Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0282%/8h= −30.9% APRpaid last 24h −0.063%

Price spread now: GMX against Variational Omni+0.287%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

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

The price spread pays, funding is against you. GMX is 0.287% dearer against Variational Omni than usual: you sell high and buy low (spread +0.287% now, against zero (this spread has no 7-day history yet)): +$29 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni OP	0.1278	0.0053	pay 0.0053% / 8h	1h 17m	$233K	$53K	—
Short	GMX OP/USD [OP-USDC]	0.1281	L −0.1065% / S +0.0229%	pay 0.0029% / 1h	17m 58s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.287%Rate

Funding earned: −$59.28
Price spread: +0.287% → 0.000%: $28.72
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$42.56
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; GMX: 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, 1 min ago	7.82 bp	doesn't fit	23.5 bp −$235	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.1710%	1h	0.1270	−0.594%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.1065% / S +0.0229%	1h	0.1281	+0.287%	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1269	−0.672%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1280	+0.173%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1281	+0.267%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1281	+0.267%	—	—	150x	as long as short
Variational Omni OPlong	+0.0053%	8h	0.1278	long leg	$233K	$53K	—
Orderly PERP_OP_USDC	+0.0058%	8h	0.1280	+0.189%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1281	+0.290%	$280K	$911K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1281	+0.259%	$4.1M	$2.9M	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	0.1281	+0.264%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1280	+0.149%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	+0.095%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1280	+0.149%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	+0.189%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	+0.165%	$20.1M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	+0.110%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	+0.189%	$6.1M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1280	+0.157%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1280	+0.181%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1278	+0.056%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	+0.110%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1278	+0.032%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	+0.220%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	+0.204%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	+0.120%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1280	+0.224%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	+0.110%	$1.0M	$289K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0225%	1h	0.1282	+0.318%	$801K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1280	+0.185%	$712	—	20x	as long as short