.36
Price spread: −0.056% → 0.000%: −$5.65
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $216.71
Costs to cover: 0.120%
Break-even: 0.5 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 54 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 54 min ago	7.92 bp	doesn't fit	23.8 bp −$238	doesn't fit	doesn't fit

GMX: 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.

OP on 30 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
Injective OP/USDC PERP	−0.1488%	1h	0.1265	−0.403%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1270	long leg	$13K	—	100x
dYdX OP-USD	0.0000%	1h	0.1271	+0.101%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1270	−0.009%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1271	+0.043%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0029%	8h	0.1269	−0.104%	$6.2M	$28.9M	50x	as long as short
Variational Omni OPshort	+0.0051%	8h	0.1269	−0.056%	$224K	$50K	—
Orderly PERP_OP_USDC	+0.0053%	8h	0.1270	−0.009%	$6K	$44K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1270	+0.014%	$281K	$936K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1270	+0.030%	$3.7M	$3.0M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1271	+0.048%	$212K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1269	−0.055%	$20.6M	$60.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1269	−0.112%	$18.6M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	−0.009%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1269	−0.065%	$21.0M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1268	−0.167%	$2.9M	$6.7M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1270	−0.009%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1269	−0.080%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1269	−0.096%	$121K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1272	+0.130%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1270	−0.011%	$313K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1273	+0.227%	$44K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1269	−0.065%	$185	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1271	+0.101%	$175K	$216K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1269	−0.098%	$106K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1270	−0.017%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0152%	1h	0.1278	+0.620%	$25K	$71K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1272	+0.117%	$1.0M	$280K	75x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1269	−0.050%	$706	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0488%	1h	0.1271	+0.052%	$802K	$571K	20x	as long as short